The Federal Reserve's decision to keep interest rates steady, indicating no rush to cut rates, led to mixed movements in U.S. stocks. The Dow Jones Industrial Average initially rose by 294 points but closed down by 44 points, or 0.1%, at 42,171 points. The S&P 500 saw a slight decline, closing 1 point lower at 5,980 points, while the Nasdaq increased by 25 points, or 0.1%, to 19,546 points.
Technology stocks showed varied performance. Tesla (TSLA, Financial), which had a temporary production halt at its Texas plant causing a 4% drop earlier, rebounded by 1.8%, marking the best performance among the so-called "Magnificent Seven." Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA) each rose less than 1%, while Amazon (AMZN) fell 1%.
The U.S. Senate passed a bill concerning stablecoins, boosting cryptocurrency-related stocks. Circle (CRCL) soared 33.8%, and Coinbase (COIN) climbed 16.3%. Following the announcement by Nippon Steel of its acquisition of U.S. Steel (X), trading of U.S. Steel shares was halted on the New York Stock Exchange.
