The major US stock indices closed the day with mixed results following the FOMC decision to keep rates unchanged, as widely expected. The Dow Jones Industrial Average slipped modestly, while the S&P 500 ended virtually unchanged. The NASDAQ Composite posted a slight gain, and the Russell 2000 outperformed with a stronger rise.
Federal Reserve Chair Jerome Powell expressed continued confidence in the strength of the US economy, noting that the labor market remains broadly healthy, despite some concerns for those struggling to re-enter the workforce. The Fed revised its 2025 GDP growth forecast lower, raised its inflation projection, and nudged its unemployment estimate slightly higher.
Tariffs were a key theme, with Powell and Fed officials warning that inflation could rise further in the coming months due to tariff-related pressures. That concern has made the Fed more cautious in its forward guidance. While the median forecast still reflects two rate cuts before year-end, seven policymakers now project no change in policy, up from four in March—underscoring growing divisions within the committee.
Closing Levels:
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Dow Jones: -44.14 points (-0.10%) at 42,171.66
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S&P 500: -1.85 points (-0.03%) at 5,980.87
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NASDAQ: +25.18 points (+0.13%) at 19,546.27
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Russell 2000: +11.00 points (+0.52%) at 1,112.96
Here are some of the large-caps winners:
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SoFi Technologies (SOFI): +6.51%
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Robinhood Markets (HOOD): +4.54%
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ARK Innovation (ARKK): +4.47%
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Intel (INTC): +3.32%
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Super Micro Computer (SMCI): +3.15%
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Wells Fargo & Co (WFC): +3.10%
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Rivian Automotive (RIVN): +2.84%
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GameStop Corp (GME): +2.02%
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ARK Genomic Revolution (ARKG): +1.99%
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Morgan Stanley (MS): +1.88%
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Bank of America (BAC): +1.84%
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Tesla (TSLA): +1.84%
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Live Nation Entertainment (LYV): +1.82%
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Goldman Sachs (GS): +1.75%
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JPMorgan (JPM): +1.66%
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Roblox (RBLX): +1.52%
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Merck & Co (MRK): +1.30%
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Palantir (PLTR): +1.27%
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Citigroup (C): +1.27%
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Snowflake (SNOW): +1.24%
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Micron (MU): +1.23%
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PNC Financial (PNC): +1.21%
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American Express (AXP): +1.20%
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Deutsche Bank AG (DB): +1.15%
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Charles Schwab (SCHW): +1.06%
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Western Digital (WDC): +1.02%
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Emerson (EMR): +1.00%
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NVIDIA (NVDA): +0.94%
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Walmart (WMT): +0.92%
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Arm (ARM): +0.90%
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Chipotle Mexican Grill (CMG): +0.88%
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United Airlines Holdings (UAL): +0.86%
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Cisco (CSCO): +0.80%
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Broadcom (AVGO): +0.78%
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Snap (SNAP): +0.73%
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Whirlpool (WHR): +0.67%
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Caterpillar (CAT): +0.59%
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Paramount Global B (PARA): +0.58%
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DoorDash (DASH): +0.56%
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Marriott International (MAR): +0.55%
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Apple (AAPL): +0.48%
Here are some of the losers today:
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Mastercard (MA): -5.38%
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Visa A (V): -4.89%
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PayPal (PYPL): -2.97%
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Box Inc (BOX): -2.25%
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Lockheed Martin (LMT): -2.24%
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Fortinet (FTNT): -2.00%
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Northrop Grumman (NOC): -1.90%
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RTX Corp (RTX): -1.74%
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MicroStrategy (MSTR): -1.64%
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Uber Tech (UBER): -1.56%
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Alphabet A (GOOGL): -1.50%
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CrowdStrike Holdings (CRWD): -1.43%
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Occidental (OXY): -1.35%
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Alibaba ADR (BABA): -1.34%
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Intuit (INTU): -1.34%
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Boeing (BA): -1.26%
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Adobe (ADBE): -1.21%
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Palo Alto Networks (PANW): -1.15%
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Salesforce Inc (CRM): -1.08%
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Amazon.com (AMZN): -1.06%
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General Dynamics (GD): -1.03%
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Grayscale Bitcoin (GBTC): -0.90%
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Airbnb (ABNB): -0.90%
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ETH/USD: -0.87%
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Dollar Tree (DLTR): -0.83%
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Tencent ADR (TCEHY): -0.77%
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Bitcoin Futures (BMC): -0.71%
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BTC/USD: -0.68%
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Schlumberger (SLB): -0.64%
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Moderna (MRNA): -0.59%
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Zoom Video (ZM): -0.54%
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SPDR Gold Shares (GLD): -0.54%
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Intuitive Surgical (ISRG): -0.54%
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Shopify Inc (SHOP): -0.52%
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Home Depot (HD): -0.51%
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Qualcomm (QCOM): -0.51%
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Pfizer (PFE): -0.48%
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Nio A ADR (NIO): -0.44%
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Chevron (CVX): -0.39%
This article was written by Greg Michalowski at www.forexlive.com.