U.S. Stocks Give up Some of Their Gains After Fed Hike, Dow Jones Is Almost Flat

U.S. Stocks Give up Some of Their Gains After Fed Hike. Dow Jones rise 0.18%, S&P500 rise 0.47% while Nasdaq rise 1.1%.Earlier, stock rose after major European indexes popped as the ECB called an emergency policy meeting where the central bank instructed staff to create a new tool toaddress yield fragmentation.

"Not exactly a bazooka," economics lecturer Daniel McLaughlin tweeted. "The ECB called an emergency meeting this AM, so explicitly acknowledging that fragmentation is already there in the EA, and said it would reinvest the PEPP flexibly (as it said it could last week) and has set up committees to come up with something else."

Global yields fell and put pressure on Treasury yields. U.S. rates are now off their lows.

The 10-year Treasury yield is down 7 basis points to 3.41% and the 2-year is also down 9 basis points to 3.35%.

Before the bell the market digested weak May retail sales numbers. Sales fell 0.3%, compared with forecasts for a rise of 0.1%, while April's figure was revised down.

The retail control group, which goes into GDP calculations, was flat.

The "factors that have sustained spending thus far are getting near the end of their rope, and we are increasingly concerned that goods spending will slow sharply and that will be particularly evident in retail sales which is mostly a measure of goods spending," Wells Fargo said.