Claim BonusUS Stocks Gain As Wall Street Picks Up With Unchanged Rates
Highlights
- The Federal Reserve left interest rates unchanged.
- US stocks moved upward in the last 24 hours.
- Crypto assets remain down as sentiments plunge.
The US Fed Meeting has dominated market narratives in the last 48 hours as analyst predicts the direction of US Stocks. The stock market has recorded slight gains in the last 24 hours as traders shake off the expected hawkish Fed meeting outcome.
The US Federal Reserve left interest rates unchanged today, a move anticipated by most market participants. United States interest rate hovers at 5.25%- 5.50% range as Feds continues to battle inflation.
While unchanged rates were expected with inflation above the 2% mark, US stocks plummeted alongside the crypto market yesterday. Tesla, Microsoft, Alphabet, and Nvidia ended the previous day with a slight decline. However, improved figures have been recorded in the last 24 hours.
US Stock Pick Up The Pace
US stocks have posted slight daily gains after falling in anticipation of the Fed meeting’s outcome. At press time, Apple (AAPL) trades at 172.12, a 1.05% increase in the last 24 hours. This recent inflow adds to its weekly gains as other US stocks move upward.
Amazon (AMZN) stands at $183.17, notching a 4.6% growth. Microsoft posted gains of 2% alongside other top stocks in the market. Some commentators say the reason for this peak is the anticipated constant in interest rates settling on investors.
The Federal Reserve still holds rates to monitor inflation rates with top institutional investors like JP Morgan expecting cuts in Q3.
“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the Feds added.
Crypto Assets Plunge
The cryptocurrency market remained low an hour after the Fed’s decision. Bitcoin trades at $58,910, a 2% drop today extending weekly losses for the top assets.
Altcoins also saw liquidations in the same period with Ethereum, Solana, and Dogecoin posting weekly losses. Macroeconomic factors have also impeded the market’s growth wiping out post-halving momentum as bulls set sights on a run.
Also Read: Ethereum Fails to Impress Except for Stakers, Says Kruger
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