Welcome to Markets Desk, your midday read on what's moving money.
The Federal Reserve held its benchmark rate steady in a nine to three vote, keeping the federal funds rate in a range between three point five and three point seventy five percent. That marks five consecutive meetings without a move, even as inflation stays elevated on the back of rising energy costs tied to the Iran conflict. Three dissenting members pushed for a hike, signaling the committee is anything but unified heading into the fall.
That policy uncertainty is landing hard on equities. The S&P five hundred is off nearly three quarters of a percent, the Dow down more than one and a half, and the Nasdaq shedding close to one percent on the session. Chipmakers are leading the selloff, compounded by a spike in oil prices that's rattling sentiment across the board. Energy costs are doing double duty here — pressuring consumers and squeezing margins.
Away from the macro noise, Ford is drawing fresh attention on Wall Street. The automaker's heavy bet on full-size trucks is showing real returns, and analysts are starting to warm to a name that has long played second fiddle to General Motors. If the momentum holds, a genuine re-rating could be in the works.
That's the tape. Markets Desk, signing off the floor.
