The markets closed firmly lower on Tuesday, Feb. 21, with all three indices down over 2% as the bell rang.
The Dow wiped its gains for the year with the S&P having its worst single-session decline since December.
DON'T MISS: Intel Slashes Dividend Following Grim Profit Outlook: Stock Slides
But all eyes are now focused back on the Federal Reserve as investors await the release of the Fed minutes from the February meeting, which will shed some more light on how Fed officials are approaching the inflation battle.
Outside of the Fed, Intel made headlines Wednesday morning after it announced that it would be cutting its quarterly dividend to preserve capital. It will also be reducing executive and board pay "temporarily."
The company will now pay 12.5 cents a share for its quarterly dividend, down from the 36.5 cents a share it had previously paid.
As previously noted, Intel is trying to reduce $8 to $10 billion in cost cuts over a two-year window. The company has stated that such high cuts are necessary as it attempts to navigate "this period of macroeconomic uncertainty."
“We are well on our way to meeting our commitment to reduce $3 billion in costs this year as we look to deliver $8 to $10 billion in savings exiting 2025," said CEO David Zinsner. "While we will continue to prudently manage cash and capital outlays in the near term, we are setting the foundation for significant operating leverage and free cash flow growth when we emerge from this period of outsized investments."
