Shares of several companies in the broader communications, media and entertainment industry, including Alphabet Inc GOOGL GOOG, are trading lower amid overall market weakness following Wednesday’s Fed decision to raise interest rates by 50 basis points.
What Happened?
The broader market is sliding Thursday after the Federal Reserve on Wednesday raised its target range for the federal funds rate by 0.5%, bringing the new target up to a range of 4.25% to 4.5%.
The Fed will continue to reduce its holdings of Treasury securities, agency debt and agency mortgage-backed securities on a monthly basis. The committee anticipates that ongoing increases in the target range will be appropriate to return inflation to its 2% goal over time…Read More
According to data from Benzinga Pro, Alphabet Class A is trading lower by 4.29% to $90.99. Alphabet Class A has a 52-week high of $151.55 and a 52-week low of $83.34.