The major US stock indices are closing sharply lower after Fed chair Powell was a bit more hawkish than the markets like. Yields moved higher with the 10 year yield back above 4.25%.
U.S. stocks closed broadly lower , with all four major indices falling between 1.4% and 1.6% following the FOMC’s decision to hold rates steady and Fed Chair Powell’s mildly hawkish tone at the press conference. The Dow shed 768 points, its largest single-day decline in recent weeks, while the Russell 2000 led losses among the major indices at –1.64%, reflecting pressure on rate-sensitive small caps. Crypto-linked stocks took the brunt of the selling — Strategy (MSTR) fell 6.5% alongside Bitcoin’s 5% drop to near $70,800. On the upside, Macy’s (+4.7%) and Ciena (+4.2%) bucked the trend, with Lululemon also posting a solid +3.8% gain. Winners were concentrated in retail and select tech, while losers spanned crypto, consumer, and mining names
After the close Micron reported much better EPS of $12.20 versus $8.74 expected. Revenues came in stronger at $23.9 billion versus $19.13 billion expected. They also guided higher. Shares are trading up 1.15% in after-hours trading.
Below is a summary of the market changes and some of the top losers and winners today.
