Wall St rises as oil slide offers respite after Fed rate hike

Business Recorder reported that major US stock indexes climbed on Thursday as falling oil prices lifted sentiment after the Federal Reserve raised interest rates for the first time under Chair Kevin Warsh. At 11:42 a.m. ET, the Dow Jones Industrial Average was up 316.52 points, or 0.61%, at 51,778.04. The S&P 500 rose 1.06% to 7,631.86 and the Nasdaq Composite gained 1.59% to 26,390.96.

Technology shares led the advance, with Nvidia and Amazon each adding more than 2%. Eight of the 11 sectors traded higher, with utilities leading at a 1% jump. The small-cap Russell 2000 gained over 1% to 2,891.45 despite its heightened rate sensitivity. Brent crude slid to $103.43 a barrel, a decline of more than 2%, while US West Texas Intermediate fell about 2% to $100.66.

The Fed cautioned that additional hikes might be necessary in the period ahead to hold down prices, and traders put the chance of another increase in October near 51%, according to CME FedWatch. Fluence Energy dropped over 14% once the company cut its fiscal 2026 sales outlook, while CoreWeave fell 4% after announcing plans to raise capital through stock and convertible bonds. Gold miners rose as bullion gained 2%.