Posted 12/13/2023, 4:24:20 PM
Stocks Edge Up Ahead of Fed Decision; Tesla and Pfizer Shares Drop on Recalls and Guidance Cuts
- US stocks rose slightly on Wednesday ahead of the Fed's final interest rate decision of 2023. The Dow and S&P 500 are near record highs.
- Focus is on Fed policy statement at 2pm ET and Powell's press conference at 230pm for signs of when rate cuts could begin.
- Tesla recalled over 2 million vehicles to fix an Autopilot safety issue; stock fell over 1%.
- Pfizer shares sank 9% after the company cut its 2024 earnings guidance by $0.40 per share.
- United States Steel received buyout bids above $40 per share from multiple parties including Cleveland Cliffs; stock rose over 3%.