Fed kept its rates unchanged: Market reaction to the decision was mixed [Video]
The Federal Reserve (Fed) decision yesterday was… interesting. As expected, the Fed kept its rates unchanged, said that they are not confident to cut the interest rates but announced the upcoming QT tapering. The market reaction to the decision was mixed. Stocks and yields fell, the US dollar eased and US crude slipped below $80pb.
In equities, Amazon gained more than 2%, AMD fell more than 9% as Super Micro Computer tumbled 14% as earnings missed lofty expectations. Fears regarding a slowdown in chip demand pulled Nvidia and Micron Technology down. Happily, Qualcomm rebounded 4% in the afterhours trading on solid forecast for the current period.
Cannabis stocks, which were flying high on Tuesday following the US decision to reclassify marijuana as a less dangerous drug, fell yesterday, but outlook improved on US’ latest decision to reclassify marijuana as a less dangerous drug.
Today, Apple is due to report Q1 results today due after the bell.
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