Nasdaq Rises 0.6% as Yields Retreat Ahead of Fed Decision
IXIC sits 27% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite gained 0.60% on Wednesday, reversing two sessions of losses, as Treasury yields pulled back ahead of the Federal Reserve's rate decision due at 2 p.m. ET. The 2-year yield fell 4.42 basis points to 4.619% and the 10-year fell 3.3 basis points to 4.963%, easing pressure on growth stocks. Brent crude dropped 2.4% to $106.01 a barrel, further supporting risk appetite. Markets price a more than 90% probability of a 25-basis-point rate hike, with Chair Kevin Warsh's press conference to follow the announcement. This session's move is a fresh data point after last week's oil-driven volatility and the recent CPI report showing sticky inflation.
At the time of this announcement, IXIC was trading at $26,183.28 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.