Stocks Slide After New Fed Chair Hints at Higher Rates

Speaker 10:00

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Alexis Green· Host0:29

Here's your closing bell brief for Wednesday, June seventeenth. I'm Alexis Green for The Wall Street Journal. US stocks finished lower after the Federal Reserve hinted at the potential of raising interest rates. The S&P five hundred lost one point two percent, the Nasdaq shed one point three percent, and the Dow dropped one percent. The central bank held its benchmark rate steady today, as expected, in Kevin Warsh's first meeting as Fed chairman. After the meeting, Warsh held a press conference where he was adamant that the Fed deliver on its two percent inflation target, an emphasis that investors took as a sign, along with the Fed's new rate projections, that it might soon raise interest rates. Among individual companies, after climbing earlier in the day, SpaceX shares dropped nearly five percent, the rocket maker's first daily decline since its IPO last Friday. Nevertheless, SpaceX is still the Nasdaq's most actively traded stock by dollar volume. Some tech stocks recovered ground after a