All three major indexes pivoted into the red for a third-straight loss today
Stocks fell again Wednesday, with all three major indexes giving up earlier gains for a third-straight loss. The sharp pivot into the red materialized after the Federal Reserve officially hiked interest rates from 3.75% to 4%, the central bank's first rate hike since July 2023. Fed officials also signaled the possibility of another increase later this year.
Chairman Kevin Warsh pointed to persistent inflation, adding to concerns that policymakers may still be behind the curve. The Dow plunged 631 points, pressured by financial stocks, while the Nasdaq and S&P 500 also finished firmly lower. The 10-year Treasury yield climbed back above 5% in response.
Continue reading for more on today's market, including:
- Short sellers are loving these 17 stocks.
- Mining stock chart signals 'buy the dip.'
- Plus, EXPE lags peers; Intel buzz builds; and options trends to know today.
5 Things to Know Today
- Sounding the tech sector alarm in a post-Fed meeting world.
- Schaeffer's Volatility Series: get access now!
- Online travel stock suffers bear note on crowded competition.
- Intel and SK Hynix soar on exploration talks.
- 3 stocks seeing the most unusual options volume.
There are no earnings to report today.
Rate Hike, Pipeline Pause Weigh on Commodities
Crude slipped Wednesday as Saudi Arabia's East-West pipeline remains down, despite the Trump administration's efforts in reassuring a restart was imminent. West Texas Intermediate crude shed 3.2% to settle at $103.42 per barrel
Gold prices moved lower Wednesday as a more hawkish Fed sends the U.S. dollar higher and safe-haven assets lower. December-dated gold futures dropped 0.1% to $4,327.100 an ounce.