From Nasdaq:

Stocks on Wednesday retreated, with the S&P 500 dropping to a 1-week low and the Nasdaq 100 falling to a 1-1/2 week low. Technology stocks slumped after disappointing earnings reports from Alphabet, Advanced Micro Devices, and Microsoft. The FOMC kept the fed funds target range at 5.25%-5.50% and said risks to the economy are moving into better balance. The markets are currently discounting the chances for a -25 bp rate cut at 37% for March.

U.S. Jan ADP employment change rose +107,000, weaker than expectations of +150,000. The U.S. Q4 employment cost index rose +0.9% q/q, weaker than expectations of +1.0% q/q and the U.S. Jan MNI Chicago PMI unexpectedly fell -1.2 to 46.0, weaker than expectations of 48.0. Overseas stock markets on Wednesday settled mixed with the Euro Stoxx 50 closed down -0.31%, China’s Shanghai Composite Index closed down -1.48%, and Japan’s Nikkei Stock Index closed up +0.61%.

MarketAxcess Holdings (MKTX) closed down more than -17% after saying that high-yield average daily trading value is tracking down 30% from 2023 levels. Medical device stocks rallied Wednesday on strong earnings results from Stryker and Boston Scientific, with Edward Lifesciences (EW) closing up more than +6%, Stryker (SYK) closing up more than +5%, Boston Scientific (BSX) closing up +3%, and Zimmer Biomet Holdings (ZBH) closing up more than +2%.

Mar T-notes on Wednesday rose to a 2-week high, and the 10-year T-note yield fell to a 2-1/2 week low of 3.920%. T-notes extended their gains on Fed-friendly reports on the Jan ADP employment change and the Q4 employment cost index, which posted its smallest increase in 2-1/2 years. However, T-notes fell back after the FOMC kept monetary policy unchanged and Fed Chair Powell’s comments.



Read more: Stocks Slump as Fed Signals No Rush to Cut Interest Rates