Stocks fade on Fed comments

The U.S. Fed delivered its much-anticipated press conference on Wednesday afternoon. Fed chief Jerome Powell surprised no one by holding interest rates, but disappointed some in dismissing a rate cut in March, as some had hoped. Markets climbed initially after his comment, but sharply faded into the close: the S&P -1.61%, the Nasdaq -2.23% and the Dow -0.82%. Despite weakness in stocks, the U.S. 10-year yield slipped below 4%.

Major movers included Paramount Global jumping 6.98% after a takeover bid. Earnings informed a number of names, including Rockwell Automation which tumbled 17.29%. Elsewhere, Alphabet (A class) closed -7.37%, AMD -2.77% and Lululemon -5.61%. Big tech had a rough session all around as Bitcoin sank 2.4% to US$42,500.

The TSX fared only mildly better as it surrendered 0.81% to retreat to nearly 21,000. All sectors were down, led by staples, financials and energy. WTI fell 2.6% to $75.80. Major movers were Celestica at 4.26%, Orla Mining -4.55%, First Quantum Minerals -4.69% and Tilray -4.3%. Volatility spiked after Powell’s comments and may extend into tomorrow, given market reaction to past Fed announcements.

🎞 Paramount Global (PARA-Q) +6.98%

🧬 Rockwell Automation Inc. (ROK-N) -17.29%

🧮 Alphabet Inc (GOOG-Q) -7.37%

💾 Advanced Micro Devices (AMD-Q) -2.77%

🛍 LuLulemon Athletica (US) (LULU-Q) -5.61%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.4%

🧬 Celestica Inc (CLS-T) +4.26%

⛏ Orla Mining (OLA-T) -4.55%

⛏ First Quantum Minerals (FM-T) -4.69%

🌿 Tilray Inc. (TLRY-Q) -4.3%