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U.S. stocks ended lower on Wednesday, after the Federal Reserve announced its recent policy decision.
At the end of its two-day policy meeting, the US Fed raised its policy rate by 75 basis points for the third time. However, Fed policymakers also signalled more rate hikes in the coming period, with new projections showing rate increasing to 4.40% by the year end.
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The Nasdaq 100 fell 1.80% to close at 11,637.79 on Wednesday, while the S&P 500 fell 1.71%. The Dow Jones dipped around 522 points to settle at 30,183.78 in the previous session.
Shares of Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) also closed lower on Wednesday.
All the major sectors on the S&P 500 closed on a lower note, with consumer discretionary and communication services stocks recording the biggest plunge on Wednesday.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) gained 0.8% to 27.37 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.