The Fed's minutes pointed to one more hike, and Webull fell 19%
The Fed's September minutes said most officials see another hike as likely appropriate by year end, with inflation risk skewed to the upside. Stocks slipped from Tuesday's records, the S&P down 0.22% and small caps 1.3%, while the thirty-year rose to 5.67%. Webull fell 19% after a congressional panel alleged deep ties to China.
- S&P 500
- −0.22%
- Russell 2000
- −1.31%
- 30-year
- 5.67%+3bp
- Webull
- −19.1%
The minutes kept a hike in play
2-yr 4.77% · 30-yr 5.67%The minutes of the Fed's September meeting, where it raised rates to 3.75%–4.00%, said "most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate" by year end. Officials saw inflation risk "skewed to the upside", and the labor market's risks as broadly balanced. The two-year eased 2bp to 4.77% while the thirty-year rose 3bp to 5.67%.
Records gave way
S&P −0.22% · Russell −1.3%A day after the S&P and Nasdaq set records, the S&P slipped 0.22% to 7,801.77, the Nasdaq 0.22% and the Dow 0.66%. Small caps took the brunt, the Russell 2000 down 1.31%. Banks fell with the long end, Goldman Sachs down 1.11%.
Webull fell on a China report
BULL −19.1%A bipartisan House panel accused the online broker of deep structural ties to China and flagged security risks. The stock fell 19.09% to $5.89.
Worthington Steel's earnings shrank
WS −6.9%The metals processor earned 57 cents a share on an adjusted basis in its first quarter, against 77 cents a year earlier. The stock fell 6.89% to $35.56.