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January 31: Market Summary

Fed decision

January 31, 2024

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:

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:

  • 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

  1. Alphabet, Google's parent company, fell 7.4% after disappointing Q4 ad revenue.

  2. Fed Chair Jerome Powell said rate cuts are likely "at some point this year."

  3. Bankrupt crypto exchange FTX says it expects to fully repay its customers.

What Else?