Fed Pauses Rate Hike, Stocks Slide and Mortgage Rates Rise

Stock futures traded near the flat line as investors analyzed the Federal Reserve's projections, which indicated another rate hike is expected before the end of the year. The Dow Jones and S&P 500 futures were slightly lower, while Nasdaq 100 futures edged down. After-hours trading saw FedEx gain 5% after beating earnings expectations, while KB Home fell 2% despite exceeding revenue and earnings forecasts. Marketing automation firm Klaviyo slipped nearly 2% after its stock market debut. The Federal Reserve's decision to keep rates steady was praised by DoubleLine's Jeffrey Gundlach, who also found Treasury bonds attractive in the short term. However, NorthEnd Private Wealth's CIO warned of potential market choppiness as rate expectations remain elevated.