Stock market news live updates: Stock futures little changed after Fed signals rates on hold until at least 2023
Stock futures were little changed to slightly higher Wednesday evening as market participants continued to parse through the Federal Reserve’s September monetary policy announcement, and looked ahead to Thursday’s economic data reports including new weekly jobless claims. Central bank officials signaled that near-zero interest rates would remain for at least the next three years, as the US economy continues to face risks around the ongoing pandemic.
Shares of big tech companies including Amazon (AMZN), Facebook (FB) and Apple (AAPL) ticked higher Wednesday evening after dropping during the regular session, with major tech shares having renewed last week’s declines.
But elsewhere, newly public tech companies Snowflake (SNOW) and JFrog (FROG) each steadied in late trading after surging in their public debuts, as investors embraced a fresh set of high-growth software names. Snowflake, a cloud data company backed by Warren Buffett’s Berkshire Hathaway and Salesforce’s venture capital arm, saw shares more than double their IPO price during Wednesday’s session, and JFrog’s stock jumped as much as 75%. Other software companies including Sumo Logic and Unity Software are set to go public later this week.
Market participants also digested the Federal Open Market Committee’s newly issued expectation for interest rates to remain near zero until at least the end of 2023. Fed officials upgraded their economic projections for this year, and now anticipate a shallower decline in real GDP and a lower unemployment rate by year-end versus their early-summer projections.
Still, officials suggested that the quicker-than-expected early economic recovery could ...
More on: finance.yahoo.com