Stock Market Today: Stocks Slump After Alphabet Earnings, Fed Meeting

The main indexes closed lower Wednesday after Alphabet's earnings-related selloff and the Fed's hawkish outlook toward rate cuts.

US Federal Reserve Chair Jerome Powell speaks at podium after Fed meeting January 2024
(Image credit: Al Drago/Bloomberg via Getty Images)

Stocks were mixed in the lead up to this afternoon's policy announcement from the Federal Reserve, with the tech and communication services sectors woefully underperforming following a batch of poorly received earnings updates. However, selling ramped up across all three main indexes after the Fed indicated it is in no hurry to cut interest rates.  

Around midday, the Dow Jones Industrial Average was up marginally, while the S&P 500 and the Nasdaq Composite were down around 1% apiece. 

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.