Stocks Hold Gains After Fed Hikes Key Rate

Stocks Hold Gains After Fed Hikes Key Rate

• CL=F
• ^GSPC
• ^IXIC
• INTC
• ^DJI

Trade Intel on Coinbase

Trading disclosure

The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

Learn more

The S&P 500 Index ($SPX) (SPY) is up by +0.30% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.68%. E-mini S&P futures (ESU26) are up +0.32%, and September E-mini Nasdaq futures (NQU26) are up +0.73%.

Stock indexes are mostly higher today. The broader market is moving higher today as a decline in crude oil prices lowers bond yields and improves market sentiment. Crude prices fell after weekly data from API late Tuesday showed US crude inventories jumped by +7.1 million bbl last week and inventories of gasoline and distillates also expanded. Crude prices added to their losses today after weekly EIA crude inventories fell less than expected and gasoline and distillate supplies increased.

More News from Barchart

• Billionaire Charlie Munger, Who Died at 99, Skipped Insurance on His Mansion Since He Could Just Write a Check to Rebuild — 'All Intelligent People Do It My Way'

• The Case for Selling CrowdStrike Stock

• Dear Tesla Stock Fans, Mark Your Calendars for October 1

• Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines.

Chipmakers are also climbing today to support broader market gains, with Intel up more than +4% after a report that the company was in talks with South Korean chipmaker SK Hynix to produce memory chips in the US for the first time.

Today's US economic news was mixed for stocks as Aug retail sales rose more than expected, but the Sep NAHB housing market index fell more than expected, matching a 3.75-year low.

US MBA mortgage applications fell -4.1% in the week ended September 11, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -8.8%. The average 30-year fixed-rate mortgage rose +12 bp to a 15-month high of 6.97% from 6.85% in the prior week.

US Aug retail sales rose +1.2% m/m, stronger than expectations of +0.8% m/m and the biggest increase in 5 months. Aug retail sales ex-autos rose +1.4% m/m, stronger than expectations of +0.6% m/m.

The US Aug import price index ex-petroleum rose +0.8% m/m, stronger than expectations of +0.3% m/m.

The US Sep NAHB housing market index fell -3 to match a 3.75-year low of 32, weaker than expectations of 34.

The Federal Reserve, as expected, raised interest rates today for the first time since 2023, as inflation pressures remain above its 2% target. The Federal Open Market Committee (FOMC) lifted the fed funds target range by +25 bp to 3.75%-4.00% to "support a timelier return" to the committee's 2% inflation target. The markets will also focus on comments from Fed Chair Warsh at the post-meeting press conference.

Story Continues