FOMC Holds Rates, Weed Stocks Surge, and Semiconductors Take a Dive

Alright, so the bloody market had a bit of a rollercoaster ride today, mate. Started off in the green, but then it took a tumble back into the mixed bag it's been dishing out all day. This whole drama went down after the FOMC decided to keep their rates steady and old mate Jerome Powell had a yarn in his press conference.

The S&P 500 took a dip of 0.34%, Dow Jones went up a smidge by 0.23%, and Nasdaq didn't fare too well either, dropping by 0.33%.

Now, onto the big picture stuff. The Federal Open Market Committee kept their target Federal Funds Rate as is, at 5.25%-5.50%. They reckon inflation's chilled a bit, but they're holding off on changing rates until they're dead certain inflation's behaving. Powell himself reckons they're not likely to raise rates anytime soon, even though getting inflation back to their 2% target is still a bit up in the air.

And in other news, the weed stocks went off like a frog in a sock overnight 'cause word on the street is the DEA's thinking about shaking up the rules on cannabis. No full-on legalization yet, but they're talking about recognizing its medical benefits. Canopy Growth and Tilray Brands copped a bit of a smackdown, though, losing around a quarter of their gains from yesterday.

Semiconductors also took a hit, dropping by 2.42%, thanks to Advanced Micro Devices leading the charge with a 7% nosedive. Rough day all around, mate.