Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks ended lower Thursday as investors continued to react to a statement from the Federal Reserve that suggested U.S. interest rates likely will remain unchanged for the better part of the year.
- Shares of Dow Inc. ( DOW) fell after the company reported a sharp decline in first-quarter profit.
- Plant-based meat maker Beyond Meat (BYND) soared 163% to $65.75 a share in its trading debut.
Wall Street Overview
Stocks ended down Thursday on follow-through reaction as investors digested the Federal Reserve's policy statement suggestion that U.S. interest rates likely will remain unchanged for the better part of 2019 and as Trump's second pick to serve on the FOMC withdrew from consideration.
The central bank kept the target range of the key Fed Funds rate unchanged at between 2.25% and 2.5% and Fed Chairman Jerome Powell said Wednesday that he didn't see a "strong case for moving" policy "in either direction."
The Dow Jones Industrial Average fell 122 points, or 0.46%, to 26,308, the S&P 500 fell 0.21%, and the Nasdaq dropped 0.16%. Shares traded higher earlier in Thursday's session.
Shares of Tesla (TSLA - Get Report) rose 4.3% to $244.10 after the electric vehicle maker submitted a series of filings with the Securities and Exchange Commission on Thursday indicating its intentions to raise about $2 billion, and for CEO Elon Musk to buy up to $10 million in Tesla stock.
Plant-based meat maker Beyond Meat (BYND) soared 163% to $65.75 a share in its trading debut. The company sold 9.625 million shares in the offering, raising more than $240 million. The initial public offering was priced at $25 a share.
Qualcomm (QCOM - Get Report) reported second-quarter earnings that beat analysts' estimates but the chipmaker forecast weaker-than-expected third-quarter revenue as it accounted for payments from Apple (AAPL - Get Report) to settle a long-running patent dispute. The stock rose nearly 1% to $87.14.
Shares of Dow Inc. (DOW) fell 6.1% to $52.70 after reporting a sharp decline in first-quarter profit in its first update following the spinoff from DowDuPont (DWDP) . Meanwhile, DowDuPont (DWDP) missed Wall Street's first quarter earnings forecast. The stock fell 6.7% to $34.67.
Conservative commentator Stephen Moore withdrew from consideration for a position on the Federal Reserve board, President Donald Trump said. Moore has come under considerable opposition after some of his misogynistic writings from the early 2000s resurfaced in recent weeks. Earlier Herman Cain withdrew from consideration after Republican senators balked at approving him to serve on the The Fed.
Trump has been aggressive in calling for lower interest rates, most recently tweeting that the economy would be doing much better if rates were cut a full percentage point.