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Stock market today: Dow, S&P 500, Nasdaq slip as Fed votes to keep rates steady, markets brace for 'Magnificent 7' earnings, Fed decision
In a split 8-4 vote on Wednesday, the Federal Open Market Committee voted to keep the benchmark interest rate target unchanged at a rate of 3.5% to 3.75%. The vote marks the first time since 1992 that four members of the committee have dissented.
Elsewhere in the market, Seagate (STX) led a rally in data-storage sector stocks, rising 17% after posting a stronger-than-expected profit and revenue outlook. Its upbeat earnings gave a lift to hopes for a sustained AI boom that took a knock Tuesday on a report that OpenAI missed its own sales and user targets ahead of its IPO.
That puts the spotlight on Wednesday’s earnings from four members of the “Magnificent Seven”: Alphabet (GOOG), Amazon (AMZN), Meta (META), and Microsoft (MSFT), all set to report after Wednesday’s close. Investors are looking for evidence that the tech megacaps’ heavy spending on AI is translating into meaningful revenue growth.
Markets are also focused on the conclusion of the Fed’s April policy meeting. In a widely anticipated move, policymakers held rates unchanged. The policy announcement could be Powell’s final before his term as chair ends in May.
Daily Market Coverage Apr. 29, 2026 3PM-5PM (ET) | Yahoo Finance
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