Fed Holds Rates as Markets Tumble; Micron Soars, Amazon-USPS Talks Collapse
The Federal Reserve announced it would keep its key interest rate unchanged at a target range of 3.5% to 3.75%, a decision that fueled a sharp market selloff. Major indices tumbled, with the Dow Jones Industrial Average plunging more than 750 points to a new closing low for 2026, as new economic data and comments from Fed Chair Jerome Powell heightened investor concerns about stubborn inflation. Amid the broader tech rout, Micron Technology emerged as a standout performer, its stock up 62% year-to-date. The memory chipmaker reported quarterly revenue that beat Wall Street estimates, driven by a surge in demand for its high-performance memory chips used in artificial intelligence hardware. CEO Sanjay Mehrotra has previously highlighted that more sophisticated generative AI models require increased memory capacity and speed, positioning Micron to benefit from the ongoing AI boom. In a separate corporate development, e-commerce giant Amazon revealed that its contract renewal negotiations with the U.S. Postal Service (USPS) collapsed unexpectedly. Amazon stated that USPS "abruptly walked away at the eleventh hour" in December, despite Amazon's goal to increase package volumes through the service. The company noted it had engaged directly with Postmaster General David Steiner and the USPS Board of Governors, emphasizing the need for a new agreement well before the current pact's expiration on September 30, 2026, to ensure operational continuity for its massive delivery network.
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This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy ... FOX Business White House correspondent Edward Lawrence reports as the Federal Reserve announces its decision to leave rates unchanged on ...
Among the 10 most valuable U.S. tech companies, Micron is the only one that's up. Oracle is the leading decliner, down 22%, and Microsoft and Tesla have also seen double-digit percentage drops. "Looking at how the shares were trading going into this earnings report, I thought the biggest risk ...
Amazon said its recent contract renewal negotiations with the U.S. Postal Service ended when the Postal Service "abruptly walked away at the eleventh hour." The company said it was working toward a new agreement with the mail service "to increase our volumes with USPS, not reduce them."
We engaged directly with Postmaster General David Steiner, his leadership team, and members of the USPS Board of Governors because we needed a new contract in place well ahead of our current agreement's expiration on September 30, 2026. Running a delivery network at Amazon's scale takes years ...
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