Stock Market Today: Clarity Act Fails, Tech Resilient Ahead of Rate Decision

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Stocks declined for the second straight day this week with the S&P 500, the NASDAQ 100, and the Dow all falling by less than 1%.

Energy and materials were the only positive sectors while consumer discretionary dropped 2% and utilities fell 1%.

Markets were under pressure after crude oil traded above $106 a barrel, its highest level since May as global supply disruptions continue. The 10-year treasury yield also hit its highest level in 19 years. As we look at some other market headlines, Coinbase fell 10% after the Clarity Act failed to advance in the Senate. The crypto market structure bill fell short of the 60 votes needed to clear a procedural hurdle. The results leave the legislation stalled after months of negotiations with disagreements over ethics restrictions still unresolved. And Skyworks Solutions rebounded 13%, leading the S&P 500 after falling more than 10% in Monday's AI sell-off. Skyworks CEO Philip Brace said last week he was very confident that the takeover of Corvo would close the calendar year. As we look ahead at what we are watching for tomorrow, all eyes are on the Fed with the FOMC announcement at 2 p.m. Eastern, followed by Kevin Warsh's press conference at 2 30 We'll have full reaction and hear from the Fed chair on the watch list and of course on Market On Close. That is going to do it for the wrap. I'm Marley Kayden. Remember to tune in 24 7 to Schwab network.com and subscribe to our YouTube channel.