The major US stock indices fell sharply after the Fed signaled less easing in 2025. The end of your target for the Fed funds is now 3.9%. It was a 3.4% after the September meeting.
- The Dow industrial average is now down for 10 consecutive days. It's decline for today is its worst single day since August 5 when the index fell -2.6%. The fall today was just above that level
- The S&P index fell at its worst day also since August 5 when the index fell -3.0%.
- The NASDAQ index had its worst day since July 24 when the index fell -3.64%
A snapshot of the final numbers shows:
- Dow industrial average fell -1123.46 points or -2.58% at 42326.44
- S&P index fell -178.58 points or -2.95% at 5872.04.
- NASDAQ index fell -716.37 points or -3.56% and 19392.69..
The small-cap Russell 2000 fell 1 or 2.56 points or -4.39% at 2231.51.
After the close Micron Technology EPS came in at $1.79 versus $1.77. Revenues were at $8.7 billion is expected $8.7 billion. Although earnings and revenues came in as expected the stock is getting hit hard and down -16.80%. That comes after its shares fell -4.33% on the day.
Guidance for Q2 was light of expectations with revenues at 7.7 – $8.1 billion versus expected $8.99 billion. Adjusted earnings-per-share expected $1.33– $1.53 versus expected $1.92. The company said they expect to return to growth in second half of the fiscal year.
This article was written by Greg Michalowski at
www.forexlive.com.
