Fed raises rates, defying Trump

The U.S. Fed raised interest rates by 25 basis points on Wednesday. The market widely expected the hike, but Trump had appointed Fed Chief Kevin Warsh to cut rates. Going further, the Fed announced it will hike rates again later this year from 3.9% to 4.1%. Though the Nasdaq stood firm, markets sold off on the news: the S&P -0.45%, the Dow -1.21% or down 630 points, and the TSX -0.26%. The U.S. 10-year yield edged up to 5.02%.

Key names in New York: ON Semiconductor -9.02%, JB Hunt -13.3%, Intel 4.03%, Lumentum 9.59% and Huntington Bancshares -5.55%. In Toronto: Dollarama 5.47% after a beat, CNQ -2.26%, Athabasca Oil -7.42% and TransAlta 4.43%. TSX sectors were mixed with strength in utilities, discretionary and staples almost outweighing losses in energy. WTI gave back 3.4% to US$102.25. Gold declined US$27 to US$4,264 and silver sank 1.1% to US$62.85.

🧬 ON Semiconductor (ON) -9.02%

🚚 J.B. Hunt Transport Servces (JBHT) -13.3%

💾 Intel (INTC) +4.03%

🧬 Lumentum Holdings (LITE) +9.59%

🏛 Huntington Bancshares Inc. (HBAN) -5.55%

🛒 Dollarama Inc. (DOL.TO) +5.47%

🛢 Canadian Natural Rsrcs (CNQ.TO) -2.26%

🛢 Athabasca Oil Sands Corp (ATH.TO) -7.42%

💡 Transalta Corp (TA.TO) +4.43%