The FOMC kept rates unchanged but the dot plot forecasts 50 basis point hikes between now and the end of the year.
The initial reaction was to the downside in stocks,
- Dow Industrial Average was down -428.58 points at the lows
- S&P index was down -31.17 points at the lows
- NASDAQ index was down -117.33 points at the lows
by the close, the indices had rebounded. The final numbers are showing:
- Dow industrial average fell -232.79 points or -0.68% at 33979.32
- S&P index rose 3.50 points or 0.08% at 4372.52
- NASDAQ index rose 53.15 points or 0.39% at 13626.47
Tesla shares did snap its 13 day win streak. The stock price fell -0.74%. Delta Air Lines extended its streak to 14 days. It shares rose 1.52%
Looking at some other stocks
- Nvidia rose $19.75 or 4.81%
- Intel rose $1.67 or 4.92%
- Unity software, which Apple cited as a software provider for its VR initiative, search by $2.45 or 6.35%
- Oracle which announced earnings this week rose 4.75%
- Broadcom rose 4.26%
- Nike rose by 5.67%
- Shake Shack rose by 3.74%
On the negative side,
- UnitedHealth was a huge drag on Dow industrial average falling by -6.36%
Tomorrow after the close Adobe will announce the earnings. It's shares rose by $0.54 or 0.11% today. Since the May 12 low, the price is up 44.32% on AI initiatives.