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Tech stocks led markets lower on Wednesday as the broader mood stayed muted after the Federal Reserve’s latest interest rate decision saw the central bank keep rates unchanged in a range of 4.25%-4.5%.
The tech-heavy Nasdaq Composite (^IXIC) was down about 0.5%, retracing some of a bounce-back rally on Tuesday. The S&P 500 (^GSPC) was also down nearly 0.5%, while the Dow Jones Industrial Average (^DJI) lost 0.3%.
In its statement on Wednesday, the Federal Reserve notably removed language from its December statement indicating that it was making progress towards its goal of 2% inflation, stating simply: "Inflation remains somewhat elevated."
Fed Chair Jerome Powell pushed back on that notion, referring to the change as "language cleanup" rather than intending to send a signal. Markets bounced off their lows of the day on Powell’s comments.
Outside of Fed policy, Nvidia (NVDA) was again pressuring the tech sector on Wednesday, with the stock falling more than 4% after a report from Bloomberg said the Trump administration was weighing additional curbs on exports of its chips.
After the close on Wednesday, spotlight will turn to Meta (META) and Microsoft’s quarterly results for reassurance that Big Tech’s heavy AI spending will pay off in growth. Tesla (TSLA) rounds out Wednesday’s megacap earnings, with Wall Street watching for a new catalyst to jump-start the stock.
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