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Stocks Plunge on a Rout in Chipmakers and a Hawkish Fed Hold
['Rich Asplund', 'July', 'Min Read']
Yahoo Finance
Stocks whipsawed Wednesday afternoon and briefly erased their losses before selling off again into the close after the FOMC kept interest rates unchanged in a hawkish Fed hold.
Three Fed members dissented in favor of a quarter-point rate hike, and Fed Chair Warsh said the Fed is committed to "deliver price stability."
Vertiv Holdings (VRT) closed down more than -17% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) closed down more than -6% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Amphenol (APH) closed up more than +4% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.