S&P, NASDAQ Slip Ahead of Fed Decision, Dow Ekes Higher

January 29,2025 12:16 pm EST

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S&P, NASDAQ Slip Ahead of Fed Decision, Dow Ekes Higher

The S&P 500 and NASDAQ pulled back slightly Wednesday as investors turned toward the first Federal Reserve interest rate decision of 2025, while Nvidia slipped following a strong session.

The Dow Jones Industrials nosed ahead 7.32 points to pause for noon hour EST Wednesday at 44,857.67

The much-broader index flopped 18.18 points to 6,049.52.

The NASDAQ Composite lost 124.08 points to 19,609.50, as Nvidia shares dropped 3% — adding to an already volatile week for the tech giant.

A volley of Big Tech earnings are also due Wednesday afternoon, with Meta Platforms, Microsoft and Tesla issuing their quarterly reports.

The Fed is scheduled to deliver its latest monetary policy decision at 2 p.m. ET. A news conference with Chair Jerome Powell is also slated for 2:30 p.m. ET.

Fed funds futures data reflect a nearly 100% certainty that the central bank will keep rates steady at a target range of 4.25% to 4.5%,

Prices for the 10-year Treasury sagged, raising yields to 4.55% from Tuesday's 4.54%. Treasury prices and yields move in opposite directions.

Oil prices docked 41 cents to $73.35 U.S. a barrel.

Prices for gold jumped $4.50 an ounce to $2,772.10 U.S.