Stocks plunged Wednesday after the Federal Reserve released the minutes of its most recent meeting.
 | WED, JAN 05, 2022 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 174.92 | -4.78 | -2.66% | | INTC | 53.87 | +0.73 | +1.37% | | MSFT | 316.38 | -12.63 | -3.84% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | F | 23.66 | -0.65 | -2.67% | | T | 26.21 | +0.57 | +2.22% | | AAPL | 174.92 | -4.78 | -2.66% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 174.92 | -4.78 | -2.66% | | AMD | 136.15 | -8.27 | -5.73% | | INTC | 53.87 | +0.73 | +1.37% | |
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Stocks plunged Wednesday after the Federal Reserve released the minutes of its most recent meeting, showing the central bank may be more aggressive at removing stimulus. The Dow Jones Industrial Average fell 392.54 points, or 1.07%, for its first decline of the new year. The S&P 500 lost 1.9%, and the tech-heavy Nasdaq slid 3.34% for its biggest one-day loss since February. The Fed minutes showed officials are considering shrinking the balance sheet along with raising rates as one more way to remove policy accommodation. They also showed the Fed might be more aggressive in raising rates.  The update by the Fed pushed the 10-year yield above 1.70%. Tech stocks were hit hardest as investors rotated from growth-oriented names to value and cyclical stocks. Salesforce and Adobe were among the top decliners in the S&P 500, falling about 8.2% and 7.1%, respectively. Losses in Microsoft and Apple weighed on the Dow. Chipmakers Nvidia and Advanced Micro Devices each fell more than 5%. Names linked to the reopening of the economy, which led market gains this week and into the earlier part of trading Wednesday, managed to stay positive despite the sea of red in the market. Pfizer was a winner, ending the day up 2% following an upgrade by Bank of America. |
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