Dow Jones and Nasdaq Fall as Fed Holds Interest Rates; SpaceX Shares Drop
Quick Look
- The Dow Jones Industrial Average and Nasdaq experienced declines following the Federal Reserve's decision to maintain interest rates.
- SpaceX, now publicly traded, saw its shares fall 5%, marking its first drop.
AI-generated summary
Why It Matters
The Federal Reserve announced no move on interest rates at its first meeting overseen by new Fed Chair Kevin Warsh. This decision comes after the Dow Jones Industrial Average was on track for a fifth straight rise and struck an all-time high for a third straight session.
The Dow Jones Industrial Average has taken a hit as late-hour selling spread throughout stocks after the Federal Reserve announced no move on interest rates at its first meeting overseen by new Fed Chair Kevin Warsh.
This morning, the Dow Jones Industrial Average was 51,492.55 down 0.98%.
The Nasdaq was 26,021.66 down 1.35%
Meanwhile, SpaceX marked its first drop as a publicly traded company on the stock market, as shares fell 5%.
Earlier, the Dow was on track for a fifth straight rise. It also struck an all-time high for a third straight session.
SpaceX, which trades on the Nasdaq, has now skidded 15% below its intraday high of 225.64, set on Tuesday.
Good morning. Alison Branley here with you this morning for the ABC news business blog.
In week with good news for borrowers and motorists, now here's some extra cheerful tidings - at least for the US borrowers.
The US Federal Reserve has voted to keep interest rates on hold for the fourth time this year.
It was the first meeting presided over by new chair Kevin Warsh.
But it's not all sunshine with the ASX expected to open down on the news.
Let's sit back with a cuppa and unpack what it all means for you.
Open Questions
- Will the Fed adjust rates in future meetings?
- What is the long-term impact on SpaceX's stock?