US Markets
Fed hold, hotter oil and earnings whipsaw Wall Street lower
Stocks sell off across the board as rates stay put, oil surges and volatility jumps.
U.S. stocks close lower across the board. The S&P 500 falls 1.5% to 7,316.1, the Nasdaq drops 1.7% to 24,442.9, the Dow loses 2.2% to 51,594.1, and the Russell 2000 declines 1.6% to 2,906.3. All four major indexes still sit above their 200-day averages, but the day’s move leaves the Nasdaq with the weakest short-term backdrop, including an RSI of 23.8.
The tape turns rough after the Fed holds rates steady in a 9-3 vote, according to CNBC. That decision lands alongside a jump in energy prices and a wave of earnings news hitting some of the market’s biggest names. The VIX climbs 13.5% to 20.66, and the 9-day VIX rises 21.0% to 20.38, showing traders are paying up for protection.
Sector performance is broad and ugly, with energy the only group in the green, up 1.9%. Industrials fall 3.2%, tech drops 2.6%, and financials lose 1.6%. Staples rise 0.3%, while real estate is almost flat at minus 0.1%.
The day’s biggest stock moves underscore the split. On the gainers list, Huron Consulting Group jumps 40.4%, Manhattan Associates rises 21.3%, and Lithia Motors gains 19.3%. On the losing side, Parsons plunges 35.0%, Lemonade drops 23.7%, and Lennox International falls 21.0%. Heavy trading also concentrates in names like Intel, Nvidia, and Micron, all of which finish lower.