Wall Street wavers as Federal Reserve holds key rate steady, pending more data

Wall Street traded unevenly after the Federal Reserve held its key policy rate steady, with officials signaling they want more economic data before adjusting policy. The decision keeps the rate-differential channel intact: with U.S. rates left unchanged rather than cut, the dollar retains its yield advantage over peers, supporting USD while weighing on rate-sensitive sectors. The S&P 500 and Nasdaq 100 are most exposed because their valuations depend heavily on discounted future earnings, so any shift in expectations for the timing of cuts moves their multiples more than cyclical or value-oriented segments. Traders should watch the next U.S. consumer price index and monthly payrolls reports, since inflation and labor-market readings will determine whether the Fed's data-dependent stance tilts toward earlier easing or prolonged restraint.

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