Stocks Drift Lower Despite Softening Fed

The 10-year Treasury yield moved sharply lower

Digital Content Manager
Mar 22, 2023 at 4:30 PM
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It was all about the Federal Reserve today, as the central bank imposed a quarter-point interest rate hike while signaling its rate-hiking strategy is coming to an end. Fed Chair Jerome Powell, in prepared remarks at the conclusion of the meeting, noted only one more hike is expected this year, a decision that follows a rough patch for the bank sector.

After the announcement, the 10-year Treasury yield moved sharply lower. The Dow erased a triple-digit lead to finish 530 points lower, while the S&P 500 and Nasdaq also drifted into the red later in the afternoon.

Continue reading for more on today's market, including:

Indexes March 222023

 nysenasdaq March 222023

5 Things to Know Today 

  1. Embattled used car retailer Carvana (CVNA) offered guidance for the first quarter and announced plans to restructure some of its hefty $9 billion debt load. (CNBC)
  2. Moderna (MRNA) CEO Stéphane Bancel attempted to defend plans to increase Covid-19 vaccine pricing during a congressional hearing today. (MarketWatch)
  3. Bull notes galore for Nvidia stock as it enters the AI space.
  4. How options traders tripled their money with this chip stock.
  5. What does a rough March mean for the largest financial ETF?

Earnings March 222023

Unusual Options Activity March 222023

Gold, Oil Prices Rally After Rate Decision

Oil prices settled firmly higher on Wednesday, as the central bank seemed to at least partially back off its hawkish stance. April-dated crude rose $1.23, or 1.8%, to close at $70.90 per barrel on the day.

Gold prices finished higher as well, following the Federal Reserve's interest rate decision. April-dated gold rose $8.50, or 0.4%, to settle at $1,949.60 per ounce.


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