Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
The Federal Reserve dialed up its growth expectations slightly while keeping its inflation projection unchanged.Marketsread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The Fed has become increasingly divided, with three officials voting against the Fed's quarter-point cut to the fed funds target rate range.Market Insiderread more
For consumers, lower rates do mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. n the flip side, you'll earn...Personal Financeread more
Gold edged lower on Wednesday but held about the key $1,500 per ounce level after the U.S. Federal Reserve decided to cut interest rates.Futures & Commoditiesread more
Check out the companies making headlines after the bell:
Shares of Nordstrom surged 11% in extended trading after the retailer posted a strong profit despite weakening second-quarter sales. The company reported adjusted earnings per share of 90 cents on revenue of $3.87 billion. Analysts had expected earnings per share of 75 cents on revenue of $3.93 billion, according to Refinitiv consensus estimates.
Nordstrom, however, cut its full-year guidance for net sales and earnings. The company said it now expects full-year earnings per share between $3.25 and $3.50, down from its previous expectation for earnings per share between $3.25 and $3.65.
Pure Storage edged slightly lower after announcing the departure of Chief Financial Officer Tim Riitters as well as issuing a disappointing sales outlook. The flash storage company said Riitters will remain at the company in the fall as it searches for a successor. Pure Storage said it expects revenue between $434 million and $446 million for the third quarter and between $1.645 billion and $1.715 billion for fiscal 2020. Those figures are lower than Refinitiv consensus estimates for $466.3 million and $1.725 billion, respectively.
Shares of L Brands ticked 1% lower after the Victoria's Secret owner posted disappointing sales, despite better-than-expected profit. The company reported adjusted second-quarter earnings per share of 24 cents on revenue of $2.90 billion. Analysts had expected earnings per share of 20 cents on revenue of $2.95 billion, according to Refinitiv consensus estimates. Same-store sales at Victoria's Secret fell 6%, more than analyst expectations for a drop of 3.9%. But comparable store sales at Bath & Body Works grew 8%, better than the 6.3% expected.
Splunk briefly 1% after the software company reported strong second-quarter earnings and announced it would acquire cloud monitoring service SignalFx for $1.05 billion in cash and stock. The company reported adjusted earnings per share of 30 cents on revenue of $517 million. Analysts had expected earnings per share of 12 cents on revenue of $488 million, according to Refinitiv consensus estimates. The stock later reversed to trade slightly below its closing price.