Fed's First Hike in Three Years Sparks Relief Rally — But Wall Street Isn't Buying It

Markets staged a textbook relief rally after the Fed's hawkish surprise, with the S&P 500 surging 1.2% and the Nasdaq climbing 1.7% on Thursday. The Dow reclaimed 365 points after Wednesday's brutal 631-point plunge. Tech led the charge — Nvidia, Amazon, Microsoft, Intel and AMD all posted solid gains — as the 10-year Treasury yield retreated from 5.02% to 4.94% and U.S. crude briefly dipped below $100 per barrel. Analysts praised Fed Chair Kevin Warsh's...