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From Briefing.com: 4:15 pm : The stock market ended its Wednesday affair under selling pressure as investors responded to a shift in rate hike expectations following the Federal Open Market Committee's policy statement for June. Other contributing factors for today's trade included a downtick in oil, softening in the dollar, and the underperformance of the health care (-0.7%) and technology (-0.3%) sectors. The Nasdaq Composite (-0.2%) ended in-line with S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.2%). Equity indices ticked higher at the beginning of the session as investors eyed a rebound in overseas equity markets. European bourses recovered from short-term oversold conditions with Germany's DAX trimming its monthly loss to 6.4%. The regional rebound was also attributed to an uptick in polling numbers for those in the Brexit "Remain" camp. The U.S. equity market gained traction in the first hour of trade with the benchmark index eventually testing resistance near 2080/2082.

The major averages pulled back from these levels as investors digested a mixed reading of the Department of Energy's weekly inventory report. The report showed that crude oil inventories (-0.93 million barrels; consensus -2.26 million) missed estimates while gasoline inventories (-2.62 million barrels; consensus -0.24 million) surprised to the upside. The energy component finished its day lower by 1.2% ($47.93, -$0.56).

The broader market would briefly return to its high in the afternoon as participants ruminated over the latest policy statement from the FOMC. The June policy statement struck a dovish tone as the central bank voted to leave its key policy rate unchanged. Furthermore, the Fed lowered its projected path for the fed funds rate in 2017 (to 1.6% from 1.9%) and 2018 (to 2.4% from 3.0%). Overall, the uncertainty exhibited by the statement proved to be a negative for the market as stocks slumped into the close.

The equity market ended its day under broad-based selling pressure as six sectors finished in the red. In the back of the pack, utilities (-0.7%), health care (-0.7%), and energy (-0.3%) underperformed. On the flipside, materials (+0.4%), consumer discretionary (+0.3%), and financials (+0.1%) led.

Retail names outperformed in the consumer discretionary space (+0.3%) after Kohl's (KSS 35.19, +0.70) received bullish commentary at Cleveland Research. The sub-group also received a boost from PVH (PVH 97.38, +3.00), which gained 3.2% after signaling that its department store business has improved since reporting its first-quarter results. Elsewhere, Viacom (VIAB 42.20, +0.99) outperformed among media names after reports indicated that Sumner Redstone's daughter is discussing the sale of its Paramount Pictures holding to Alibaba (BABA 78.39, +0.62).

The heavyweight health care space (-0.7%) demonstrated relative weakness as Allergan (AGN 239.14, -4.96) declined 2.0%. Meanwhile, the iShares Nasdaq Biotechnology ETF (IBB 262.34, -0.15) ended ahead of the broader sector, but still showed a loss of 0.1%.

The U.S. Dollar Index (94.60, -0.22) climbed off its low as the greenback trimmed its losses against the euro and pound. The euro gained 0.5% (1.1263) against the dollar while the pound rebounded 0.6% against the dollar (1.4201).

The Treasury complex ended the day higher as the yield on the 10-yr note slipped three basis points to 1.58%.

Today's participation came in above the recent average as more than 877 million shares changed hands on the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index, May Core PPI, Empire Manufacturing for June, May Industrial Production, May Capacity Utilization, and April Net Long-Term TIC Flows:

The weekly MBA Mortgage Index showed a seasonally adjusted decrease of 2.4% in mortgage applications.
The Producer Price Index for final demand increased 0.4% in May (Briefing.com consensus +0.3%) while the index for final demand, less food and energy, increased 0.3% (Briefing.com consensus +0.1%).
This report, if nothing else, demonstrates how the rebound in energy prices holds the potential to invite higher inflation readings in coming months due to easier price comparisons.
The uptick in producer prices was driven predominately by prices for final demand goods, which were up 0.7% due in large part to a 2.8% increase in prices for final demand energy.
On an unadjusted basis, the index for final demand is down 0.1% year-over-year versus unchanged for the 12 months ended in April.
However, the index for final demand, less food and energy, is up 1.2% year-over-year versus a 1.0% year-over-year increase seen in March.
The Empire Manufacturing Survey for June, it popped 15 points to 6.0 (Briefing.com consensus -1.6), driven by a healthy rebound in the index for new orders (from -5.5 to 10.9).
A number above zero connotes expansion in regional manufacturing activity.
In turn, the index for future business conditions increased six points to 34.8.
After showing a spike in April, the Industrial Production report for May disappointed, declining 0.4% while the Briefing.com consensus expected a downtick of 0.1%.
Capacity utilization was also short of estimates, hitting 74.9% (Briefing.com consensus 75.2%).
The May reading represents the fourth decline in the past five months. The previous month's increase was revised down to 0.6% from 0.7%. On a year-over-year basis, industrial production is down 1.4%.
The consensus expected to a see a downturn related largely to an expected pullback in utilities production (after a big gain last month) and continued weakness in mining.
Part of that turned out to be true as utilities production declined 1.0%; however, mining activity ticked up 0.2%.
The mining index was the only one to register an uptick while all other categories declined.
Final products declined 0.7%, nonindustrial supplies fell 0.3%, construction dropped 0.3%, and materials ticked down 0.2%.
Total industry capacity was up 0.8% year-over-year, but declined to 74.9% from 75.3% in April.
Manufacturing capacity decreased 40 basis points to 75.2% and utilities capacity fell 90 basis points to 78.4%.
Mining capacity increased 40 basis points to 73.1%.

Tomorrow's economic data will include Core CPI for May (Briefing.com consensus +0.2%), weekly initial claims (Briefing.com consensus 269k), the Philadelphia Fed Survey for June (Briefing.com consensus 0.7), and the first quarter Current Account Balance (Briefing.com consensus -$125.4B) each crossing the wires at 8:30 ET. Separately, the June NAHB Housing Market Index (Briefing.com consensus 59) will be released at 10:00 ET.

Nasdaq Composite -3.4% YTD
Dow Jones +1.2% YTD
Russell +1.2% YTD
S&P 500 +1.4% YTD

DJ30 -34.65 NASDAQ -8.62 SP500 -3.82 NASDAQ Adv/Vol/Dec 1674/1.649 bln/1321 NYSE Adv/Vol/Dec 1842/877.2 mln/1183 3:45 pm :

WTI crude oil futures extended losses in electronic trade, hitting a new LoD
July crude oil finished floor trading session is now -1.2% at $47.93/barrel, but is now -2.1% at $47.47/barrel
In other energy, July natural gas closed -0.4% at $2.60/MMBtu
Looking over at the metals space, Aug gold finished today's pit session unchanged at $1288.40/oz
July silver rose 0.4% to $17.50/oz, while July copper futures held most of today's gains, closing +2.5% at $2.09/lb.

Today's session began on a higher note as global bourses snapped their recent losing streak. European bourses outperformed as equities responded to a shift in the latest round of Brexit polling. However, futures pulled back in the final hour as investors digested a hotter-than-expected reading of the Producer Price Index for May (+0.4%).

4:19 pm Marvell receives supplemental notice from Nasdaq regarding its continued listing rule requiring timely filing of all required periodic reports (MRVL) : The Company says it is working diligently to complete the preparation and filing of its Annual Report on Form 10-K for fiscal 2016 and its Quarterly Reports on Form 10-Q for the second and third quarters of fiscal 2016 and the first quarter of fiscal 2017 as soon as practicable.

4:07 pm Jabil Circuit beats by $0.02, beats on revs; guides Q4 EPS and rev well below consensus; announces $400 mln buyback (JBL) :

Reports Q3 (May) earnings of $0.17 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.15; revenues fell 1.1% year/year to $4.31 bln vs the $4.18 bln Capital IQ Consensus. Co issues downside guidance for Q4, sees EPS of $0.15-0.35, excluding non-recurring items, vs. $0.53 Capital IQ Consensus Estimate; sees Q4 revs of $4.15-4.35 bln vs. $4.65 bln Capital IQ Consensus Estimate. Diversified Manufacturing Services Decrease net revenue 20 percent year-on-year.

Electronics Manufacturing Services Consistent net revenue year-on-year. "Our Electronics Manufacturing Services business performed ahead of plan supported by near-perfect execution during the quarter," said CEO Mark Mondello. "However as expected, our third quarter results also reflected a soft environment within our mobility business.

These challenges will continue to negatively impact our Diversified Manufacturing Services business for the balance of our fiscal year."As part of a framework to increase capital returns to shareholders over the next two fiscal years, Jabil's Board of Directors authorized a $400 million share repurchase program. The overarching capital allocation framework is designed to return ~40% of cash flows from operations through dividends and share repurchases over the next two years, not to exceed $1 billion in total. "This framework announced today reflects our confidence in our ability to generate in excess of $2 billion of cash flows from operations over the next two fiscal years."

4:00 pm QLogic to be acquired by Cavium (CAVM) for ~$15.50/share ($11.00/share in cash & 0.098 in stock), or ~$1.36 bln (QLGC) :

Cavium (CAVM) and QLogic announced that they have entered into a definitive agreement for Cavium to acquire all of the outstanding QLogic common stock for approximately $15.50 per share, comprised of $11.00 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock (valued at approximately $4.50 based on the volume weighted average Cavium trading price for the three trading days beginning June 10, 2016), through an exchange offer.

The transaction values QLogic at approximately $1.36 billion in equity value, inclusive of approximately $355 million of cash on QLogic's balance sheet, and has been unanimously approved by the boards of directors of both companies.The transaction will be funded with a combination of $220 million balance sheet cash, $750 million of committed financing, which includes $650 million of term loan and $100 million of short-term bridge debt, and $400 million in new Cavium equity. Cavium sees the acquisition providing $0.60 to $0.70 of accretion to Cavium's CY 2017 non-GAAP EPS: The combined company will have nearly $900 million in LTM revenue, with strong profitability and cash flow generation. There are $45 million of identified annualized cost synergies across COGS and operating expenses expected to be realized by the end of 2017. The transaction is expected to create significant value for the shareholders of both companies.Additional market data came in the form of the weekly MBA Mortgage Index showed a seasonally adjusted decrease of 2.4% in mortgage applications. Further, the Empire Manufacturing Survey for June, popped 15 points to 6.0 driven by a healthy rebound in the index for new orders (from -5.5 to 10.9). After showing a spike in April, the Industrial Production report for May disappointed, declining 0.4%. Capacity utilization was also short of estimates, hitting 74.9%. Lastly, total industry capacity was up 0.8% year-over-year, but declined to 74.9% from 75.3% in April.

The late-afternoon session was dictated by the Fed actions. Investors learned that there was no upgrade to the median economic projections for 2016, 2017, or 2018. Actually, the change in real GDP growth for 2016 and 2017 was marked down slightly while the projection for core PCE inflation was marked up slightly.

Investors also learned that the median federal funds rate projection was cut from 1.9% to 1.6% for 2017, slashed from 3.0% to 2.4% for 2018, and lowered from 3.3% to 3.0% for the longer run. The median projection for 2016 was left unchanged at 0.90%. Further, while there was no rate hike today, the directive sure didn't make it sound as if there is going to be one in July. To that end, the Federal Reserve maintained the target range for the federal funds rate at 1/4 to 1/2 percent.

Trading capped off the Wednesday session with an impressive turn into negative territory. The bias had cemented itself in positive territory leading into the all-important Fed rate decision, and initially it appeared that the reaction was muted. However, as Fed Chair Janet Yellen began her press conference, action quickly turned lower and finished with an move from green-to-red which gave up nearly 30 points in the Nasdaq Composite and about 100 points in the Dow Jones Industrial Average. Trading in the three major US indices finished the day led lower by the Dow Jones Industrial Average which lost 34.65 points (-0.20%) to end 17640.17. The S&P 500 was off Tuesday's close by 3.82 points (-0.18%) to 2071.50, and the Nasdaq Composite was down 8.62 points (-0.18%) to 4834.93.

The unwinding of the markets flowed through to Technology (XLK 43.48, -0.09 -0.21%) as the sector finished the day in the red. Component Cisco (CSCO) was among the worst performers today on the back of a premarket downgrade at Goldman Sachs; shares were taken to a Neutral rating from a Buy ahead of the bell, sending the stock lower to start, a move the name was never able to recover from. Other sectors as measured by the S&P closed the day XLB +0.45%, IYZ +0.29%, XLY +0.28%, XLF +0.13%, XLI +0.04%, XLE -0.24%, XLP -0.30%, XLU -0.63%, XLV -0.69% as Materials out-performed and Healthcare took the market move the hardest.

In the S&P 500 Information Technology (716.21, -1.96 -0.27%) sector, trading mirrored the broader market collapse in the final half-hour. Component Salesforce.com (CRM 81.99, +0.90 +1.11%) traded modestly higher today, bucking the broader market trend, as the stock was initiated with an Outperform rating at BMO Capital this morning; shares reacted higher initially upon the rating initiation, and never looked back. Other names in the space which ended in negative territory included CSRA -1.86%, INTC -1.65%, CTSH -1.60%, ORCL -1.00%, CTXS -1.00%, TDC -0.88%, PYPL -0.86%, MA -0.82%, XLNX -0.57%, ACN -0.54%, V -0.51%.

Other notable news items among sector components:

Stonegate Bank (SGBK 31.57, +0.09 +0.29%) announced the issuance of MasterCard (MA 93.34, -0.81 -0.86%) credit cards for use in Cuba.

Texas Instruments (TXN 61.69, -0.21 -0.34%) introduced two new automotive motor drivers that support high-performance powertrain applications. The DRV8305-Q1, a highly integrated three-phase brushless DC gate driver, and the UCC27211A-Q1, a high-current half-bridge gate driver.

Alliance Data (ADS 207.95, -1.03 -0.49%) updated on its Card Services segment. The company noted it is tracking to its guidance of a 5.1% principal loss rate for 2Q16 and 5.0% for FY16.

Autodesk (ADSK 56.61, +0.90 +1.62%) announced several updates to its Forge platform, including new cloud application development tools and services and three investments at Forge DevCon, the company's inaugural event for cloud developers.

Elsewhere in the tech space:

EBIX (EBIX 47.22, -0.50 -1.05%) announced sending a letter to Patriot National's (PN 8.75, +1.83 +26.45%) board outlining an offer to acquire 100% of its outstanding stock for $9.50 per share.

Demand Media (DMD 5.40, +0.24 +4.65%) undertook certain actions to streamline its studioD business, which develops and executes content marketing strategies and creates custom content for third-party brands, publishers and agencies, and better align this business with DMD's existing Content & Media service offering. As part of the studioD Realignment, it reduced the staffing within its studioD business by 35 full-time employees. The remaining studioD employees are being integrated into the Company's core Content & Media businesses, where studioD will focus on creating and distributing sponsored and native content for brands and advertisers. The Company expects to incur charges of about $900,000 primarily in the second quarter of 2016 for severance and other termination benefits incurred in connection with the studioD Realignment. Further, following the studioD Realignment and DMD's recent sale of its Cracked.com humor website business, the company's board of directors and management is considering re-initiating repurchases of its common stock pursuant to its existing stock repurchase plan, under which repurchases of up to $50.0 million were previously authorized.

GoDaddy (GDDY 32.63, -0.11 -0.34%) filed for about 4.2 million common share offering. The proposed max offering price is $31.55 per share.

YY Inc. (YY 38.82, +0.68 +1.78%) announced that the special committee of the company's board of directors received a letter from Mr. Jun Lei, Chairman of the Board, and Mr. David Xueling Li, director and CEO of YY, stating that the Buyer Group would withdraw the non-binding going private proposal dated July 9, 2015, with immediate effect. The letter stated that, having given due consideration to recent unfavorable market conditions, the Buyer Group had determined not to proceed with the Proposal. In addition, YY announced that the Board has authorized a program under which YY over the next 12 months may repurchase up to an aggregate of $200 million worth of its shares and its convertible senior notes due in 2019.

Intellicheck Mobilisa (IDN 1.56, -0.35 -18.32%) announced an agreement relating to the sale of 1,200,000 shares of common stock at a public offering price of $1.75 per share together with the issuance of 600,000 five year warrants to purchase common stock with an exercise price of $2.20. The gross proceeds from the offering, excluding any proceeds on the exercise of the warrants, are expected to be about $2,100,000, before deducting the underwriting discount and estimated offering expenses.
Nectar Services Corp. and Sonus Networks (SONS 8.80, +0.31 +3.65%) announced an integrated solution to provide complete Session Border Controller (SBC) monitoring and diagnostics for joint customers.

Orange (ORAN 15.93, -0.05 -0.31%) and Iliad SA's (ILIAY 9.80, -0.42 -4.08%) Free Mobile have been engaged in discussions regarding the progressive reduction and end of the national roaming agreement between the two operators. An agreement for the end of the national roaming service was signed on 15 June 2016. This provides for the progressive limitation of services by Free Mobile, from January 2017, for its customers roaming on Orange's network. This agreement expires at the end of 2020. This contract will be communicated to the French regulator, Arcep, which must verify its coherence with the outline recommendations published on 25 May 2016.

Nuance Communications (NUAN 16.34, +0.07 +0.43%) priced a $300.0 million of its 6.000% senior notes due 2024.

Analyst actions:

LNKD was downgraded to Neutral from Buy at Nomura and to Sector Perform from Outperform at RBC Capital Mkts,
CSCO was downgraded to Neutral from Buy at Goldman,
CMPR was downgraded to Mkt Perform from Outperform at Barrington Research,
CMP was downgraded to Sector Weight from Overweight at Keybanc Capital Mkts,
MKTO was downgraded to Mkt Perform from Mkt Outperform at JMP Securities,
BR was downgraded to Mkt Perform from Mkt Outperform at Avondale;
N, WDAY were initiated with a Market Perform at BMO Capital,
CRM was initiated with an Outperform at BMO Capital,