Investors were on edge Tuesday afternoon as stocks rose ahead of the crucial Federal Reserve policy meeting. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw gains, with tech-heavy Nasdaq slightly lagging behind due to Nvidia shares pulling back after AI updates from its annual developer conference.
All eyes are on the Federal Reserve’s two-day meeting, with investors eagerly awaiting any clues on the number and timing of potential interest rate cuts this year. The central bank’s policy decision is set to be announced on Wednesday at 2 p.m. ET.
In a surprising move, the Bank of Japan ended its era of negative rates with its first hike in 17 years, marking a significant shift in monetary policy. This decision comes amidst a week filled with central bank decisions around the world.
Meanwhile, in the world of cryptocurrencies, bitcoin continued to retreat from its recent record high, falling over 5% to hover above $64,000. Shares of crypto-linked companies Coinbase and Marathon Digital also saw losses alongside the token.
On the corporate front, Unilever’s shares surged after the company announced plans to cut jobs and spin off its ice cream unit, including popular brands like Ben & Jerry’s.
As the market continues to react to these developments, investors are bracing for more volatility and uncertainty in the days ahead. Stay tuned for more updates as the situation unfolds.
