Markets
Stocks were mixed during the holiday-shortened trading week as uncertainty over conflict in the Middle East weighed on investors. Yet, this week saw markets move higher as a ceasefire was announced. With the announcement, oil prices imploded, and stocks went higher. This takes away at least one uncertainty.
Stocks want to move higher
Stocks opened higher, and oil prices fell at the start of the week as investors hoped Middle Eastern tensions would ease.1
However, as investors parsed through updates on the conflict, stocks fell over ongoing uncertainty. Conflicting statements from those involved, as well as from world leaders, contributed to the uncertainty.2
Midweek, stocks rallied ahead of the Fed’s interest rate decision. Markets seemed to dismiss news that housing starts dropped unexpectedly to their lowest level in five years.
The Fed held short-term rates steady. Stocks moved up and down during the Fed Chair’s press conference before ending the trading session slightly down ahead of Thursday’s stock market holiday.3
Following the holiday, anxious investors refocused on geopolitical tensions and developments. As the week closed out, investors appeared to take a risk-off approach heading into the weekend.4
The Fed Holds Rates Steady
As expected, the Federal Reserve kept the Fed funds rate at its target range of 4.25 percent and 4.5 percent. However, the central bank did suggest it may adjust rates later this year, and policymakers expressed concerns about inflation and the outlook for gross domestic product.
Following the decision, Fed Chair Powell said policymakers are “well positioned to wait” before moving on short-term rates. Powell indicated that trade policy has clouded the inflation outlook, making policymakers concerned about consumer prices.
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