Stocks mixed after FOMC decision, Powell comments
Yahoo Finance's Jared Blikre joined Yahoo Finance Live to break down the market impact the latest FOMC decision is having on Wall Street.
Video Transcript
ADAM SHAPIRO: We're going to turn to Jared Blikre right now to find out what the markets are saying about what we've just heard from Chair Powell. Jared.
JARED BLIKRE: Well, I got to tell you what. The markets were responding to Chair Powell. And they responded to the downside when he was answering Brian's question. So let's go to the YFi Interactive. And I will show you exactly what's going on here. Now, here's today's price action in the S&P 500. And you can see, here is the 2:00 PM announcement, just a little bit of movement there. Then we got that question right out of the bat to Powell-- what's going to happen? Are you thinking about tapering or raising rates? Well, we know the answer to that question.
And then you see this little downdraft here? Powell used the word "frothy" after Cheung brought up Dogecoin and Archegos. So, interesting to see how this played out today. And in fact, Mohamed El-Erian actually tweeted, "Responding to a Yahoo Finance question on financial stability, Fed Chair Powell refers to froth in the equity market, but notes that overall financial stability situation is mixed." So Brian kind of moving the needle here for us. Got to check on bonds real quick. Those are about break-even. We saw them up three basis points, and they gave that up. And then also taking a look at the US dollar index, that is net down on the day. And guess what? Gold and copper futures, they are at session highs right now. Guys.
