The 10-year closed at 5.05% on Wednesday after the Fed held rates. It has finished at 5% or higher on 26 of the last 31 trading days and peaked at 5.31%, the highest since 2002.
EarningsAlphabet plunged 10.8% after hours as revenue of $127.58 billion just missed estimates, search fell short and free cash flow turned to a $9.07 billion outflow.
The S&P 500 edged up 0.28% to 7,743.98 on Wednesday after the Fed held rates in a 10-2 vote. Oracle soared 10.7%, Vertiv 16.5%, and F5 plunged 20.4%.
Why it movedF5 plunged 20.4% on Wednesday, the worst S&P 500 stock of the day, after forecasting 8% to 9% growth and lower margins, and Piper Sandler cut it to Neutral.
Why it movedOracle soared 10.7% on Wednesday after its investor day targeted $225 billion or more in fiscal 2030 revenue and capped new outside funding at $20 billion.
Why it movedSandisk jumped 7.7% and Micron 5.9% on Wednesday after SK hynix posted its first quarter above 100 trillion won in revenue and said memory demand will outrun supply through 2030.
Why it movedVertiv soared 16.5% on Wednesday, its best day since February, after its organic orders more than doubled and it raised its 2026 sales forecast by $650 million.
The Fed kept its key rate at 3.75%–4.00% on Wednesday in a 10-2 vote. Governor Lisa Cook and Cleveland Fed President Beth Hammack wanted another quarter-point increase.
Our picksAdobe, Intuit, and Booking sit 31% to 52% below their highs but still grow revenue by double digits and trade at 9 to 12 times free cash flow. Nike, 45% below its high, still isn't cheap.
Big moversXylem plunged 14.2% on a forecast cut and Boeing 10.7% on a slower 737 ramp, while SoFi soared 13.4%, Pentair 12.8%, and Celestica 12.1% on strong results on Tuesday.
The Nasdaq rose 1.18% as chip stocks gained 3.60% on a $63 billion financing deal for Anthropic, while Boeing's 10.7% drop left the Dow up just 15.99 points.
EarningsVisa earned $3.48 a share on an adjusted basis, beating the $3.44 expected, on revenue up 13% to $12.1 billion, but guided to slower earnings growth in fiscal 2027.