Fed raises rates after over 3 years, US stocks slip
The US stock market slipped on Wednesday after the Federal Reserve raised interest rates for the first time in over three years, hoping to get stubborn inflation under control.
The Dow fell by 1.17% and the S&P 500 dropped 0.43%, while the Nasdaq barely budged.
Rising oil prices from global tensions have made inflation worse, so this move could signal more changes ahead.
Energy down, Intel up, Robinhood slides
Energy stocks like Chevron and Exxon Mobil lost ground as crude prices dipped after reports that Saudi Arabia was offering additional crude cargoes via Oman.
On the flip side, semiconductor shares got a boost: Intel jumped thanks to talks with SK Hynix about making chips in the US.
Meanwhile, Robinhood's stock slid after crypto legislation stalled in the Senate and news of insider trading charges against two former Robinhood engineers surfaced.
Boeing also took a hit due to ongoing delays with its 737 MAX jets.