US Stocks Move Higher After Fed Chair Warsh Press Conference
US stocks moved higher on Wednesday, with the S&P 500 rising 0.4%, the Nasdaq gaining 0.3% and the Dow Jones advancing 170 points, as investors digested the latest FOMC decision and comments from Fed Chair Warsh. As expected, the Fed left interest rates unchanged, although two policymakers dissented in favor of a 25bps rate hike. Chair Warsh struck a confident tone on inflation expectations, suggesting they remain well anchored, and announced changes to the Fed’s meeting schedule beginning next year. Meanwhile, corporate earnings remained in focus. Microsoft (-0.5%) and Alphabet (+1.6%) are due to report results after the closing bell. Alphabet also benefited from news that OpenAI intends to buy AI computing chips from Google. Record quarterly profits from SK Hynix also boosted some semicon stocks including Micron Technology (5.6%) and AMD (2.6%). In contrast, Apple fell 0.8% despite unveiling a revamped MacBook Pro featuring a touchscreen. Meta went down 1.2% and Tesla fell 1%.
US stocks moved higher on Wednesday, with the S&P 500 rising 0.4%, the Nasdaq gaining 0.3% and the Dow Jones advancing 170 points, as investors digested the latest FOMC decision and comments from Fed Chair Warsh. As expected, the Fed left interest rates unchanged, although two policymakers dissented in favor of a 25bps rate hike. Chair Warsh struck a confident tone on inflation expectations, suggesting they remain well anchored, and announced changes to the Fed’s meeting schedule beginning next year. Meanwhile, corporate earnings remained in focus.
Microsoft (-0.5%) and Alphabet (+1.6%) are due to report results after the closing bell. Alphabet also benefited from news that OpenAI intends to buy AI computing chips from Google. Record quarterly profits from SK Hynix also boosted some semicon stocks including Micron Technology (5.6%) and AMD (2.6%). In contrast, Apple fell 0.8% despite unveiling a revamped MacBook Pro featuring a touchscreen.
Meta went down 1.2% and Tesla fell 1%.