Fixed interest rate and technology wait – Wall Street fell

The stocks in New York fell on Wednesday as they awaited reports from index-heavy technology companies and after the central bank left the interest rate unchanged. AI-giant Nvidia had another bumpy day on the stock exchange.

» Published: January 29 2025

Fixed interest rate and technology wait – Wall Street fell
Photo: Seth Wenig/AP/TT

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Technically heavy Nasdaq's composite index and broad S&P 500 fell 0.5 percent while the Dow Jones industrial index dropped 0.3 percent.

The stock market was already in the red when the central bank Federal Reserve (Fed) clarified that the interest rate will remain unchanged in the range of 4.25-4.50 percent.

The market's access to cheaper financing for various investments will be delayed in the future.

The Fed's justification for staying still in the boat is that inflation is still too high for new reductions.

Chip giant Nvidia plummeted 16.9 percent on Monday in the wake of concerns about Chinese competition, but made up half of the loss on Tuesday with a jump of 8.8 percent.

On Wednesday, the company had another tough day and fell 0.4 percent.

Industry colleague Broadcom has had an even more turbulent week and fell another 0.4 percent.

What everyone was waiting for at closing in New York were reports from three technically heavyweights: electric car maker Tesla, software giant Microsoft and Meta (Facebook).

Before the quarterly reports, Tesla and Microsoft fell 2.5 and 1.1 percent, respectively. Meta closed on plus 0.3 percent.

Almost an hour later, when the numbers were presented, Meta's stock was on plus 4.5 percent in after-hours trading in New York, Tesla was 2.8 percent up, while Microsoft had fallen 2 percent.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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