Dow Falls Over 100 Points, Nasdaq Hits Record High as Fed Meets

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The tech-heavy Nasdaq hit an intraday high Wednesday while broader markets cautiously navigated a series of risk headlines ahead of the Federal Reserve policy meeting.

© TheStreet Dow Falls Over 100 Points, Nasdaq Hits Record High as Fed Meets

The Dow Jones Industrial Average, which reached a record high in the previous session, fell 142 points, or 0.39%, the S&P 500 slipped 0.12% and the Nasdaq rose 0.1% at last check.

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Fed officials are scheduled to unveil the results of their two-day policy meeting at 2 p.m. Eastern time, with analysts looking for a $15 billion reduction in the pace of the central bank’s $120 billion in corporate and agency bonds each month as part of its broader effort to keep market interest rates low and stimulate growth and employment

“But this has been so clearly flagged that investors will be much more interested in what Chair Powell has to say about the economy and, specifically, inflation,” said Ian Shepherdson of Pantheon Macroeconomics. “We expect Mr. Powell to acknowledge, again, that inflation is higher than the Fed expected and is likely to stay that way for some time yet.”

Bed, Bath & Beyond rocketed after the home retailer — and one-time meme stock — unveiled a distribution partnership with Kroger Co. and said it would complete its $1 billion share repurchase program by the end of its fiscal year.

Lyft gained after the ride-sharing company reported third-quarter earnings that handily beat analysts’ forecasts and said it is seeing a post-pandemic return of passengers and drivers to the roads.

Zillow Group slumped lower after the home buying website shut down its house-flipping business and after a bigger-than-expected third-quarter loss.

Activision Blizzard fell more than 14% after the video game maker delayed the release of two key titles, while forecasting softer-than-expected holiday quarter sales, as it attempts to move past allegations of workplace harassment and broader issues of sexism in the gaming industry.

This article was originally published by TheStreet.

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