Investing.com — The Dow closed lower Tuesday, as the minutes from the Federal Reserve most recent meeting showed members backed higher for longer interest rates for some time.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average fell 62 points, or 0.2%, S&P 500 fell 0.2% and the NASDAQ Composite fell 0.6%.
Fed members supported keeping rates at restrictive levels for some time, leaning into their careful approach on monetary policy until clear signs that inflation is clearly on a downward trend, the minutes from the Fed's Oct. 31- Nov. 1 meeting showed.
While the minutes indicated that members are leaning more toward keeping rates steady rather than hiking, there weren't any clues that sooner rather than later rate cuts are on the horizon.
Traders continue to expect a the Fed to deliver a first cut at the the Apr. 30-May 1 meeting, according to Investing.com's Fed Rate Monitor Tool.
Ford Motor Company (NYSE:F) fell more than 1% after the automaker detailed plans to reduce its investment in its battery plant in Michigan amid waning EV demand.
The company said it would cut production at the plant by 43% and decreased the number of jobs the plant was expected to create by 32% to 1,700.
Zoom Video Communications (NASDAQ:ZM) closed flat after lifting its full-year guidance after reporting Q3 results that topped analyst estimates, though some on Wall Street flagged ongoing macroeconomic headwinds as a concern.
The better-than-expected 3Q revenue was driven by «steady Enterprise segment execution against low expectations,» Goldman Sachs said, adding that the stock reaction indices that «investors are contemplating a still weak growth backdrop.»
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