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January 31: Market Summary
Fed decision
Jan 31, 2024
Good afternoon. Markets tumble, Fed holds interest rates steady, and Google wipes out $150B in value.
Let's dive in.
Markets
Here are today's market moves:
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d00a2727-3828-4538-92b4-9b500bc08503/IMG_3452.jpeg?t=1706744939)
What's Happening
U.S. stocks fell on Wednesday after the Fed's interest rate decision.
The Fed held rates steady and signaled cuts are coming but not imminent:
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/63bf7112-600c-4f7b-a9ce-7df0332e8a0d/IMG_3456.jpeg?t=1706746268)
Why markets fell: Investors were hoping for a rate cut in March. Fed Chair Powell said that's "unlikely."
The S&P 500 dropped 1.6%, its worst day since September. The tech-heavy Nasdaq fell 2.2%.
Catch Up
What Else?
How to Get Rich (without getting lucky):
— Naval (@naval)
8:23 AM • May 31, 2018
Steve Jobs sent himself this email in 2010.
— Jon Erlichman (@JonErlichman)
3:51 AM • Jan 28, 2024
Spending money to show people how much money you have is the fastest way to have less money.
— Morgan Housel (@morganhousel)
5:46 PM • Jul 17, 2023