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U.S. Stocks Fall After Federal Reserve Pauses Rate Cuts

U.S. Stocks Fall After Federal Reserve Pauses Rate Cuts

Update: 2025-01-29

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Fed Chair Jerome Powell is still optimistic about inflation slowing, but says officials want to see price pressures cool. Plus: Microsoft, Tesla and Meta release latest earnings reports. Danny Lewis reports.

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Transcript

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00:00:29

[Music]

00:00:34

Here's your closing bell brief for Wednesday, January 29th.

00:00:38

I'm Danny Lewis for the Wall Street Journal.

00:00:40

US stocks fell after the Federal Reserve left interest rates steady in its first meeting since President Trump's return to the White House.

00:00:49

The Dow Jones industrial average lost 137 points to close at 44,714.

00:00:55

The S&P 500 fell 28 points, and the NASDAQ gave up 101 points.

00:01:02

The Federal Reserve decided to pause recent rate cuts, keeping benchmark federal fund rates at 4.3%.

00:01:09

Fed Chair Jerome Powell indicated he remains optimistic that inflation will continue to slow, but set officials want to see price pressures cool before lowering rates again.

00:01:19

In individual companies today, several members of the Magnificent 7 Tech companies reported earnings after markets closed.

00:01:27

Shares in Microsoft fell 1.5% in after hours trading after its slightly beat expectations.

00:01:33

The company reported $69.6 billion in revenue.

00:01:37

And Tesla stock was up more than 3.5% after hours.

00:01:41

Elon Musk's electric vehicle company reported about $25.7 billion in revenue for the quarter, about half a billion dollars more than a year earlier.

00:01:51

Elsewhere, stock in Trump Media and Technology Group rose almost 7% after the truth social parent announced plans to launch a finance company.

00:02:00

It plans to invest about $250 million in cryptocurrency.

00:02:05

The president owns about 53% of the company.

00:02:08

And shares of RANPAC holdings, an Ohio company that makes paper filler for packages jumped more than 47% after it said Amazon is taking a stake in the firm.

00:02:19

We'll have more coverage of the days news on the WSJ's What's News podcast.

00:02:23

You can add a tier playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

00:02:28

U.S. Stocks Fall After Federal Reserve Pauses Rate Cuts

U.S. Stocks Fall After Federal Reserve Pauses Rate Cuts

The Wall Street Journal

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