S&P 500 Sees Worst Fed Day Since 2001; Yields Up: Markets Wrap
- Federal Reserve cut rates by a quarter point, as expected
- Fewer cuts pencilled in for next year by the Fed: forecasts
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The Federal Reserve jarred US markets Wednesday, pushing stocks lower and sending Treasury yields soaring, after forecasting fewer interest rate cuts next year. It was the worst loss for the S&P 500 on the day of a rate decision since 2001.
The S&P 500 fell below the 6,000 level, suffering its worst session since August. The tech-heavy Nasdaq 100 dropped 3.6%, the most in five months. Micron Technology Inc. fell postmarket after reporting earnings.