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Stocks retreated on Wednesday after the Federal Reserve said it would leave interest rates unchanged but indicated another hike on the horizon.
The S&P 500 dropped 0.94% to 4,402.20. The Nasdaq Composite slid 1.53% to 13,469.13, weighed on by a drop of more than 2% in Microsoft and roughly 3% declines in Nvidia and Google-parent Alphabet. The Dow Jones Industrial Average lost 76.85 points, or 0.22%, to 34,440.88.
The three major indexes closed at session lows.
The Fed held rates steady, as was widely anticipated. But the central bank indicated that one more rate hike is expected before the end of the year in its economic projections. The central bank signaled it would end its hiking campaign after that increase and begin cutting rates next year — though keeping rates at a higher level for the year than signaled in June.
The markets gyrated as traders listened to Fed Chair Powell give his outlook for rates. Powell said that the central bank would "proceed carefully" in raising rates further but the Fed chief also noted there is more work to do in the fight against inflation.
Powell also commented that a soft landing for the economy was still possible and his primary objective, but not his baseline scenario. The three major indexes slid while Powell spoke and continued to tumble in the final half-hour of trading.
Money Report
"The US economy is too strong and this rate hiking cycle will last a lot longer than Wall Street wants," said Edward Moya, senior market analyst at Oanda.
Tech stocks dragged in the session, with information technology and communication services the two worst-performing sectors in the S&P 500. Investors had been buying up tech shares and other growth stocks this year on the hope that Fed would already be done tightening policy at this point.
The U.S. 2-year Treasury yield jumped to its highest level since July 2006, while the 10-year Treasury yield reached a high not seen since November 2007. Those moves raised concerns about the impact of higher rates and likely put pressure on tech stocks.
Stocks fall to session lows, end lower
The three major indexes ended the session lower.
The Dow finished down 0.2%, while the S&P 500 and Nasdaq Composite dropped 0.9% and 1.5%, respectively.
The three indexes finished the trading day at session lows.
— Alex Harring
Instacart, Arm Holdings slide
Shares of newly public Instacart and Arm Holdings were under pressure on Wednesday, with both stocks trading near their IPO price.
Shares of Instacart dropped more than 10% and briefly broke below the company's $30 per share IPO price.
Arm Holdings fell more 3% to about $53 per share. The chip stock's IPO came in at $51 per share.
— Jesse Pound
CNBC Pro: This image sharing platform can jump more than 30%
Two Wall Street firms upgraded shares of this image sharing stock Wednesday after the company's recent Analyst Day instilled confidence in the company's turnaround plan.
CNBC Pro subscribers can read the full story here.
— Sarah Min
Jefferies says buy this pharma stock that could more than double if it clears a legal battle
Jefferies upgraded shares of this pharma company to buy from hold, and hiked its price target. The Wall Street firm said a legal victory that's in sight for the company should drive shares higher.
CNBC Pro subscribers can read the full story here.
— Sarah Min
Microsoft just got more attractive, according to Morgan Stanley
Morgan Stanley is bullish on Microsoft after the tech company announced its annual dividend increase of 10%, or a quarterly dividend of $0.75 per share, on Tuesday.
"More broadly, the dividend represents a consistent source of income and one component of the durable high-teens total return profile we forecast for Microsoft," analyst Keith Weiss said in a Wednesday note. "We forecast mid-teens revenue growth, under-pacing cost of goods sold given capex/AI ramp weighing on gross margins, but with gross profit growth well outpacing opex growth."
Weiss said it expects buybacks to continue, maintaining his overweight rating on the stock and saying the company is still a "top stock to hold for 12 months." He expects Microsoft to repurchase close to $6 billion in stock per quarter this fiscal year.
Shares of the company were 0.5% higher during Wednesday premarket.
— Pia Singh
Nvidia extends month-to-date loss to 13.1% and decline since 52-week high to almost 15%
Nvidia — the best performing stock in the S&P 500 in 2023 — extended its month-to-date loss to 13.1% in the wake of the Federal Reserve suggesting that interest rates will stay higher for longer.
Since reaching an all-time high on Aug. 24, 2023, Nvidia has now fallen 14.7%.
In late day trading Wednesday, Nvidia is ahead 194% in 2023. At the August high, Nvidia had climbed 244%.
— Scott Schnipper
Pressure on Kenvue stock will alleviate as concerns are 'overblown,' Citi says
Johnson & Johnson spinoff Kenvue will find reprieve as headwinds are largely overstated, according to Citi.
The firm said in a Wednesday note that concerns stemming from both a class action Tylenol lawsuit and a Food and Drug Administration panel challenge to the effectiveness of phenylephrine are not long-term sources of pressure to Kenvue stock. Shares have slipped nearly 19% since going public in May.
"We believe concerns are overblown in both cases and continue to see upside to KVUE shares on expected tailwinds from the JNJ split-off transaction," analyst Filippo Falorni said.
— Brian Evans
Current 'Goldilocks' market moment is unstable, according to portfolio manager
The Federal Reserve's decision to skip an interest rate hike was largely in-line with market expectations. However, the lull in interest rate volatility won't last, according to Income Research + Management senior portfolio manager Jake Remley.
"This lull has invited a goldilocks moment into markets, but the shape of the yield curve is not stable in our eyes," said Remley.
"Shorter-term interest rates are either too high with regards to pace of economic weakening or longer-term interest rates are too low with regards to root of ongoing inflationary pressures – wage growth, etc. The real bear case is that both are problematic, and markets will have to reckon with the prospect of stagflation soon," the portfolio manager added.
— Hakyung Kim
Dow joins other indexes at session lows
The Dow joined the other two major indexes in trading at sessions lows as Federal Reserve Chair Powell spoke. It has been a mainly positive day, with the session low still placing the blue-chip average around 0.1% up on the day.
— Alex Harring
S&P 500 and Nasdaq Composite hit session lows
The S&P 500 and Nasdaq Composite notched new session lows as Federal Reserve Chair Jerome Powell spoke. At their worst, the S&P 500 slipped nearly 0.5% while the Nasdaq dropped almost 0.9%.
— Alex Harring
Notable shift in interest rate markets pushes out first 2024 rate cut by Fed
The probability that the Fed will cut interest rates early in 2024 is seen as increasingly unlikely, based on 30-Day Fed Funds futures pricing data in the CME's FedWatch tool.
One month ago, the chance that the Fed would cut a quarter point to 5.0-5.25% in January stood at more than 21% — today it's less than 1%.
One month ago, the odds of a quarter point reduction by the March 2024 meeting were 34.2% and the chance of a half-point reduction was 10.2%. Today, pricing data shows those odds have fallen to 9.5% and 0.1%, respectively.
— Scott Schnipper
S&P 500 slips into negative territory following Fed update
The S&P 500 traded down following the announcement out of the Federal Reserve. At session highs, it had previously traded more than 0.3% higher.
— Alex Harring
Most equity ETFs are down since first Fed rate hike, Strategas says
It has now been 18 months since the Federal Reserve's first rate hike of this cycle, and that period has been brutal for most ETFs on the market, according to Strategas ETF strategist Todd Sohn.
"Whether the current hiking cycle is complete or not, 70% of equity ETFs are actually down since the 1st interest rate increase 18-months ago, and practically anything with a scent of added bond duration has been unable to provide much cushion either," Sohn said in a note to clients Tuesday.
Meanwhile the volatility in the bond market may have helped accelerate the shift to ETFs in the fixed income space.
"Notably, Fixed Income Mutual Funds have seen over -$418 Bn outflows since March 2022, while ETFs have seen over +$318 Bn inflows," Sohn added.
— Jesse Pound
S&P 500 slips into negative territory following Fed update
The S&P 500 traded down following the announcement out of the Federal Reserve. At session highs, it had previously traded more than 0.3% higher.
— Alex Harring
Fed leaves rates unchanged, expects one more hike this year
The Federal Reserve left interest rates unchanged at the conclusion of its two-day meeting Wednesday.
However, the central bank signaled it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. The final increase, if realized, would be the last in this cycle, according to the Fed's projections.
— Jeff Cox, Michelle Fox
Arm, Instacart pare gains after IPOs
After making blockbuster public trading debuts, shares of Arm Holdings and Instacart are quickly reversing their early gains.
Chip designer Arm saw its shares tumble 4.2%, their lowest level since it began trading Thursday. The stock jumped nearly 25% on its first day of trading, but has suffered daily declines since. Shares are trading just 3.3% above their IPO price, as of midday Wednesday.
Instacart shares declined 5.2% Wednesday, just one day after it started trading on the Nasdaq. Shares rose 12% higher Tuesday.
— Hakyung Kim
Trading spreads will widen at 2 p.m., Vanguard report says
Investors who want to make changes to their portfolios this afternoon may need to act fast to get the best market pricing.
A September report from Vanguard looked at the firm's consumer staples ETF (VDC) on the Fed's June decision day. At 2 p.m. ET, the bid-ask spread on the ETF widened to near the levels seen at the 9:30 a.m. market open, and stayed higher-than-normal into the close. The bid-ask spread on the underlying basket of stocks was even wider.
"This trend holds true no matter what ETF is, what asset class it is," said Bill Coleman, Vanguard's Head of U.S. ETF Capital Markets.
"If you have to trade on a day the Fed is announcing, trade within 10 a.m. to 2 p.m. But if you could choose, I would choose a different day," he added.
— Jesse Pound
Instacart, Klaviyo among biggest midday movers
These are the stocks making the biggest moves midday:
- Instacart — Instacart shares fell more than 5% one day after going public on the Nasdaq.
- Steelcase — The furniture stock soared more than 26% after posting second-quarter earnings that topped Wall Street's expectations and offered strong full-year and third-quarter earnings guidance as more companies return to work.
- Klaviyo – Klaviyo shares jumped more than 23% after the marketing automation company surged to $36.75 after its NYSE IPO.
Read the full list of stocks moving midday here.
— Samantha Subin
Dow outperforms
The Dow was the best performing index in Wednesday's session, helped by gains in Amgen, IBM and UnitedHealth.
The three stocks all rose more than 2% in the session. By comparison, the 30-stock index gained about 0.7%.
A handful of technology names restricted gains for the blue-chip average. Intel lost more than 2%, while Apple slipped around 1%. Salesforce and Microsoft were also among names trading down.
— Alex Harring
Klaviyo shares jumped more than 17% at market debut
Klaviyo shares jumped more than 23% to open at $36.75 to as the marketing automation company made its debut on the New York Stock Exchange Wednesday.
Shares, trading under the ticker symbol "KYVO," were last up more than 17%. The stock opened roughly 23% above the $30 IPO pricing announced Tuesday, which valued shares at about $9 billion.
— Samantha Subin
Guggenheim Partners CIO: Extent of economic slowdown is unclear
The extent of how much or how broadly the economy will cool remains to be seen, said Guggenheim Partners Investment Management CIO Anne Walsh.
"Our view is that we will see a slowdown in the economy," she said on CNBC's "Squawk on the Street." "Whether it's a full-blown recession, or a type of rolling recession recession, or just a significant slowdown, that's ahead of us."
Walsh said the Federal Reserve has done a "tremendous" amount of economic tightening and conditions continue to be "tightened" for investors. She said investors should think more defensively in the market and pointed to opportunities in investment-grade fixed income.
— Alex Harring
Oil prices can weigh on Fed, Macquarie strategist says
Rising oil prices make dovish commentary out of the Federal Reserve unlikely on Wednesday, said Thierry Wizman, global foreign exchange at interest rate strategist at Macquarie.
"The oil price spike should make the FOMC more reluctant to signal a dovish disposition today," Wizman said. "Traders looking for the Fed to offer some relief from the poor sentiment induced by high oil prices won't be satisfied, especially if high oil prices are invoked in Chair Jay Powell's presser as an excuse to sound 'hawkish.'"
— Alex Harring
Steelcase soars after exceeding Wall Street expectations for earnings
Steelcase climbed more than 26% in Wednesday's session, a day after the furniture maker gave a better-than-expected financial report and earnings outlook.
The Michigan-based company reported 31 cents earned per share, excluding items, on $854.6 million in revenue for the second quarter. Analysts polled by FactSet expected 20 cents per share and $829.2 million.
Steelcase said to expect earnings per share for the current quarter and full year to come in higher than analysts anticipate. That helped investors overlook the company's revenue expectations for the current quarter, which came in below analysts' consensus estimate.
Shares have jumped more than 58% since 2023 began.
— Alex Harring
Stellantis shares gain 3% on layoff news
Stellantis shares rose more than 3% after the company warned that the recent United Auto Workers union strikes could result in more than 350 layoffs.
The company said it will immediately layoff 68 workers at its plant in Toledo, Ohio. Additional actions are likely at two facilities in Indiana, which could affect 300 employees.
— Samantha Subin
Tech stocks drag in S&P 500
Technology stocks restricted gains for the S&P 500 on Wednesday.
The information technology and communication services sectors lost 0.3% and 0.5%, respectively. They were the only two of the index's 11 sectors to trade down.
As a whole, the broad index rose about 0.2%. Real estate led the nine sectors trading higher with a gain of about 1%.
Google parent Alphabet led communication services stocks lower with a loss of more than 1%, while Zebra was the worst performer of information technology names with a drop greater than 4%.
— Alex Harring
Chewy falls following Oppenheimer downgrade
Shares of Chewy fell more than 4% after Oppenheimer moved to the sidelines.
The firm downgraded the pet retailer to perform from outperform on Wednesday.
"We expect a more challenging backdrop to persist for at least a few more quarters amid recent signs of weakness in the historically resilient pet food category and the potential for more muted inflation benefits in FY24 (Jan. 2025)," analyst Rupesh Parikh wrote in a note to clients.
The current higher-rate backdrop is also pressuring shares, he added. However, Parikh believes Chewy is positioned to gain share longer-term.
— Michelle Fox
Goldman forecasts Brent prices reaching $100 per barrel
Goldman raised its 12-month ahead Brent forecast to $100 per barrel from $93. The commodity has rallied 30% since late June due to OPEC supply cuts and strong demand. Brent touched a high of $95.96 on Tuesday, its highest level since Nov. 2022, before shedding 0.3% at $94.02 Wednesday morning.
The firm also increased its 12-month ahead WTI price forecast to $95 a barrel from $88. WTI hit $93.74 on Tuesday, also its highest point since Nov. 2022. Prices for WTI were flat on Wednesday at $91.20 per barrel.
Analyst Daan Struyven cited modestly sharper inventory draws for the forecast increase, a trend he described as "lower for longer" supply.
CNBC Pro subscribers can read more about the increase here.
— Hakyung Kim
RBC says this large tech stock is undervalued and can jump nearly 30%
RBC Capital Markets initiated coverage of IBM with an outperform rating, saying shares can jump nearly 30%. The firm also said the company's software business is undervalued by investors.
"We feel the company's software business is misunderstood, and undervalued, particularly its role in hybrid environments, AI and spend optimization," read a Wednesday note.
CNBC Pro subscribers can click here for the full story.
— Sarah Min
Stocks open higher
Stocks opened up on Wednesday.
The Dow added about 0.3% shortly after 9:30 a.m. ET. Meanwhile, the S&P 500 and Nasdaq Composite each rose 0.2%.
— Alex Harring
JPMorgan downgrades Dollar General, cites higher inflation hurting consumers
It's time to dump shares of Dollar General as consumers come under increasing pressure from higher costs, according to JPMorgan.
Analyst Matthew R. Boss downgraded shares to underweight from neutral, saying the company's core low-to middle-income shopper is under strain from diminishing savings and rising inflation. The downgrade comes after JPMorgan hosted a recent fireside chat with Dollar General finance chief Kelly Dilts.
Shares fell 1.8% in premarket trading.
CNBC Pro subscribers can read more here.
— Sarah Min
Stocks making the biggest moves before the bell: Pinterest, Instacart and more
These are some of the stocks moving the most in premarket trading:
- Pinterest — Shares climbed more than 3% premarket management said at the company's first investor day that it expects year-over-year revenue growth to accelerate following a slowdown in 2022 and 2023.
- Instacart — Shares of the grocery delivery company were down nearly 4% one day after its stock market debut. The stock opened at $42 after its IPO, after pricing the offering at $30 a share late Monday.
- Bausch Health — The pharmaceuticals stock gained over 5% before the bell after Jefferies upgraded the stock to a buy rating, simultaneously raising its price target to $16.
See the full list of stocks moving here.
— Lisa Kailai Han
Apple and Goldman planned to offer stock trading feature before market slump
Apple and Goldman Sachs had worked on a feature that would have let consumers buy and sell stocks before shelving the idea as the market turned last year, sources told CNBC.
Apple feared criticism from users if people lost money in the stock market that they invested through an Apple product, the sources said. The companies then turned focus to a plan to launch savings accounts.
Representatives for both Apple and Goldman Sachs declined to comment.
— Kate Rooney, Hugh Son
Markets need 'directional signal,' Sanders Morris Harris chairman says
Earnings could end up being a catalyst for markets beyond economic policy decisions, according to George Ball, chairman of Sanders Morris Harris.
"The markets are flailing, looking for a directional signal other than rate hikes or cuts," Ball said. "That signal is apt to be earnings, which are going to surprise with their strength. Companies can prosper in a 5% cost of money environment. They did so in past decades and are showing they can again."
While Ball expects rates to be left unchanged on Wednesday, he said a November hike is still on the table of inflation shows signs of acceleration. He also warned against expecting too many new insights out of Wednesday commentary from Fed officials.
"The language from the Fed in Wednesday's statement and press conference is likely to be boringly similar to its last several pronouncements: inflation is decelerating, but not enough yet," Ball said. "We've heard it before and we will hear it again."
— Alex Harring
Treasury yields dip after 10-year hits nearly 16-year high
Treasury yields moved lower Wednesday, backing off a day after the 10-year note hit its highest level in nearly 16 years and as the Federal Reserve was about to reveal its interest latest rate decision..
The benchmark note dropped more than 2 basis points early on, dipping to 4.341%. That move lower came a day after the 10-year hit its highest level since Nov. 7, 2007. A basis point equals 0.01%, with yields moving opposite price.
Other yields also fell, with the 2-year note, which is most sensitive to Fed moves, down nearly 4 basis points to 5.071%.
— Jeff Cox
General Mills rises after earnings beat
Shares of General Mills rose 1% after the food products company reported fiscal first-quarter results that were slightly above Wall Street expectations.
The company generated $1.09 in adjusted earnings per share on $4.90 billion of revenue. Analysts surveyed by LSEG were expecting $1.08 per share on $4.88 billion of revenue. Net sales were up 4% year over year, even though sales in the pet category were flat.
General Mills reiterated its outlook for the 2024 fiscal year.
— Jesse Pound
Weekly mortgage applications, refinancing and rates climb
Mortgage applications to purchase a home climbed 2% last week but were still 26% lower compared to the same period last year, according to the Mortgage Bankers Association's seasonally adjusted index.
Rates on a 30-year fixed-rate mortgage conforming balances also climbed to 7.31% from 7.27%, while demand for home refinancing ticked up 13% compared to a week earlier.
— Brian Evans
Oil prices retreat Wednesday
Oil prices fell Wednesday, after reaching above $92 a barrel on Tuesday.
West Texas Intermediate Crude fell 0.6% to $90.60 as of 7:22 a.m. EDT. It had hit $93.74 on Tuesday, which was its highest level since Nov. 7, 2022.
Brent Crude also lost 0.6% to hit $93.78, down from its Tuesday high of $95.96.
— Hakyung Kim
10-year Treasury yield holds around 16-year highs
U.S. Treasury yields dipped slightly on Wednesday, though the 10-year yield is still hovering around 16-year highs, as investors awaited the latest Federal Reserve interest rate decision and guidance for policy moves ahead.
At 4:19 a.m. ET, the yield on the 10-year Treasury was down by around one basis point to 4.3567%, trading at levels last seen in 2007. The 2-year Treasury was last more than two basis points lower at 5.0859%.
Yields and prices have an inverted relationship. One basis point equals 0.01%.
— Sophie Kiderlin
European markets open cautiously higher
European markets opened cautiously higher on Wednesday as global investors await the latest monetary policy decision from the U.S. Federal Reserve.
The pan-European Stoxx 600 index opened 0.2% higher, with sectors spread across marginally positive and negative territory. Health-care stocks led gains with a 0.9% uptick, while oil and gas dipped 0.8%.
— Hannah Ward-Glenton
China leaves benchmark loan rates unchanged
China left its one-year and five-year loan prime rates unchanged at 3.45% and 4.2% respectively for September.
The People's Bank of China last cut the one-year LPR rates in August, lowering it to 3.45% from 3.55%, while the five-year LPR was last cut in June from 4.3% to 4.2%.
Hebe Chen, market analyst at IG International said "PBOC's hold today highlights the dilemma that central bank keeps struggling with: to save the economy or save the yuan."
As such, she thinks that the central bank's "inconsistence" will persist, "due to the lack of a committed priority."
The offshore yuan strengthened slightly to trade at 7.3028 against the greenback. The currency hit its all-time low just recently, at 7.3650 against the U.S. dollar on Sept. 8.
— Lim Hui Jie
Japan trade deficit falls by two thirds year-on-year in August
Japan's trade deficit fell 66.7% in August, coming in at 930.5 billion yen ($6.3 billion) compared with the 2.79 trillion yen deficit a year ago.
However, the trade deficit was still wider than the 659.1 billion yen expected by economists polled by Reuters.
Both imports and exports to the world's third-largest economy fell 17.8% and 0.8% year-on-year respectively, lower than Reuters expectations of a 19.4% fall for imports and 1.7% drop for exports.
— Lim Hui Jie
South Korea wholesale inflation rate rises for first time in over a year
South Korea's producer price index rose 1% year on year in August, marking the first time the wholesale inflation rate has risen since July 2022.
This is higher than the 0.3% year-on-year gain recorded in July. On a month on month basis, the PPI gained 0.9% in August, compared with a 0.2% rise the month before.
Agricultural, forestry and marine products saw the largest rise in prices in August, with prices climbing 3.6% year-on-year and 7.3% month-on-month
The PPI measures the average change in price of goods and services sold by manufacturers and producers in the wholesale market.
— Lim Hui Jie
Fed 'dot plot' could be key for traders on Wednesday
The Federal Reserve is widely expected to hold rates steady Wednesday, but the central bankers will give an update on their economic outlook with the summary of economic projections, which includes one key chart that traders will have an eye on.
The so-called "dot plot" that charts the projected move in the Fed funds rate and the press conference of Chair Powell will give investors a clue as to what happens in the November meeting and into 2024.
"I think that they will keep that bias towards higher rates in there and indicate that they are willing to raise the funds rate further if the data start to show that either inflation is not slowing as they expect it to, or if the labor market remains too tight," said Gus Faucher, chief economist at PNC Financial Services Group.
Read more about the meeting here.
— Jeff Cox, Jesse Pound
Earnings picture is supporting the stock market, Chris Hyzy says
Wednesday's policy decision from the Federal Reserve will be the first since July 26, which happened early in the second-quarter earnings season.
And while the S&P 500 is down about 2.7% since that day, the earnings picture has largely held up. And that could help explain why stocks are holding up even as interest rates have started to climb again.
"The market's resilient because of earnings. it pushes all of the other narrative and all of the other stories to the side for now," Chris Hyzy, CIO at Merrill and Bank of America Private Bank, said Tuesday on "Closing Bell."
— Jesse Pound
Higher oil prices are near-term headache for central banks but don't threaten high inflation
"[G]iven that inflation remains above target, the recent rise in oil prices creates a near-term headache for central banks, which they may well convey by toeing a hawkish line," Simon MacAdam, senior global economist at Capital Economics wrote in a note to clients Tuesday entitled, "Higher oil prices not a game-changer for inflation."
London-based Capital Economics doesn't believe higher crude oil prices will pave the way for "a sustained rebound in inflation," or that central banks in developed economies will react by pushing up interest rates or even keep them higher for longer solely due to the energy markets.
"[W]e do not believe that the recent increase in oil prices will cause central banks in advanced economies to respond with interest rate hikes. For oil prices to have a bearing on the outlook for monetary policy, central banks would probably need to see prices rise higher and for a sustained period against a backdrop of resilient activity and rising inflation expectations," MacAdam said.
— Scott Schnipper
Stock futures open little changed
Futures were calm on Tuesday evening when trading reopened at 6 p.m. ET. Futures for the Dow, S&P 500 and Nasdaq 100 all moved by less than 0.1%.
— Jesse Pound