# Stocks fall after new Fed Chair Warsh’s first policy meeting as traders worry about a rate hike > Source: > Published: 2026-06-17 20:02:21+00:00 # Stocks fall after new Fed Chair Warsh’s first policy meeting as traders worry about a rate hike While the Fed left rates unchanged (as expected) a hawkish dot plot has traders bracing themselves for a rate hike this year. The Federal Reserve voted to keep rates unchanged at a range of 3.5% to 3.75%, as was universally expected. However, stocks dropped as the release removed any hints of an easing bias and [the Fed’s dot plot came out on the hawkish side](https://sherwood.news/markets/federal-reserve-fomc-june-2026-rate-decision-kevin-warsh/). The S&P 500, Nasdaq 100, Russell 2000, and every Magnificent 7 stock traded lower. Every S&P 500 sector fell, with communications leading losses. **Stocks that moved higher:** [Allbirds](https://robinhood.com/us/en/stocks/BIRD/?source=sherwood)surged as its AI pivot continued to pay off, with the company[announcing a corporate name change and new CEO hire](https://www.cnbc.com/2026/06/17/allbirds-bird-ai-smartbird-ceo.html).[Figma](https://robinhood.com/us/en/stocks/FIG/?source=sherwood)climbed after[Citi initiated coverage with a Buy rating and a $36 price target](https://sherwood.news/markets/figma-rises-on-citis-buy-rating-and-36-price-target/). **Stocks that moved lower:** [CarMax](https://robinhood.com/us/en/stocks/KMX/?source=sherwood)fell despite beating on earnings and revenue, but reported[reported margin pressure and falling per-unit gross profit](https://www.cnbc.com/2026/06/17/carmax-kmx-q1-earnings.html).[Carvana](https://robinhood.com/us/en/stocks/CVNA/?source=sherwood)also fell on the news.[Snap](https://robinhood.com/us/en/stocks/SNAP/?source=sherwood)fell after unveiling[“Specs," a $2,195 pair of augmented reality glasses](https://www.cnbc.com/2026/06/16/snap-unveils-2195-specs-ar-glasses-spiegel-bets-on-post-smartphone.html), raising questions about consumer demand at that price point.