Stock market today: Dow sinks 600 points, S&P 500 and Nasdaq fall as Fed hikes rates, bond yields rise
The FOMC unanimously raised the target range 25bp to 3.75-4.00%, its first hike in three years, and signaled another increase in 2026. All three major indices had traded higher earlier in the session before the decision and Chair Warsh's press conference, where he said "This summer's inflation readings do not tell me that underlying trends have meaningfully improved." The 10-year yield topped 5% again. Yahoo Finance
J.B. Hunt stock plunges 10% after company warns third-quarter earnings will fall
The carrier guided to a 5% to 10% earnings decline, citing fuel costs and higher driver recruitment and onboarding expenses. CNBC
Retail sales rise a better-than-expected 1.2% in August after shoppers pulled back spending in July
August retail and food services sales rose 1.2% following a revised 0.5% decline in July; excluding gas stations, sales rose 1.1%. Associated Press
Oil prices fall after U.S. says damaged Saudi pipeline will restart operations in days
Brent gave back part of the prior two sessions' gains after Energy Secretary Chris Wright described the East-West pipeline outage as a "brief and temporary interruption," while Saudi Arabia offered Asian refiners additional crude via ship-to-ship transfers near Sohar, Oman. CNBC
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,551.81 | -33.92 | -0.45% |
| Nasdaq Composite^IXIC | 25,978.42 | -3.15 | -0.01% |
| Dow Jones^DJI | 51,461.90 | -631.21 | -1.21% |
| CBOE Volatility IndexVIX | 17.71 | +0.51 | +2.97% |
| Brent CrudeBZ=F · 2:30 PM ET settle | $105.83 | -$2.92 | -2.69% |
| GoldGC=F · 1:30 PM ET settle | $4,303.00 | -$29.80 | -0.69% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 3.96% | +3bp | +0.76% |
| 3-MonthT-bill | 4.14% | +3bp | +0.73% |
| 6-MonthT-bill | 4.22% | +5bp | +1.20% |
| 1-YearT-note | 4.45% | +6bp | +1.37% |
| 2-YearT-note | 4.74% | +7bp | +1.50% |
| 5-YearT-note | 4.86% | +3bp | +0.62% |
| 10-YearT-note | 5.01% | +1bp | +0.20% |
| 30-YearT-bond | 5.35% | -1bp | -0.19% |