On Wednesday, the Federal Open Market Committee (FOMC) raised the federal funds target range by 25 basis points to 3.75%-4.00%, with a unanimous 12-0 vote, signaling a potential additional rate hike before year-end. As a result, the S&P 500 Index closed down 0.45% and reached a six-week low, while the Dow Jones Industrial Average fell 1.21%, marking a three-month low.
In economic data, U.S. retail sales for August rose 1.2% month-over-month, surpassing expectations of 0.8%, while the National Association of Home Builders (NAHB) housing market index declined to 32, its lowest point in 3.75 years. Additionally, MBA mortgage applications fell 4.1% in the week ending September 11, with average 30-year fixed-rate mortgages climbing to a 15-month high of 6.97%.
Overseas markets showed mixed performance, with the Euro Stoxx 50 closing up 0.48%. Meanwhile, crude oil prices fell more than 3% after significant supply concerns eased, contributing to declining energy stocks in the U.S.
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