Yahoo Finance Stocks eager after Fed pause, Reddit IPO, bitcoin: 3 Things
All three of the major stock market indexes (^DJI, ^IXIC, ^GSPC) jumped to all-time highs following the Federal Reserve's decision on Wednesday to hold inflation rates in their path to tame inflation back to 2%.
Social media platform Reddit (RDDT) is set to appear on the New York Stock Exchange via an IPO on Thursday, the company pricing its stock at $34 ahead of its listing.
Bitcoin (BTC-USD) swings back above $67,000 after the cryptocurrency fell into a slump last week upon reaching another record-high.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video transcript
- The three things that you need to know, your roadmap for the trading day. Yahoo Finance's Jared Blikre, Josh Schafer, and Ines Ferré have more.
JARED BLIKRE: Stocks are rallying to record highs on Wednesday after the Federal Reserve kept interest rates unchanged in March and stuck to its forecast of three rate cuts later this year. Fed officials see the Fed funds rate peaking at 4.6% in 2024. That suggests the Fed will cut rates by 75 basis points. Updated projections suggest the Fed is going to maintain a higher-for-longer policy stance as the central bank works to bring inflation back down to its 2% target.
JOSH SCHAFER: And Reddit is ready to take on the stock market. The social media platform will make its big debut on the New York Stock Exchange today. Reddit pricing its IPO at $34 per share. That's at the high end of its target range.
INES FERRE: And Bitcoin-- Bitcoin reversing some of its losses from a recent slump. The world's largest cryptocurrency hovering around $67,000 after Bitcoin spot ETF in the US recorded three straight days of outflows. $261 million leaving the 10 approved funds as of Wednesday.
