S&P, Dow, Nasdaq choppy one day after Fed selloff
Michael M. Santiago

Major Wall Street indexes were mixed in choppy trade before the closing bell on Thursday, as stocks struggled to hold on to gains after markets saw a late selloff following the Federal Reserve's monetary policy decision.
The Dow (DJI) inched 0.2% lower and the S&P 500 (SP500) fell 0.1%, with both indexes swinging between gains and losses. But the Nasdaq Composite (COMP.IND) stayed in the green, climbing 0.4%. 
The Fed hiked its benchmark lending rate by a quarter point as expected. Fed Chair Jerome Powell pushed back against rate cuts this year. But fed funds futures are leaning slightly to no move in May and majority chance of a cut in July, indicating markets now think the Fed is done.
"The statement modified the guidance for future rate hikes, replacing a reference to 'ongoing rate hikes' with guidance that 'some additional policy firming may be appropriate'," said Jefferies economist Thomas Simons. "This reflects the expectation that the Fed is nearly done with the rate hike cycle, but the door remains open for more hikes if they are warranted."
Meanwhile, Treasury Secretary Janet Yellen at a Senate hearing said the government is not considering covering all uninsured bank deposits. She also ruled out the need for a broad boost in deposit insurance. 
"Powell's press conference was overshadowed by Yellen's simultaneous comments that a blanket guarantee of deposits had not been discussed or considered," Deutsche Bank's Jim Reid wrote. "It seems highly unlikely the U.S. would let depositors take losses but maybe such a move won't be done pre-emptively and would require future stress first."
Global tightening continued, indicating inflation is still the chief concern even with banking instability. The Swiss National Bank raised rates by 50 basis points, following the ECB last week. 
"This new regime of tightening while providing liquidity support to the financial sector is like a driver in the good old days stepping on the brake with one foot and putting an arm around the baby to keep her from hitting the dashboard," Seeking Alpha contributor Wolf Richter wrote.
Meanwhile, yields were lower. The 10-year Treasury yield (US10Y) fell 10 basis points to 3.40% and the 2-year yield (US2Y) slid 18 basis points to 3.80%.
Looking ahead, see how fed fund futures have priced in rate decisions out into July below:

Turning to the economic calendar for the day, initial jobless claims unexpectedly fell in the past week, while February new home sales increased less than expected. 
Tech and media stocks were among the top gainers, including Netflix (NFLX) and Accenture (ACN), which gained after announcing layoffs.
Among other active stocks, while Block (SQ) tumbled on a new short report from Hindenburg.