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MARKETS LIVE BLOG:

S&P 500 SLIPS BELOW 5,000; NASDAQ SINKS ON NETFLIX DRAG

Fed's Goolsbee says 'It makes sense to wait' before cutting rates

Fed's rate hike, FTC's sanction on Meta, Darden Restaurants big purchase: Today's top stories

Yahoo Finance

Yahoo Finance Live's Diane King Hall and Seana Smith break down several of Wednesday's leading headlines.

Video Transcript

[WHOOSH]

- It's closing time here at Yahoo Finance. Let's get you caught up on the biggest headlines of the day.

[WHOOSH]

The biggest story is the Fed raising rates by 25 basis points, with officials saying that they are still committed to fighting inflation, but opening the door to a potential pause. It wasn't enough, though, to lift stocks, which drifted lower as trading wrapped up for the day. Looking at the Dow closing off 270 points.

Meantime, the FTC is proposing sanctions on Meta. The FTC says Facebook's parent company violated a 2020 privacy order and, as a result, it wants to ban Meta from monetizing children's data. In a statement, Meta calls the proposal, a, quote, "political stunt," saying it will vigorously fight the action.

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[WHOOSH]

And finally, Darden Restaurants, the company behind Olive Garden and Longhorn Steakhouse, is buying Ruth Chris's Steakhouse for about $715 million. The transaction is expected to close in June pending regulatory approvals.

Well, that'll do it for us today on Yahoo Live. Be sure to come back tomorrow at 3:00 PM Eastern time for all your coverage leading up to and after the closing bell. Have a good night.