Fed rate hike causes market volatility and regional bank stocks to slip

The Federal Reserve raised its benchmark rate for the tenth time since last year and signaled that it may be done with hikes for now, but stocks fell for the day as it wasn't dovish enough. PacWest is exploring all strategic options, including a possible sale, after its shares tumbled further in premarket trading. Kenvue, the consumer health business being spun out of Johnson & Johnson, priced its initial public offering at $22 a share. Apple is set to post results after the bell, with analysts expecting a 5% decline in sales from a year ago. Google employees have slammed CEO Sundar Pichai and other executives in internal communications and memes over cost-cutting measures.