U.S. stock indexes slipped Wednesday after the Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through easier rates in September. The S&P 500 fell 0.

Warren Buffett's historic $127 billion warning to Wall Street happens to align with another stock market alarm. Specifically, the S&P 500 currently trades at a historically expensive valuation. The index achieved a cyclically adjusted price-to-earnings ratio (CAPE) of 37.9 in December 2024, which is a substantial premium to 20-year average of 27.

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U.S. stock indexes are rallying toward the close of their best week in two months. The S&P 500 rose 1.1% Friday.

Wall Street is pointing slightly lower in early trading but is on track to close the week with solid gains on healthy quarterly earnings reports from large U.S. corporations.