TMX - Tech Tanks As Fed Reiterates Hawkish Stance

Stocks gave up ground this week in volatile trading action. The Federal Reserve on Wednesday reinforced the hawkish stance set at its previous meeting, but stocks unexpectedly rallied after the announcement. These gains were quickly given back the following day and into a choppy Friday session. At the time of this writing (3 p.m. on Friday) the Nasdaq (COMP.IND) is down about 2.4% week-over-week, while S&P 500 (SPY) and Dow Industrials have declined about 1.3% each. Winners & Losers It was an eclectic mix of winners and losers this week. Financial stocks gained on the Fed news, with the Financial Select Sector SPDR ETF (XLF) adding over 1%. Pfizer (PFE) hit a 52-week high after raising sales guidance. Terminix (TMX) shot up 27% after agreeing to be acquired by U.K. company Rentokil in a $6.7 billion deal. Losers included Rivian Automotive (RIVN), which disappointed investors with its first earnings report

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Tech Tanks As Fed Reiterates Hawkish Stance