Dow and S&P 500 off highs, Nasdaq lower in final hour as Fed holds rates steady

The Dow Jones Industrial Average and S&P 500 pulled back from their intraday highs while the Nasdaq-100 slipped in the final hour of trading after the Federal Reserve left its policy rate unchanged. The decision removes near-term uncertainty about a rate move but also keeps financing costs elevated, which transmits through the discount-rate channel and weighs most heavily on long-duration growth equities, explaining the Nasdaq's relative underperformance. The U.S. dollar tends to be supported when the Fed holds while other central banks are easing, as rate differentials stay wide and capital continues to flow toward dollar-denominated yields. The Nasdaq-100 is the most rate-sensitive of the three indices given its concentration in high-multiple technology names, while the broader S&P 500 is cushioned by sectors with more near-term cash flow. Traders will focus on the next Consumer Price Index release and the Fed's updated dot plot for signals on whether the current hold extends into later meetings.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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