Stocks are looking to bounce back from a rough session Wednesday. The Dow Jones Industrial Average fell 0.8% for its worst day since December; the S&P 500 slid 1.6% in its worst day since September; and the Nasdaq Composite lost 2.2%, posting its worst session since October. Still, all three major averages finished January in the green, with the Dow up 1.2% over the first month of the year, the S&P up 1.6% and the Nasdaq up 1%. Futures tied to all three indexes rose in premarket trading Thursday morning, indicating positive market opens. Follow for live market updates.
U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on January 31, 2024 in Washington, DC. The Federal Reserve announced today that interest rates will remain unchanged.
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Fed Chair Jerome Powell said Wednesday that the Federal Reserve will likely not institute a March rate cut, disappointing traders who wanted the central bank to start dropping rates to stave off potential recession. “I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that’s to be seen,” Powell said. The Fed chief said the central bank wasn’t taking further rate hikes off the table, but noted that economic growth has been “solid” as the central bank sees decelerating inflation. The next policy date is scheduled for March 20, with calculations leaning toward the Fed staying put in the next meeting.
Tim Cook, chief executive officer of Apple Inc., takes a photograph with an attendee during an event at Apple Park campus in Cupertino, California, US, on Tuesday, Sept. 12, 2023.
David Paul Morris | Bloomberg | Getty Images
It’s a big day for tech earnings. Apple, Amazon and Meta all report after market close. The trio of quarterly earnings results comes after Microsoft and Google-parent Alphabet each sold off earlier this week, despite strong quarters. The takeaway is seemingly that though results were good, they weren’t good enough. Tech hasn’t been immune to the cost pressures and cautionary environment that’s been weighing on profits and stocks. That dynamic could show up in Thursday’s reports, too.
Republican presidential candidate Florida Governor Ron DeSantis speaks at a campaign stop at Pub 52 on January 15, 2024 in Sergeant Bluff, Iowa. Amidst sub-zero temperatures Iowa Republicans will select their party’s nominee for the 2024 presidential race.
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A judge dismissed a federal lawsuit filed by Disney against Florida Gov. Ron DeSantis, saying it lacked legal standing. The lawsuit alleged DeSantis and other defendants retaliated against the company after it publicly criticized the state’s controversial law limiting discussion of sex and gender in public schools — dubbed “Don’t Say Gay” by its opponents. Disney on Wednesday said it planned to appeal the decision. The entertainment company reports its fourth-quarter earnings next week.
A general view of the Champions Tour logo during the final round of the PGA Champions Tour Regions Tradition on May 15, 2022 at Greystone Golf and Country Club in Birmingham, Alabama.
Michael Wade | Icon Sportswire | Getty Images
A U.S. consortium called Strategic Sports Group announced it will invest up to $3 billion into the PGA Tour, with an initial investment of $1.5 billion. The deal garnered unanimous support from player directors. The money will reach the professional golf organization after its talks with the Saudi Public Investment Fund conclude. The PGA Tour is at a crossroads as it figures out its future, with critics arguing its deal with the PIF could hand the country — often the subject of human rights violations allegations — more influence in the U.S.
– CNBC’s Sarah Min, Jeff Cox, Jesse Pound, Ashley Capoot, Ari Levy, Dan Mangan and Jessica Golden contributed to this report.
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