Markets slide after Fed announcement

The U.S. Fed held interest rates, but signalled a hike later this year. Nine of the 18 FOMC members who submitted economic projections foresee an interest rate increase by the end of 2026. Markets in New York and Toronto were trading mildly positive until the announcement, then plunged: the S&P -1.21%, Nasdaq -1.34%, Dow -0.98% and the TSX 0.75%. The U.S. 10-year yield climbed to 4.495%. Silver tumbled 4.3% to US$66.90, gold slipped US$90 to US$4,290 though WTI held at US$76.05 after details of the controversial peace deal between the U.S. and Iran were announced.

Key names on Wall Street included Nvidia at -1.33%, Intel 3.46%, Robinhood 8.78%, Amazon -3.46% and SpaceX -4.95%, its first down day since its IPO. In Toronto, 10 sectors sold off, led by industrials, materials and energy. Only financials managed any sort of gains. Major movers: Gildan 6.52%, CNQ -1.43%, Barrick -2.58%, Suncor -2.49% and Lundin Mining -6.11%.

💾 NVIDIA Corporation (NVDA) -1.33%

💾 Intel (INTC) +3.46%

🏛 Robinhood (HOOD) +8.78%

📦 Amazon.com, Inc. (AMZN) -3.46%

📡 SpaceX (SPCX) -4.95%

👕 Gildan Activewear Inc. (GIL.TO) +6.52%

🛢 Canadian Natural Rsrcs (CNQ.TO) -1.43%

⛏ Barrick Mining (ABX.TO) -2.58%

🛢 Suncor Energy Inc (SU.TO) -2.49%

⛏ Lundin Mining Corp. (LUN.TO) -6.11%