Stock Market Today: Stocks Swing Wildly After Latest Fed Rate Hike

Stock Market Today: Stocks Swing Wildly After Latest Fed Rate Hike

Stocks traded modestly higher ahead of this afternoon’s policy decision from the Federal Reserve. Prior to the announcement, individual stock news held investors’ attention, with Delta Air Lines (DAL (opens in new tab)) rising 2.8% after the air carrier said it expects adjusted earnings per share to double and revenue to soar 20% in fiscal 2023. Additionally, SoFi Technologies (SOFI (opens in new tab)) jumped 6.1% after a regulatory filing showed CEO Anthony Noto bought $5 million shares in the fintech firm. However, gains for the major market indexes quickly disappeared after the Fed decision. 

Specifically, the Federal Reserve, as expected, lifted its benchmark interest rate by 50 basis points – marking a slowdown to the 75 basis point rate hikes it issued at the last four meetings. However, the central bank’s “dot plot” – which summarizes the outlook of each individual official for the federal funds rate – indicated the potential to hike rates by an additional 75 basis points in 2023 and not begin to cut rates until 2024. 


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