Dow Jones Industrial Average Turns Tail After Fed, Extends Losing Streak

The Dow Jones Industrial Average (DJIA) jumped at the open, but ultimately turned lower in the final hour of trading, as stocks reacted to the Federal Open Market Committee (FOMC) policy announcement. The Fed -- much to the surprise of no one -- declined to increase interest rates, with Fed Chair Janet Yellen citing possible "Brexit" consequences and concerns about job growth as two of the major factors in the Fed's decision. In addition, central bank watchers are now expecting the next rate hike in September, as opposed to July. Against this backdrop, the Dow and crude oil extended their losing streaks to five sessions.

Continue reading for more on today's market, including:

• The S&P hasn't been this steady during a CBOE Volatility Index (VIX) spike since 1990. Schaeffer's Senior Quantitative Analyst Rocky White on what that means for stocks.
• One investor bet $25K that this stock would extend today's retail rally.
• Behind the mad rush for SolarCity Corp (NASDAQ:SCTY) call options.
• Plus... More from Yellen, Uber's $28 billion rival, and saturation concerns for GoPro.

The Dow Jones Industrial Average (DJIA - 17,640.17) was up more than 85 points at its session peak, but finished down 36.7 points, or 0.2%, for its fifth straight day of losses -- the longest losing streak since February. Home Depot Inc (NYSE:HD) led the eight winners, up 1%, while Intel Corporation (NASDAQ:INTC) lost 1.7% to bring up the rear among the 22 Dow losers.

The S&P 500 Index (SPX - 2,071.50) lost 3.8 points, or 0.2%, to end at a three-week low. The Nasdaq Composite (COMP – 4,834.93) also lost 0.2%, or 8.6 points.

The CBOE Volatility Index (VIX - 20.14) lost 0.4 point, or 1.8%.

5 Items on Our Radar Today: 

1. The U.K.'s June 23 vote on whether to remain in the European Union (EU) "is a decision that could have consequences for economic and financial conditions in global financial markets," as well as "the U.S. economic outlook," stated Yellen. (Bloomberg)
2. Uber's China rival Didi Chuxing is now valued at $28 billion, making it the world's third-largest privately backed young company, thanks to investors like Apple Inc. (NASDAQ:AAPL) and Alibaba Group Holding Ltd (NYSE:BABA). (Bloomberg)
3. The biotech that has more than doubled since March.
4. Freeport-McMoRan Inc (NYSE:FCX) options were hot on Fed Day.
5. GoPro Inc (NASDAQ:GPRO) may have a "difficult time expanding" its appeal to mainstream consumers, according to one analyst.

Data courtesy of Trade-Alert

Commodities:

Crude futures finished down for the day, as fears of next week's "Brexit" referendum weighed on global markets, and even a weekly drop in crude stockpiles wasn't enough to coax black gold back into the black. July-dated oil lost 48 cents, or 1%, to finish the day at $48.01 per barrel.

August-dated gold finished with a gain of 20 cents to end at $1,288.30 per ounce, extending its winning streak to six days. Declining global markets and a heightened interest in "safe" investments have boosted the precious metal over the last week, and August-dated gold even reached the key $1,300 level in electronic trading, after Fed Chair Janet Yellen's speech.