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The Dow finished the day down 125 points ahead of the FOMC's highly-anticipated interest rate decision, succumbing to a bout of profit-taking before the event. The Fed is widely expected to cut rates for the first time since 2024 tomorrow, with CME's FedWatch tool pricing in the likelihood of at least a 25-basis point rate cut at 100%.
The S&P 500 and Nasdaq both finished modestly lower, the former pulling back from its earlier record peak, and the latter snapping its six-session run of all-time closing highs. Also making waves, Microsoft (MSFT) announced that it's investing $30 billion on AI infrastructure in the U.K. by 2028.
Continue reading for more on today's market, including:
Oil prices gained today, as potential disruptions to Russia supply via Ukrainian drone attacks on energy facilities continued to prop up the commodity. October-dated West Texas Intermediate (WTI) crude added $1.22, or 1.9%, to $64.52.
Gold prices hit more record highs, jumping above $3,700 for the first time ever as investors bet on a rate cut. U.S. gold futures for December delivery rose 0.1% to $3,724 per ounce.
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U.S. Tech Giants Pledge Over $40 Billion in U.K. Investments Ahead of Trump Visit
MSFT
The Wall Street Journal
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Clean Wisconsin says data center power usage could exceed all homes in state combined
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Milwaukee Journal Sentinel
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Microsoft Will Invest $30 Billion in AI Infrastructure, Operations Across U.K.
MSFT
The Wall Street Journal
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