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Stocks ease after Fed rate hike, oil nears $100
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Stocks ease after Fed rate hike, oil nears $100

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US stocks pulled back one day after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries.

Ticker Security Last Exchange Change %
I: DJI DOW JONES AVERAGES 34088.79 +25.69 +0.08%
SP500 S&P500 4364.47 +6.61 +0.15%
I:COMP NASDAQ COMPOSITE INDEX 13444.173132 +7.62 +0.06%

All three of the major averages fell in early trading with the Nasdaq Composite leading with a dip of 0.5%.

Ticker Security Last Exchange Change %
XLF FINANCIAL SELECT SECTOR SPDR ETF 38.43 +1.05 +2.81%
XLE ENERGY SELECT SECTOR SPDR ETF 71.50 -0.32 -0.45%

Financial shares paced the selling, while energy names moved higher.

FED RAISE INTEREST RATES FOR FIRST TIME IN 3 YEARS

US West Texas Intermediate (WTI) crude topped $100 per barrel, while Brent, the global benchmark, hit $105.

Ticker Security Last Exchange Change %
USO UNITED STATES OIL FUND LP 68.28 -0.35 -0.51%
BNO UNITED STS BRENT OIL FD LP UNIT 27.04 -0.28 -1.02%

Gas prices fell a few cents to $4.28 per AAA.

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In stock news, Dollar General jumped after boosting its dividend by 31% to $0.55 after it raised sales guidance for the year. Retailers Williams-Sonoma and Signet Jewelers also rallied after strong quarterly results.

Ticker Security Last Exchange Change %
CEO DOLLAR GENERAL CORP. 212.49 -1.76 -0.82%
WSM WILLIAMS-SONOMA INC. 157.63 +5.01 +3.28%
GIS SIGNET JEWELERS LTD. 78.43 +0.59 +0.76%

Lockheed Martin shares in focus on reports the Pentagon may order fewer F-35 fighter jets, according to Bloomberg. On the flip side, Reuters is reporting Germany is ordering more US missiles and drones.

Ticker Security Last Exchange Change %
LMT LOCKHEED MARTIN CORP. 421.34 -27.33 -6.09%

In tech, Intel announced it will invest $100 million in Ohio to advance semiconductor learning half will come from the company while the other $50 million will come via a partnership with the US National Science Foundation. Details of the education funding follow the company’s January announcement that it’s investing $20 billion in semiconductor production in Ohio, an attempt to help alleviate a global shortage of chips powering everything from phones to cars to home appliances. It’s the largest private sector investment in Ohio history.

Ticker Security Last Exchange Change %
INTC INTEL CORP. 46.63 +1.82 +4.06%

On the economic calendar, the Labor Department reported 214,000 weekly jobless claims were filed, little changed from 227,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, are edged down to 1.419 million, holding well below pre-pandemic levels.

Meantime housing data came in very strong with homes under construction in February rose 6.8% to a seasonally adjusted annual rate of 1.76 million. That’s up from 1.638 million in January. Permits for future construction slipped by 1.9% to 1.859 million in February.

Also, the Philadelphia Federal Reserve’s index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware rose to a reading of 27.4

And the Federal Reserve will release industrial production data for February.

In cryptocurrencies, Bitcoin held above the $40,000 level.

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Ken Martin and The Associated Press contributed to this report.

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