Michael Bromberg
3 min read
In This Article:
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The S&P 500 ended Wednesday with a loss of less than 0.1% on Wednesday, June 18, 2025, as the Fed held interest rates steady and updated its economic forecasts.
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Coinbase shares pushed higher a day after the Senate passed a bill providing a framework for stablecoin issuers.
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The potential disruption to the payment ecosystem weighed on credit card and payment stocks. Shares of Mastercard and Visa dropped.
Major U.S. equities indexes finished Wednesday little changed as the Federal Reserve announced that it would keep interest rates at current levels.
Although the central bank raised its inflation forecast, reduced its economic growth outlook, and suggested that is in no hurry to reduce interest rates, the "dot plot" indicated that Fed policymakers still expect two rate cuts this year, in line with previous forecasts.
After trading in positive territory for much of the day, the S&P 500 lost ground during Fed Chair Jerome Powell's afternoon press conference, ending with a loss of less than 0.1%. The Dow was down 0.1%, while the Nasdaq eked out a gain of 0.1%. (Read Investopedia's full coverage of today's trading here.) Stock and bond markets are closed Thursday for the Juneteenth holiday.
Shares of Coinbase Global (COIN), operator of the largest U.S. cryptocurrency exchange, soared 16%, notching the S&P 500's top daily performance. The surge for the stock came a day after the Senate passed the GENIUS Act, providing a regulatory framework for companies issuing stablecoins. The legislation would require stablecoin creators to hold dollars, Treasury securities, or other assets considered safe with a value equivalent to the coins they've issued, providing a guardrail against the collapse of the digital assets.
TKO Group Holdings (TKO) shares rose 4.8% after several investment research firms expressed positive views on the Ultimate Fighting Championship and World Wrestling Entertainment parent. Citi analysts lifted their price target on the sports and entertainment company's stock, noting an upbeat outlook for TKO's media rights renewal process. Analysts at Bernstein agreed, predicting that UFC broadcasting rights would continue to grow in value and saying that TKO's moves to "festivilize" its live events could drive other growth opportunities related.
Shares of solar microinverter manufacturer Enphase Energy (ENPH) bounced 4.2%, clawing back a portion of the heavy losses posted in the previous session after the Senate's proposed reconciliation bill included cuts to key clean-energy tax credits. Enphase has been seeing some success in some European markets with the launch of its latest home battery solution.
