The Federal Reserve hiked interest rates by 0.25 percentage points at its July meeting Wednesday, bringing rates to a range of 5.25% to 5.5%, the highest level since February 2001.
The market initially reacted positively following the release of the FOMC statement, but later saw some negative pressure during Fed Chair Jerome Powell‘s press conference.
By using the “movers” feature on the Zenger News Pro platform, we focused on the last hour’s moves for companies with a market cap of at least $10 billion and found the following names among top gainers and top losers.
5 Stock Gainers On Fed Rate Hike, Powell’s Remarks:
- Meta Data Ltd. (NYSE:AIU): +1.5%
- Snap, Inc. (NYSE:SNAP): +1.3%
- Alexandria Real Estate Equities, Inc. (NYSE:ARE): +0.99%
- Bruker Corp. (NASDAQ:BRKR): +0.98%
- Paramount Corp. (NYSE:PARAA): +0.8%
5 Stock Losers On Fed Rate Hike, Powell’s Remarks:
- Sirius XM Holdings Inc. (NASDAQ:SIRI): -2.5%
- Teledyne Technologies Inc. (NYSE:TDY): -1.6%
- Cigna Group (NYSE:CI): -1.6%
- Advanced Micro Devices, Inc. (NASDAQ:AMD): -1.5%
- Bank Bradesco SA (NYSE:BBDO): -1.3%.
Major ETFs Moving After Fed Interest Rate Call
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was up 0.3% in the two hours post-FOMC statement. The Dow Jones Index closed its 13th straight positive session, a record for the postwar period.
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Edited by Priscilla Jepchumba and Jason Reed