Stocks Slide on Fed Rate Hike Fears

Macro Impact 4

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Summary · why it matters

U.S. stocks fell sharply on June 17 as investors reacted to hawkish signals from the Federal Reserve. The S&P 500 lost 1.21% to 7,420.10, the Nasdaq Composite fell 1.34% to 26,021.66, and the Dow Jones Industrial Average declined 0.98% to 51,492.55. The Fed held rates steady in its first meeting under Chairman Kevin Warsh, but nine of 18 members projected at least one rate hike this year, with six expecting two or more. Gold prices dropped 1.77% to $4,254.65, while the 10-year Treasury yield rose to 4.49%. All sectors declined, led by a 2.91% drop in communications services and a 2.34% fall in consumer cyclicals. Megacap tech stocks including Meta Platforms, Microsoft, and Amazon slid, while ASML Holding rose 4% on optimism about artificial intelligence spending.