Stock market today: Wall Street stays mixed, bond yields spike after Fed updates rate outlook

The central bank kept its benchmark rate intact Wednesday, as expected, but it also said it now projects just a half a percentage point of cuts next year. In June, it had expected a full percentage point. The Fed has been aggressively raising interest rates for more than a year to fight inflation. The S&P 500 was 0.1% lower after the announcement. The yield on the two-year Treasury note spiked to 5.13%.

Will they still pencil in one more hike this year, after they’ve already pulled the Fed’s main rate to its highest level in more than two decades? Will they indicate as many cuts to rates in 2024, which can goose prices for stocks and other investments, as traders are expecting? The yield on the 10-year Treasury dropped to 4.33% from 4.37% late Tuesday, near its highest level since 2007.

On Wall Street, shares of Textron climbed 5.1% for one of the biggest gains in the S&P 500 after it announced a deal where NetJets has the option purchase up to 1,000 of its Citation business jets over the next 15 years. On the losing end of Wall Street, Instacart gave back some of its gains from its first day of trading as a public stock. It dropped 1.8%.

In stock markets abroad, the FTSE 100 in London rose 0.9% after a report showed U.K. inflation fell unexpectedly in August to its lowest level since Russia launched its invasion of Ukraine.

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