US stocks dip, dollar steady as traders digest Fed rate pause, tech earnings
After several months in which inflation data has largely moved sideways, the U.S. central bank dropped from its latest policy statement language saying that inflation «has made progress» towards the Fed's 2% inflation goal, noting only that the pace of price increases «remains elevated.»
«Businesses are expanding operations, consumers have a healthy appetite for travel and leisure, and animal spirits are still elevated,» Jeffrey Roach, chief economist at LPL Financial, said in an email, referring to how emotions shape financial decisions. «These conditions make it difficult for the Fed to cut rates without reigniting broad inflation pressures.»
On Wall Street, the Dow Jones Industrial Average finished down 0.3%, while the S&P 500 and the Nasdaq Composite both lost about 0.5%, ahead of earnings from Microsoft, Meta and Tesla.
Following the market close, Microsoft beat quarterly revenue estimates, while Tesla's fourth-quarter profit margin missed expectations. Meta forecast first-quarter revenue below Wall Street estimates.
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