Pre-Market Briefing on Sept 17: Cipher +10.80% on a 3.2 GW AI Compute Slot, and the Fed Hikes 25bp
The previous session was Wednesday, September 16. The Fed raised the federal funds range to 3.75%–4.00%, a 25 basis point move passed 12–0, and the first hike since 2023. The statement says inflation remains elevated and that the hike is meant to return inflation to 2% more promptly. All three indexes closed lower, but the spread between them was wide: the Dow Jones Industrial fell 1.21% to 51,461.90, the S&P 500 fell 0.43% to 7,553.33, and the Nasdaq Composite fell 0.01% to 25,978.42, essential