The Dow Jones fell 0.4% in Wednesday's trading session while the S&P 500 was flat on the day. The Nasdaq added 0.7% as tech stocks pushed higher.
Today, futures are creeping higher in the premarket with S&P 500 contracts currently holding onto a 0.2% gain. It appears the market is on pace to open the session in the green.
Fed Policy
Federal Reserve officials made their monthly policy statement yesterday, and it went how investors expected. The central bank said it's considering rolling bank its bond-purchasing program later in the year, but officials are holding off on making any moves at the moment, despite skyrocketing inflation, red-hot corporate earnings, and several multi-trillion dollar government spending plans coming down the pipeline.
The Fed is in a bad spot and they know it. The US is printing money like there's no tomorrow, and the government can't even afford to boost rates at this time. The cost of interest payments from higher rates could bankrupt the country. Fed Chair Jerome Powell is praying the situation works itself out, but we're not convinced. Certainly, the Fed pumping billions into a market hovering near record highs isn't helping the situation.
