Markets wobble — oil spikes
U.S. stocks sold off after the Fed hold: the S&P briefly closed just above its 200‑day at 6,615.70 while all 12 sectors finished in the red and the Dow plunged about 750 points. Volatility climbed (VIX ~25) as Brent crude jumped toward $111, stoking recession and inflation anxiety (bloomberg.com) (finance.yahoo.com).
The FOMC voted 11‑1 to keep the federal‑funds target at 3.50%–3.75%, with the Board implementing the decision by leaving the interest paid on reserve balances at 3.65% effective March 19, 2026. (cnbc.com) (federalreserve.gov) Policymakers’ updated “dot‑plot” still shows a median of one 25‑basis‑point cut in 2026 while the Fed revised its 2026 inflation forecast up to about 2.7% from 2.4%. (bloomberg.com) Chair Jerome Powell told reporters that near‑term measures of inflation expectations have risen “likely reflecting the substantial rise in oil prices,” and the committee said Middle East developments create uncertain economic risks. (cnbc.com) (bloomberg.com) Equities sold off into the close: the Dow finished at 46,225.15, down 768.11 points, the S&P 500 closed at 6,624.70 and the Nasdaq at 22,152.42, while the Cboe VIX jumped into the mid‑20s (about 24.7 on intraday quotes). (cnbc.com) (investing.com) Bond yields rose with the move: the U.S. 10‑year Treasury yield climbed toward roughly 4.27% on the session, reflecting repriced expectations for near‑term Fed cuts. (tradingeconomics.com) The oil shock that unsettled markets followed reported Iranian missile strikes that “extensively damaged” Qatar’s Ras Laffan LNG complex — a hub that handles roughly one‑fifth of global LNG flows — and Reuters/Bloomberg reported Brent futures jumping above $111 while U.S. crude neared $99. (bloomberg.com) (reuters.com) Sector breadth showed broad weakness with commodity‑sensitive and consumer names worst hit; sector snapshots compiled after the close showed materials down about 2.25%, consumer discretionary roughly ‑2.32% and consumer staples near ‑2.44% on the session. (marketindex.com.au)
