LYFT - Hot Stocks: LYFT UBER drop; AMRN plunges 40%; DENN sets low; LTHM IMXI rally

Signs that the Federal Reserve won't pursue the most aggressive rate-hiking strategy sparked a late buying spree on Thursday, with the major U.S. equity averages all rising by about 3%. The central bank raised its key rate by 50 basis points, the biggest one-time increase since 2000, but Fed Chairman Jerome Powell discounted the chance that future increases would be any higher than that. While most market segments rallied on the Fed news, ride-hailing and food delivery stocks came under pressure following disheartening quarterly updates from Lyft (NASDAQ:LYFT) and Uber (NYSE:UBER).  Elsewhere in the market, a disastrous earnings report sent Amarin (AMRN) lower by more than 40%. At the same time, Denny's (DENN) dropped on disappointing results and inflation concerns, sending the stock to a new low. Among the standout gainers on the session, Livent (LTHM) and International Money Express (IMXI) both rallied on strong financial figures. Sector In Focus

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Hot Stocks: LYFT, UBER drop; AMRN plunges 40%; DENN sets low; LTHM, IMXI rally