Stock Market Today: Dow Rises Before Fed Decision; SpaceX Turns Lower; Biotechs Gain (Live Coverage)

💡 The Dow Jones Industrial Average rises ahead of the Federal Reserve's interest rate decision, while SpaceX's stock price falls and biotech stocks gain.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.

The 10-year Treasury yield surged to 4.8% in the aftermath, its highest level since October 2023. $TLT fell sharply as bond traders repriced the timing of the first cut from March to June.

Dow Jones Rises Ahead of Fed Decision

The Dow Jones Industrial Average rose 300 points, or 1.1%, as investors looked to the Federal Reserve's interest rate decision later in the day. The S&P 500 also gained 1.1%, while the Nasdaq Composite rose 1.3%. $SPY and $QQQ led the charge, with $SPY up 1.2% and $QQQ up 1.5%.

SpaceX Stock Falls

SpaceX's stock price fell 5% after the company announced that it would be delaying its next Starship launch due to technical issues. The company's stock has been under pressure in recent weeks due to concerns about the sustainability of its business model. $SPCE fell to $85.50 in early trading.

Biotechs Gain

Biotech stocks continued their rally, with the Biotech ETF ($XBI) up 2.5%. Gilead Sciences ($GILD) led the charge, with its stock price rising 4%. The company's new HIV treatment has been well-received by investors and analysts. $GILD's stock price rose to $60.50 in early trading.

What It Means for Investors