The three major U.S. stock indexes ended mixed. With the Federal Open Market Committee (FOMC) set to decide on interest rates, the indexes showed no clear direction.
On the 9th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average closed at 47,560.29, down 179.03 points, or 0.38%, from the previous session. The Standard & Poor's (S&P) 500 index ended at 6,840.51, down 6.00 points, or 0.09%, while the tech-heavy Nasdaq composite finished at 23,576.49, up 30.58 points, or 0.13%.
The FOMC began a two-day meeting on the day. A 25-basis-point (1 bp = 0.01 percentage point) rate cut is widely discussed as likely at this meeting.
With expectations for rate cuts intact, the small- and mid-cap-focused Russell 2000 rose 0.21%. Rate cuts typically have a significant impact on small and midsize companies because their borrowing costs are more sensitive to market rates than those of large companies.
By contrast, the blue chip-heavy Dow came under downward pressure on negative news from JPMorgan. Earlier, Marianne Lake, head of the consumer finance division at JPMorgan, projected total expenditure next year would reach $105 billion, which is 10% higher than the previously expected expenditure of $95.9 billion.
JPMorgan shares plunged 4.6%, and Wells Fargo and Bank of America also fell.
By sector, health care fell nearly 1%.
Mega-cap tech corporations with a market cap above $1 trillion showed little movement. ▲ Nvidia ▲ Apple ▲ Meta fell around 1%, while ▲ Broadcom ▲ Alphabet ▲ Tesla ▲ Microsoft ▲ Amazon rose around 1%.