Stocks Tumble After Fed Hikes Rates Again; MSFT, LRCX, MTH Hold Up
The Nasdaq briefly topped the 12,000 level before reversing sharply lower. Microsoft, Lam Research, and Meritage Homes are in focus.
Stock Market Today With IBD · Investor's Business Daily
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Show Notes
The Federal Reserve, as expected raised its key lending rate by another quarter point to a range of 4.75% to 5%. It sees the terminal rate at 5.1% by the end of the year, which implies one more rate hike. The Nasdaq composite and S&P 500 ran into key resistance levels before turning lower, but Microsoft, Lam Research and Meritage Homes held up relatively well.
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