Nasdaq ends slightly up, S&P 500 flat as Fed brings little surprise

Federal Reserve and Economic Indicators - The Federal Reserve cited elevated inflation and solid economic growth for its decision to keep interest rates unchanged at 3.5%-3.75%, with eight out of ten policymakers voting to hold rates steady [2][13] - Fed Chair Jerome Powell indicated that the Fed would remain data-dependent, noting that upside risks to inflation and downside risks to employment have diminished [3][6][13] - Despite the stabilization in the job market, inflation remains stubborn, and there hasn't been a significant enough change in employment or inflation to warrant aggressive rate cuts [6][13] Market Reactions and Sector Performance - The Dow Jones Industrial Average rose by 12.19 points (0.02%) to 49,015.60, while the S&P 500 lost 0.57 points (0.01%) to 6,978.03, and the Nasdaq Composite gained 40.35 points (0.17%) to 23,857.45 [7][13] - The S&P 500 briefly surpassed the 7,000 points milestone but could not maintain those gains, with the biggest decliners being real estate, consumer staples, and healthcare sectors [7][13] - The energy sector increased by 0.7% and technology by 0.6%, with significant contributions from chip stocks following positive earnings reports [8][13] Earnings Reports and Company Performance - Following the Fed update, investors focused on earnings from major companies, with Meta and Tesla shares rising nearly 4% and 3% respectively, while Microsoft shares fell over 3% [9][13] - IBM shares jumped 7% after its earnings report, while AT&T's shares rose after projecting annual profit above market expectations [10][13] - In contrast, Textron shares fell by 7.9% after guiding for fiscal profit below estimates, and Otis stock slipped after its fourth-quarter revenue missed expectations [10][13] Market Activity and Trends - On the NYSE, declining issues outnumbered advancers by a 1.37-to-1 ratio, with 593 new highs and 97 new lows, while on the Nasdaq, 1,710 stocks rose and 3,029 fell, resulting in a 1.77-to-1 ratio of declining to advancing issues [11][13] - The S&P 500 recorded 38 new 52-week highs and 14 new lows, while the Nasdaq Composite had 102 new highs and 125 new lows [11][13] - A total of 19.03 billion shares changed hands on U.S. exchanges, compared to the 20-day moving average of 18.29 billion [12][13]