Traders work at the New York Stock Exchange on Jan. 29, 2025.
NYSE
Other “Magnificent Seven” names are set to report in the coming days, with Apple’s results being due for a Thursday release. Amazon will soon follow suit, as the megacap tech company reports next week.
On Wednesday, all three major averages ended the session lower as a 4% decline in Nvidia weighed on the market. The declines came after the Fed paused its interest rate-cutting campaign, leaving its borrowing rate unchanged in a range between 4.25% and 4.5%. In their post-meeting statement, policymakers noted that inflation remains “somewhat elevated.”
“The implication is that we’re on hold until the inflation rate goes down, and unfortunately it’s probably not going to go down very much in the several months ahead, so I wouldn’t be looking for rate cuts at the next meeting,” Jeffrey Gundlach, DoubleLine Capital CEO, said Wednesday on CNBC’s “Closing Bell.”
“We have a relatively stable place where we’re standing, and it kind of supports the fact that the market is in a calm position right now, and so is [Jerome] Powell apparently,” he said.
On the economic data front, the fourth-quarter gross domestic product reading is due on Thursday, and weekly jobless claims are out in the morning. Investors are also looking ahead to Friday’s personal consumption expenditures price index report for December.
