XLP - Fed Upends Stocks

It was another quiet start to the week, with markets trading sideways ahead of Thursday's Federal Reserve interest rate decision and accompanying monetary policy statement. The Fed's comments about inflation and interest rates shocked markets, causing a sell-off in commodities, materials, and financials stocks. At the time of this writing, the S&P 500 (SPY) is down about 1.7% week-over-week, with small cap stocks tracked by the Russell 2000 (RTE) down 3.75%. Dow Industrials (DIA) are down 3.2% and on track for their worst week since January. Tech stocks initially rebounded on Thursday after the Fed, before dropping today. The Nasdaq Composite (COMP.IND) is due to end the week down 0.3%. Invesco QQQ ETF (QQQ) is on track for a 1.5% gain. Winners & Losers Commodities, materials, consumer staples, and financials all declined after the Fed. The Invesco DB Commodity Index Tracking ETF (DBC) and Materials Select Sector SPDR (XLB) both

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Fed Upends Stocks