'FAANG' Stocks Swing To Losses After Fed Raised Interest Rates

Technology stocks turned sharply lower after the Federal Reserve raised interest rates, with most of the "FAANG" stocks swinging from gains to losses. Shares of Facebook Inc. dropped 0.7% in afternoon trade, after being up about 0.6% just before the Fed's announcement at 2 p.m. ET. Among other FAANG companies, shares of Apple Inc. extended losses to 1.2% after being down just 0.7% pre-Fed; Amazon.com Inc. swung to a loss of 0.7% from a pre-Fed gain of 0.2%; Netflix Inc. went from a gain of 0.1% pre-Fed to a current decline of 0.8%; Google parent Alphabet Inc. was down 0.5%, reversing a pre-Fed gain of 0.6%. The SPDR Technology Select Sector ETF extended losses to 0.7% from 0.1% pre-Fed. In comparison, the S&P 500 went from a pre-Fed loss of 0.1% to a current loss of 0.2%.