Stock market today: Wall Street slumps after Fed warns rates may stay higher through 2024

NEW YORK — U.S. stocks slumped after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The S&P 500 fell 0.9% Wednesday. The Dow lost 76 points, and the Nasdaq composite pulled back 1.5%. While leaving the Fed’s main interest rate steady, officials at the central bank also suggested they may cut rates next year by only half a percentage point.

Stocks initially held relatively steady following the release of the Fed's forecasts, before sliding later in the afternoon. The yield on the 10-year Treasury rose to 4.36% from less than 4.32% shortly before the Fed's announcement. It's near its highest level since 2007, though it's still down from 4.37% late Tuesday.

High rates hurt prices for all kinds of investments, and high-growth companies are typically among the hardest hit. Big Tech stocks were among the heaviest weights on the S&P 500, and Microsoft, Apple and Nvidia all fell at least 1.9%. On the winning side of Wall Street, shares of Textron climbed 5.9% for the biggest gain in the S&P 500 after it announced a deal where NetJets has the option to purchase up to 1,000 of its Citation business jets over the next 15 years.

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