Major US stock indexes fell sharply after the Fed signaled less easing in 2025. The end of your target for the Fed funds is now at 3.9%. It was 3.4% after the meeting in September.
- The Dow industrial average is now down for 10 consecutive days. The decline for today is its worst single day since August 5 when the index fell -2.6%. Today's drop was just above that
- The S&P index also fell in its worst day since August 5 when the index fell -3.0%.
- The NASDAQ index had its worst day since July 24 when the index fell -3.64%
A snapshot of the final numbers shows:
- The Dow industrial average fell -1123.46 points or -2.58% at 42326.44
- The S&P index fell -178.58 points or -2.95% at 5872.04.
- The NASDAQ index fell -716.37 points or -3.56% and 19392.69..
The small cap Russell 2000 fell 1 or 2.56 points or -4.39% at 2231.51.
After the close Micron Technology EPS came in at $1.79 versus $1.77. Revenue was $8.7 billion and is expected to be $8.7 billion. Although earnings and revenue came in as expected the stock has been hit hard and down -16.80%. That comes after its shares fell -4.33% on the day.
Guidance for Q2 was as expected with revenue at $7.7 – $8.1 billion versus $8.99 billion. Adjusted earnings-per-share were expected to be $1.33-$1.53 compared to $1.92 expected. The company said it expects to return to growth in the second half of the fiscal year.
