S&P 500 jumps after Fed’s action on inflation; check top stock gainers and losers

Stock Market Action

US stocks ended higher on Wednesday, after the US Fed’s ‘soft-landing’ approach to fight inflation without sparking off a recession. The Fed increased rates by 0.75% and indicated that it could further increase interest rates by 0.5-0.75% in the next meeting to tackle soaring inflation. This is the highest rate hike in 28 years.

The Dow Jones snapped a five-day losing streak to close 1% higher at 30,668. The S&P 500 rose 1.46% to 3,789.99 while the tech-heavy Nasdaq gained 2.5% to end the day at 11,099. These were the major stock highlights from yesterday’s trade. 

Major Stock Highlights

Amazon accelerated 5%: Amazon rose amid the rally in big tech stocks post the expected hike in the interest rate by the US central bank.

Apple gained 2%: Apple rose following the rally in big tech stocks post the expected hike in the interest rate by the US central bank.

ARK Genomic Revolution ETF rose 5%: ARK Genomic Revolution ETF gained as underlying stocks Teladoc, Exact Science, Pacific Bio, and Fate Therapeutics rose.

ARK Innovation ETF rose 7%: ARK Innovation ETF gained following a sharp up move in underlying stocks such as Tesla, Roku, Teladoc, and Zoom.

Atlassian rose 7%: Atlassian witnessed short-covering amid rebound in techs stocks post the expected interest rate hike by the US central bank.

Cloudflare boomed 7%: Cloudflare shares jumped sharply post news around the mitigation of biggest ever HTTPS DDos attack on their servers, brief service outage.

Coinbase rallied 7%: Coinbase witnessed a sharp recovery in share post president & COO Emilie Choi's explanation around the company's decision to cut jobs the state of crypto markets and future.

Direxion Semiconductor ETF surged 5%: Direxion Semiconductor ETF jumped following the rise in semiconductor stocks prices such as Nvidia, AMD and Intel.

DocuSign rallied 6%: DocuSign witnessed short-covering post the massive fall over the last week after reporting weak earning estimates and lowering billings guidance.

Google rose 3%: Google rose following the rally in big tech stocks post the expected hike in the interest rate by US central bank.

Hycroft Mining jumped 7%: Hycroft Mining witnessed short-covering following the gains in mining and gold stocks post the interest rate hike by the US central bank.

Invesco Nasdaq 100 ETF ended flat: Invesco Nasdaq 100 ETF ended higher tracking the Nasdaq index post the 0.75% interest rate hike by the US central bank.

Invesco QQQ ETF jumped 3%: Invesco QQQ ETF ended higher tracking the Nasdaq index post the 0.75% interest rate hike by the US central bank.

Meta rose 3%: Meta rose following the rally in big tech stocks post the expected hike in the interest rate by the US central bank.

Netflix bounced 8%: Netflix shares appreciated sharply over solid growth estimation in ad revenue - $1.2 billion in the US by 2025.

ProShares Bitcoin Strategy ETF crashed 2%: ProShares Bitcoin Strategy ETF crashed tracking the massive fall in Bitcoin prices, ETF down 28% since last 1-week.

ProShares Semiconductors ETF gained 4%: ProShares Semiconductors ETF gained following the rise in semiconductor stocks prices such as Nvidia, AMD and Intel.

Rivian rose 7%: Rivian along with electric vehicle stocks gained sharply over news around income tax credits by the government on purchase of electric vehicles (EVs).

Roblox skyrocketed 11%: Roblox jumped after the online gaming platform company reported a 17% year-over-year increase in daily active users.

S&P 500 ETF TRUST ETF ended 1% higher: S&P 500 ETF ended higher tracking the S&P 500 index post the expected hike in the interest rate by US central bank.

Shopify surged 7%: Shopify shot up over news around und raised by Postscript to create more personalisation in merchant support features.

Snowflake accelerated 8%: Snowflake jumped sharply post a buy rating today, solid business demand and growth guidance.

Spotify climbed 7%: Spotify gained after Wells Fargo analyst upgraded the stock to 'Equal Weight' acquisition of Sonantic, an AI Voice Platform.

Taiwan Semiconductor Manufacturing ADR jumped 2%: Taiwan Semiconductor Manufacturing ADR extended gains post recording strong revenue growth in May, dividend declaration.

Tesla jumped 5%: Tesla extended gains over 3-To-1 stock split plan, Ark's continued buying in the stock, and buy rating by analysts.

UiPath rallied 8%: UiPath witnessed a short-covering post 0.75% hike in interest rate from the US central bank.

Unity Software spiked 7%: Unity Software gained sharply following the short-covering in beaten down stocks over inflation worries, stock still down 20% in the last 5-days.

Upstart rose 2%:  Upstart extended gains following the positive sentiments in tech & financial stocks post the 0.75% interest rate hike by the US central bank.

Vanguard S&P 500 ETF ended 1% higher: Vanguard S&P 500 ETF ended higher tracking the S&P 500 index post the expected hike in the interest rate by the US central bank.

WeWork zoomed 6%: WeWork gained sharply following the short-covering in beaten down stocks over growth worries, stock still down 26% in last 5-days.

Zoom rose 6%: Zoom extended gains over reports of a massive $1,500 per share price target in 2026 according to ARK’s open-source research and model.