Stocks Decline As Fed Holds Rates; Asian Markets Slide On Rate Worries

Traders work on the floor of the New York Stock Exchange (NYSE) on September 05, 2023, in New York City. The Dow Jones Industrial Average finished the day 0.22% lower, ending at 34,440.88 while the Nasdaq Composite fell 1.53% and ended the session at 13,469.13. SPENCER PLATT/GETTY IMAGES.

On Wednesday, September 20, the U.S. stock markets closed in red as the Federal Reserve opted to keep the federal funds rate from 5.25% to 5.5% during its September meeting.

Most S&P 500 sectors ended lower, with communication services and information technology sectors posting the largest losses, while consumer staples, utilities, and real estate sectors showed slight gains.

“The Dow Jones Industrial Average finished the day 0.22% lower, ending at 34,440.88. The S&P 500 recorded a 0.94% decline, closing at 4,402.20,” said Benzinga. “The Nasdaq Composite fell 1.53% and ended the session at 13,469.13.”

Asian Markets Today 

• Japan’s Nikkei 225 concluded Thursday’s session down 1.23%, closing at 32,619.00, led by losses in the Power, Chemical, Petroleum & Plastic and Mining sectors.
• Australia’s S&P/ASX 200 recorded a 1.37% decline and closed at 7,065.20, led by losses in the Energy, Financials, and Healthcare sectors.
• China’s Shanghai Composite closed the session at 3,084.70, down 0.77%, and Shenzhen CSI 300 slid 0.90%, ending at 3,672.44.
• Hong Kong’s Hang Seng Stock Exchange slid 1.45% to close at 17,627.50.
• Most Asian stocks fell due to concerns over higher U.S. interest rates, particularly impacting technology shares.

Traders work on the floor of the New York Stock Exchange (NYSE) on September 05, 2023, in New York City. The Dow Jones Industrial Average finished the day 0.22% lower, ending at 34,440.88 while the Nasdaq Composite fell 1.53% and ended the session at 13,469.13. SPENCER PLATT/GETTY IMAGES.

Eurozone at 05.30 AM ET

• The European STOXX 600 index is down 0.92%, with travel and leisure stocks shedding 2.1%.
• Germany’s DAX declined 0.86%.
• France’s CAC 40 slid 1.19%.
• The U.K.’s FTSE 100 traded lower by 0.60%. Investors await key policy decisions from the Bank of England.

Commodities at 05.30 AM ET

• Crude Oil WTI was trading lower by 1.05% at $88.72/bbl, and Brent was down 1.04% to $92.55/bbl.
• Natural Gas slid 0.15% to $2.729.
• Gold was trading lower by 1.22% at $1,943.05, Silver fell 1.72% to $23.427, and Copper dropped 2.25% to $3.691.

Traders work on the floor of the New York Stock Exchange (NYSE) on September 05, 2023, in New York City. The Dow Jones Industrial Average finished the day 0.22% lower, ending at 34,440.88 while the Nasdaq Composite fell 1.53% and ended the session at 13,469.13. SPENCER PLATT/GETTY IMAGES.

US Futures at 05.30 AM ET

“Dow futures declined 0.26%, S&P 500 futures were down 0.41%, while Nasdaq 100 futures slid by 0.59%,” said Benzinga.

Forex at 05.30 AM ET

The U.S. Dollar Index was up 0.28% to 105.45 USD/JPY declined 0.09% to 148.20, and USD/AUD gained 0.64% to 1.5609.

Produced in association with Benzinga

Edited by Priscilla Jepchumba and Newsdesk Manager