U.S. stocks declined Thursday morning to give back some gains after a rally on Wall Street on Wednesday, when many investors breathed a sigh of relief that the Federal Reserve was unlikely to raise interest rates even more aggressively in the coming months.
The S&P 500, Dow and Nasdaq dipped. A day earlier, the blue-chip index posted it best single-session gain since May 2020, rising 2.99%. The Nasdaq Composite surged by 3.2%, and the Dow added more than 900 points, or 2.8%.
The moves came in the wake of the Federal Reserve’s first half-point rate hike since 2000, as the central bank took a notable step to address inflation currently running at its hottest rates in 40 years. The central bank also laid out its plans to begin rolling assets off its $9 trillion balance sheet starting June 1. The pace of this announced balance sheet reduction largely matched Wall Street’s expectations heading into Wednesday’s Fed statement.
But importantly, during his press…
