Tech Tanks As Fed Reiterates Hawkish Stance

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Stocks gave up ground this week in volatile trading action.

The Federal Reserve on Wednesday reinforced the hawkish stance set at its previous meeting, but stocks unexpectedly rallied after the announcement. These gains were quickly given back the following day and into a choppy Friday session.

At the time of this writing (3 p.m. on Friday) the Nasdaq (COMP.IND) is down about 2.4% week-over-week, while S&P 500 (NYSEARCA:SPY) and Dow Industrials have declined about 1.3% each.

Winners & Losers

It was an eclectic mix of winners and losers this week. Financial stocks gained on the Fed news, with the Financial Select Sector SPDR ETF (XLF) adding over 1%.

Pfizer (PFE) hit a 52-week high after raising sales guidance. Terminix (TMX) shot up 27% after agreeing to be acquired by U.K. company Rentokil in a $6.7 billion deal.

Losers included Rivian Automotive (RIVN), which disappointed investors with its first earnings report as a public company, and Adagio (ADGI), which announced it would pause clinical trials of its Covid drug.

What Caught Our Attention This Week

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Alpha TALKS is a weekly video covering what moved markets this week, featuring a panel of Seeking Alpha editors. It is published by the close of trading on Fridays. Hosted by Nathaniel E. Baker, contributing editor, and featuring: Aaron Task, VP Contributor Content and co-host Seeking Alpha's Alpha Trader podcast; Brad Olesen, VP News; Steve Alpher, Managing Editor News, co-host Alpha Trader.

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