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U.S. stocks were muted ahead of Fed rate decision

Liz Moyer/Investing.com Stock Markets
Published Mar 22, 2023 09:56AM ET Updated Mar 22, 2023 10:43AM ET
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By Liz Moyer

Investing.com -- U.S. stocks were muted as investors await this afternoon’s Federal Reserve announcement on interest rates and its latest economic forecasts.

At 10:41 ET (14:41 GMT), the Dow Jones Industrial Average was up 23 points or 0.1%, while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.2%.

The Fed is trying to balance its fight against inflation with its work to stabilize the banking system, which has been in turmoil since the failures of Silicon Valley Bank and Signature Bank earlier in March and the rescue of Credit Suisse (SIX:CSGN) last weekend by UBS (SIX:UBSG). 

Futures traders largely expect the Fed to raise rates by a quarter of a percentage point later today. Before the banking troubles, the expectations were for a half-point hike. Rapid interest rate increases over the last year have been blamed for pressuring banks with paper losses on bond holdings.

First Republic Bank (NYSE:FRC) shares were up 2.6%. Banks led by JPMorgan Chase (NYSE:JPM) are exploring ways to inject more money into the bank, which has hired advisors to explore strategic options. 

The Fed’s decision comes out at 14:00 ET (18:00 GMT), and Chair Jerome Powell is holding a press conference at 14:30.

Shares of Virgin Orbit Holdings Inc (NASDAQ:VORB) jumped 47% after a Reuters report that the company is close to a $200 million investment from Texas-based venture capital investor Matthew Brown.

GameStop Corp (NYSE:GME) shares rose 45% after the gaming retailer reported a surprise profit for the fourth quarter.

Oil drifted higher. Crude Oil WTI Futures were up 0.3% to $69.94 a barrel, while Brent Oil Futures were up 0.5% to $75.71 a barrel. Gold Futures rose 0.3% to $1,947. 

U.S. stocks were muted ahead of Fed rate decision
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Comments (18)
Kamalhussein Majala
Kamalhussein Majala Mar 22, 2023 2:06PM ET
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Tom Michaels
Tom Michaels Mar 22, 2023 12:33PM ET
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here we go again, dork boy is gonna spew.
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Raymond Ong
Raymond Ong Mar 22, 2023 12:09PM ET
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talk cock.
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Prashant Kumar
Prashant Kumar Mar 22, 2023 11:57AM ET
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rate hike for spending reduce but liquidity also get reduce. better work on proper supply channel and reduce energy prices
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Stephen Boyle
Stephen Boyle Mar 22, 2023 11:56AM ET
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Biden says that Powell has been doing a good job and that he has confidence in him. I'd hate to see his definition of a bad job.
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Antonio Velardo
Antonio Velardo Mar 22, 2023 11:48AM ET
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Hopefully he just says what the rate is without any comments. His comments have damaged the market, finance and economy more than what they have done in all these years.
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Mike Brarey
Mike Brarey Mar 22, 2023 11:45AM ET
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Powell will surprise on the dovish side and markets will go crazy
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Kanagaraj Chemist
Kanagaraj Chemist Mar 22, 2023 11:26AM ET
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anybody told me tomorrow indian market up or down
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Apa JayChou
Apa JayChou Mar 22, 2023 11:26AM ET
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pùndèk
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ASHWANI SAREEN
ASHWANI SAREEN Mar 22, 2023 11:26AM ET
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up
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David Squire
David Squire Mar 22, 2023 11:19AM ET
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Z
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Stan Smith
Stan Smith Mar 22, 2023 11:16AM ET
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Good thing they were pumped yesterday for the same reason..'pending the FED' to offset today's losses
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