Here are the most important news items that investors need to start their trading day:
1. Market moves
Stocks fell Wednesday after the Federal Reserve indicated another rate hike could be on the horizon. Markets had already priced in the expected Fed decision on Wednesday, but investors were less sure about future rate hikes. The S&P 500 lost 0.94%, while the Dow Jones Industrial Average dropped a more modest 0.22%. The Nasdaq Composite slid 1.53%, weighed down by a drop of more than 2% in Microsoft and roughly 3% declines in Nvidia and Google-parent Alphabet. All three major indexes closed at session lows. Follow live market updates.
2. Fed projections
US Federal Reserve Chairman Jerome Powell holds a press conference in Washington, DC, on September 20, 2023.
Mandel Ngan | Afp | Getty Images
3. Trading apps
Apple wanted to capitalize on the buzz when consumers were flocking to trading apps like Robinhood in 2020. It was working with Goldman Sachs on an investing feature that would let consumers buy and sell stocks and planned to launch it in 2022, CNBC’s Kate Rooney and Hugh Son reported. They abandoned the effort when the markets turned downward and as interest rates rose. People familiar with the discussions said Apple was worried that it would face backlash if people lost money in the stock market while using an Apple product and put the project on pause.
4. IP-doze
Arm CEO Rene Haas and executives cheer as Softbank’s Arm, a chip design firm, holds an initial public offering at the Nasdaq MarketSite in New York, Sept. 14, 2023.
Brendan Mcdermid | Reuters