GFX instagram founders leaving
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01:42 - Source: CNN
CNN Business  — 

2. Ghosn out: Carlos Ghosn has stepped down as head of Renault.

The rate hike on Wednesday was a sign of increased confidence in the US economy. Unemployment is low, economic growth is strong, and inflation is relatively stable.

Fed policymakers led by Chairman Jerome Powell unanimously agreed to raise the federal funds rate a quarter percentage point, to a range of 2% to 2.25%.

Investors reacted by pushing the Dow Jones industrial average down 0.4%. The S&P 500 dropped 0.3% and the Nasdaq slipped 0.2%.

Bank stocks were particularly hard hit. Shares in Wells Fargo (WFC), Bank of America (BAC) and Goldman Sachs (GS) shed nearly 2%.

2. Stocks look to bounce back: The Thanksgiving break can’t come soon enough for investors.

H&M said its sales overall rose 9% in the quarter, while online sales jumped 32%. Shares in the company shot up 10% in Stockholm.

Profits slid more than expected, however. H&M blamed the weakness on problems with a new logistics system in some of its biggest markets.

3. Facebook spat: WhatsApp co-founder Brian Acton has harshly criticized Facebook over its approach to privacy.

Acton said in an interview with Forbes that he was unhappy with Facebook (FB)’s approach to monetizing WhatsApp. “I sold my users’ privacy to a larger benefit. I made a choice and a compromise. And I live with that every day,” he said in the interview.

The Acton interview comes just days after Instagram founders Kevin Systrom and Mike Krieger announced they will leave the company. Reports suggest they too had disagreements with Zuckerberg over the direction of their app.

WhatsApp and Instagram are among Facebook’s most high profile acquisitions.

4. Global market overview: US stock futures were higher Wednesday, pointing to a higher open. Investors looked to buy the dip after the Dow plunged nearly 1,000 points over the past two days.