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Nasdaq, S&P 500 Slip Ahead Of Fed Meeting, Regional Banks Sink After NYCB Disappoints: What’s Driving Markets Wednesday?

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It’s a volatile day on Wall Street as tech stocks reacted to disappointing quarterly earnings ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting.

What Happened: In the lead-up to the FOMC meeting — scheduled for 2:00 p.m. ET on Wednesday, Jan. 31 — the tech-heavy Nasdaq 100 slipped 1.4%. This marked its worst session since early January.

Here’s a breakdown:

Alphabet Inc. (NASDAQ:GOOGL) is down 6%, due to disappointing results for the quarter ending in December.
Advanced Micro Devices Inc. (NASDAQ:AMD), a prominent player in the artificial intelligence space, also fell on softer-than-expected results.
The broader market, as measured by the S&P 500 index, fell 0.9%.
The pace of job growth slowed from 158,000 in December to 107,000 this month (below the expected 147,000), according to the ADP National Employment Report.
The CBOE Volatility Index, also known as the market fear gauge or VIX, rallied 8%. Bonds gained ground as investors adopted a more cautious approach. Treasury yields fell across all key maturities, with the 10-year yield falling below the 4% mark.
The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) soared 1%.
On the banking front, the SPDR S&P Regional Banking ETF (NYSE:KRE) fell 3.7% on track for the worst session since May 2023 amid disappointing results from New York Community Bancorp Inc. (NYSE:NYCB).

Wednesday’s Performance In Major Indices, ETFs

Major Indices Price %
Dow Jones 38,466.45 0.0%
Russell 2000 1,980.19 -0.8%
S&P 500 4,885.26 -0.8%
Nasdaq 100 17,252.38 -1.3%
CBOE VIX 14.38 8.0%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.9% lower to $486.56, the SPDR Dow Jones Industrial Average (NYSE:DIA) held steady at $384.46 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) fell 1.4% to $419.13, according to Benzinga Pro data.

Sector-wise, the defensive Utilities SPDR Select Sector Fund (NYSE:XLU) outperformed, up 0.7%. Both the Technology SPDR Select Sector Fund (NYSE:XLK) and the Communication Services SPDR Select Sector Fund (NYSE:XLC) underperformed, down 1.6%.

Wednesday’s Stock Movers

Alphabet Inc. fell 6.6% on its worst session in three months. While beating both revenue and earnings estimate, the tech giant delivered weaker-than-expected advertising revenue.
Advanced Micro Devices Inc. fell 3.1% after broadly…

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