The S&P 500 Index closed down 1.21% on June 14, 2023, as the Dow Jones Industrial Average fell 0.98% and the Nasdaq 100 Index dropped 0.99%. The decline followed the Federal Reserve’s announcement to keep interest rates unchanged while signaling a potential 25 basis point hike later this year. The Fed’s dot plot projections indicate that nine of 18 committee members anticipate at least one further rate increase in 2023, contributing to market uncertainty.
Despite better-than-expected U.S. economic indicators, such as a 0.9% month-over-month rise in retail sales and a 3.8% increase in pending home sales, stocks retreated amid declines in major tech stocks. The average 30-year fixed mortgage rate remained steady at 6.60% while mortgage applications fell 3.8% in the week ending June 12. WTI crude prices dropped to a 3.5-month low due to geopolitical developments, impacting broader market sentiment.
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