US Stocks Hold Increase After Fed
US stocks remained mostly higher on Wednesday on a rebound from the tech sector, while markets assessed how the economy will fare with the rate hike from the Federal Reserve. The S&P 500 added 0.4% and the Nasdaq 100 gained 1%, while the Dow inched below the flatline. The Fed raised rates by 25bps, as expected, and median projections by FOMC members showed one or two additional hikes expected for this year as inflation is due to remain high and unemployment is expected to remain low. Chip producers and hardware companies extended yesterday's rebound after concerns over AI safety risks voiced by Anthropic and OpenAI jeopardized the momentum of soaring hyperscaler capital expenditure. Intel, Marvell, and Dell gained over 5%, while Nvidia and AMD were 3% higher. In turn, banks, retail, and pharmaceutical companies were mostly higher.
US stocks remained mostly higher on Wednesday on a rebound from the tech sector, while markets assessed how the economy will fare with the rate hike from the Federal Reserve. 4% and the Nasdaq 100 gained 1%, while the Dow inched below the flatline. The Fed raised rates by 25bps, as expected, and median projections by FOMC members showed one or two additional hikes expected for this year as inflation is due to remain high and unemployment is expected to remain low. Chip producers and hardware companies extended yesterday's rebound after concerns over AI safety risks voiced by Anthropic and OpenAI jeopardized the momentum of soaring hyperscaler capital expenditure.
Intel, Marvell, and Dell gained over 5%, while Nvidia and AMD were 3% higher. In turn, banks, retail, and pharmaceutical companies were mostly higher.