Yahoo Finance's Jared Blikre looks at how markets settled on Wednesday following the most recent FOMC meeting and rate hike.
SEANA SMITH: Jared Blikre is back with us. Jared, what's going on?
JARED BLIKRE: Everything down about 1.5%. That's what it looks like here.
Let's take a look at the NASDAQ this time. These are the fireworks we saw after the announcement. And then we saw Chair Powell give a little ray of hope. But, by the end of the presser, I think it became obvious that, yes, he really, really means it when the FOMC says they're going to bring down inflation.
I just want to point out too that these are some fairly depressed levels. Let me put on a three-month chart. This is going to be the lowest close since it looks like July. So that's going to be a couple of months ago.
Nevertheless, let's take a look at some of the heatmaps. And this is going to be our sector action for the day. Everything in the red right now. A couple of green sectors before when we took a look about 20 minutes ago. Not so right now. Some of those sectors that have those mega caps getting hit the most. Consumer discretionary-- that's XLY-- XLC, those are the two worst.
And let's take a look at the NASDAQ 100, where we can see some of that action concentrated in these mega caps. Tesla, Meta, Amazon all down more than 2%. Nvidia up 1%. Walmart also up on the Dow. I don't know if we can get excited about that, but some pretty broad-based losses here. Gotta think that the Fed really means this, as they've been saying.