Stock market today: Live updates

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Stock market today: Live updates

A trader works, as a screen broadcasts a news conference by U.S. Federal Reserve Chair Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 7, 2025.

Brendan McDermid | Reuters

Stock futures were relatively unchanged on Wednesday evening on the heels of the Federal Reserve holding steady on rates as it highlighted rising inflation and unemployment risks.

S&P 500 futures traded down by 0.1%. Futures tied to the Dow Jones Industrial Average dropped 55 points, or 0.1%. Nasdaq-100 futures were marginally lower.

The Federal Reserve kept its benchmark overnight borrowing rate at 4.25% to 4.5%, a move that was widely expected. The rate has remained in that range since the central bank’s December meeting, when it cut interest rates by a quarter percentage point.

“Uncertainty about the economic

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has increased further,” the Fed wrote in its post-meeting statement. “The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”

That said, Fed Chair Jerome Powell dismissed the idea of a “preemptive” rate cut to get ahead of any potential impacts from President Donald Trump’s tariffs, seeing that inflation is still “running above target.” “We actually don’t know what the right responses to the data will be until we see more data,” he said during a press conference Wednesday.

“The Federal Reserve is in a bind – with concerns about inflation and an economic slump, which will lead to higher unemployment, pulling them in two opposite directions,” said Chris Zaccarelli, Northlight Asset Management’s chief investment officer. “The markets are going to increasingly worry about a recession, and unless some trade deals are made before the tariff pause runs out, we are going to see markets drop again like they did in early April.”

The S&P 500 gyrated following the Fed decision before ultimately finishing 0.43% higher, supported by a more than 3% rise in Nvidia. The move in the artificial intelligence darling came after Bloomberg reported that the Trump administration is planning to end trade restrictions on chips. The tech-heavy Nasdaq Composite also gained 0.27%, while the blue-chip Dow Jones Industrial Average rose 0.7%.

Investors are now looking ahead to other economic reports due to be released on Thursday. Weekly jobless claims data is set to be released before the opening bell at 8:30 a.m. ET, while the New York Fed Survey of Consumer Expectations is slated for later in the day.

Meanwhile, this stacked earnings week continues Thursday, with energy name ConocoPhillips and media giant Warner Bros. Discovery scheduled to report before market open. Fellow legacy media company Paramount Global is set to release its earnings after market close, along with others like travel company Expedia.

In extended trading, shares of AppLovin jumped more than 13% in extended trading after the company topped Wall Street’s expectations with its latest quarterly results and announced that it’s agreed to sell its mobile gaming business. Arm Holdings, however, dropped more than 11% after the semiconductor name issued disappointing guidance.

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