Stock Market 28 February 2026

U.S. stock markets experienced declines following the Federal Reserve’s decision to keep interest rates steady while signaling that rate hikes may return, with projections now showing a higher median federal funds rate of 3.8% for 2026. The S&P 500, Nasdaq, and Dow all dropped over 1% on Wednesday, with the Dow losing more than 500 points. Tech stocks led the retreat, including Nvidia, which ended at $204.65, down 1.3% and just under a $5 trillion market cap, as investors focused on its $25 billion bond sale. Microsoft fell 3.8% to $378.91, and Meta dropped about 5.5% amid news of an executive departure tied to AI projects. SpaceX recorded its first full-session loss since its IPO, falling nearly 5% and slipping below Amazon in market value, though it remains above its IPO price. Fintech lender SoFi was indicated higher pre-market after its CEO made another stock purchase, despite a weaker prior session and a hawkish Fed outlook. American Airlines shares rebounded early Thursday, helped by lower oil prices and a Jefferies price target increase, while the company announced a top executive’s retirement. Intel gained 3.5% after progress in its manufacturing process and a price target hike from Bernstein. Vertiv jumped 7% as focus shifted to valuation following strong AI-infrastructure demand. In contrast, Coeur Mining fell 6.8% despite joining the S&P MidCap 400, and Rocket Companies dropped 6% as housing stocks remained pressured by persistent inflation above the Fed’s 2% target. Coherent shares continued to slide amid valuation and supply concerns, even as it secured U.S. funding for a Texas plant. Nokia edged up in Helsinki but its U.S. ADR declined, with attention on its AI infrastructure plans. The NYSE will close Friday for Juneteenth, making Thursday the last trading day of the week.