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Market News: Freeport-McMoRan, La Quinta, TRACON Pharmaceuticals

The stock markets of the United States declined significantly due to the warnings of the Federal Reserve regarding the global economic outlook. The equity markets in other countries were also down today.

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In an interview with Bloomberg, Eric Green, director of research and senior managing director at Penn Capital commented that investors are concern that the “Federal Reserve sees something that we’re not seeing in the data.” He added, “Some investors wanted then to rip the band-aid and get the first one done. Then we wouldn’t have to obsess about it for two weeks before each meeting.”

The Federal Reserve maintained the current 0% to 0.25% target range for the federal funds rate. Chairperson Janet Yellen indicated that the “recent global economic and financial developments” will probably hold back economic activity and will likely “put further downward pressure on inflation in the near-term.”

Based on the statement of the Fed, Pedro Ricardo...