U.S. retail shares hit as sales fall in May

The Nasdaq slumped 1% late Wednesday's after the Fed as expected hiked its key lending rate by a quarter point

The Nasdaq slumped 1% late Wednesday's after the Fed as expected hiked its key lending rate by a quarter point

Plus, Whole Foods stock dragged down; 2 tech stocks to buy on the dip; and a big win for Microsoft options traders.

A report showed US retail sales recorded their biggest drop in more than a year in May amid declining purchases of motor vehicles and discretionary spending.

A weaker-than-expected reading on U.S. consumer prices sent United States government bonds sharply higher, as the data sowed doubts about the likely pace of central bank rate hikes later in the year just hours before it was expected to raise them for a second time in 2017.

The Dow Jones industrial average gave up 14.66 points, or 0.1 percent, to 21,359.90.

The Dow is up 1,565.87 points, or 7.9 percent.

GOP rep: Shooting a result of 'political, rhetorical terrorism'
Hodgkinson was among those taken to a hospital Wednesday, and President Trump announced that he had died from "his injuries". Paul also praised the Alexandria Police Department, who responded to the emergency in less than three minutes.

Oil slipped today, amid continued concerns of a global supply glut and a strengthening US dollar.

But some investors anxious about the Fed's hawkish tone and that concerns about rate hikes were being reflected in the tech sector, which has led the S&P 500's almost 9-per-cent rally this year. "Hence, the tech sector is selling off on concerns that today's Fed hike will slow GDP, retarding future tech profit growth". In the previous year, the index has gained 20.93%. "It seems they should be doing the opposite", said Robert Pavlik, chief market strategist at Boston Private Wealth. The Dow Jones Industrial Average bucked the trend, closing at a record high thanks to big gains in Home Depot, Inc, which rose 1.8%.

Investors will also be looking for any details on the Fed's plans to trim its $4.5 trillion balance sheet in the face of improving economic conditions. "Certainly more transparency is a good thing".

The S&P 500 is up 0.69 points, or less than 0.1 percent. Biogen's stock fell 3.1 per cent.

About 7.1 billion shares changed hands in U.S. exchanges, above the 6.8 billion daily average over the last 20 sessions.

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