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Dow closes 500 points lower as Warsh’s first Fed meeting sets off surge in bond yields: Live updates
Stocks fell on Wednesday, while Treasury yields surged, as investors grew uncertain over the path of monetary policy after several Federal Reserve officials indicated there could be a rate hike this year to tamp down on inflation.
The Dow Jones Industrial Average fell 507.12 points, or 0.98%, after earlier hitting a fresh all-time intraday record â the index's third consecutive high. The 30-stock index closed at 51,492.55. The S&P 500 lost 1.21% and ended at 7,420.10. The Nasdaq Composite shed 1.34% and settled at 26,021.66.
Major tech bellwethers led the losses, with Microsoft, Meta Platforms, Alphabet and Amazon all closing in the red. Hot IPO SpaceX hurt sentiment as well, falling for the first time since going public on Friday.Gains in chip stocks like Intel and Micron Technology helped stem the overall market's losses.
Fed keeps rates unchanged but signals possible hike this year
In a marked shift from its previous projections, nine Fed officials forecast at least one interest rate increase this year, while the central bank also removed language from its policy statement that had suggested its next move would be a rate cut.
The unusually brief statement likely reflects the influence of new Fed chair Kevin Warsh, appointed by Trump, who has previously criticised the Fed for commenting too broadly on the economy.
Six policymakers projected two or more rate increases this year, a sharp change from March, when no officials pencilled in a hike and the committee as a whole forecast one cut in 2026.
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