Wall Street Reverses Fed-Hike Selloff as Oil and Yields Retreat; Warsh's Unanimous Hike Read as Defying Trump

Wednesday's initial muted reaction to the Fed's 25bp hike gave way to a selloff into the close once Chair Warsh's press conference stressed sticky inflation: the Dow fell 631.21 points (-1.21%) to 51,461.90, the S&P 500 fell 0.45% to 7,551.81, and the Nasdaq closed roughly flat (-0.01%) at 25,978.42. Thursday reversed most of that move as oil and Treasury yields retreated: the Dow rose 316.14 points (+0.61%) to 51,778.04, the S&P 500 gained roughly 0.6% to around 7,596 — its best day in about six weeks per CNBC — the Nasdaq 100 added 1.7%, and a gauge of chipmakers climbed 3.1% on call-buying in Intel, Micron and AMD. Brent and WTI extended Wednesday's pullback, easing toward $102 and $100 respectively, while the 10-year Treasury yield eased roughly 5bp to around 4.94-4.96%, snapping an eight-session rising streak. Separately, CNN's economics desk framed the unanimous hike as Warsh 'defying' President Trump, who has publicly pushed for lower rates since appointing him; Warsh declined at Wednesday's press conference to discuss his private conversations with Trump, saying 'I've got nothing for you on the discussion with the president.'