US stocks today: US stocks end higher as Fed holds rates; focus turns
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US stock markets ended on a high note after the Federal Reserve opted to maintain current interest rates while gauging the economic landscape. A notable resurgence in chipmakers, fueled by strong results from SK Hynix, played a key role in this upward momentum. Analysts are now speculating a significant chance of a rate hike in December.
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Loading...×US stocks ended higher on Wednesday after the Federal Reserve held interest rates steady, as expected, while investors assessed the central bank's economic outlook and looked ahead to quarterly results from Microsoft and Alphabet, Reuters reported. The gains came as chipmakers recovered from a recent selloff, with strong results from South Korean chipmaker SK Hynix supporting optimism around demand for artificial intelligence infrastructure.The Dow Jones Industrial Average rose 126.21 points, or 0.24%, to 52,503.78. The S&P 500 gained 0.33% to 7,748.03, while the Nasdaq Composite advanced 0.32% to 26,561.24.
As on 29 Oct 2026, 01:30 AM IST
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Oracle144.34(10.58%)Labcorp Hldgs360.57(8.88%)GE HealthCare Techs75.82(6.62%)Micron Technology983.23(5.86%)S&P 500 Top Losers
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Fed holds rates as December hike bets rise
The Fed left its key policy rate unchanged and upgraded its assessment of the economy, while acknowledging that inflation "remains elevated". At the post meeting press conference, Fed Chair Kevin Warsh said the central bank had made clear its willingness and readiness to act."The Fed didn't throw any curveballs," Ryan Detrick, chief market strategist at Carson Group in Omaha, told Reuters. "It was widely expected they'd hold, so no big surprise there."
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"Market participants are getting more used to (Warsh's) style," Detrick added.
Read more: US Federal Reserve holds interest rates steady as stubborn inflation puts future rate hikes in focus
Markets raised their expectations of a December rate hike, with the probability of a 25 basis point increase climbing to 87.4% from 78.3% on Tuesday, according to CME's FedWatch tool, Reuters reported. Investors were also awaiting Thursday's Personal Consumption Expenditures report and advance third quarter GDP estimate for further clues on the economic outlook.
Chipmakers rebound as earnings take centre stage
Technology shares drew support from strength in semiconductor stocks after SK Hynix reported a more than sevenfold jump in quarterly profit. Micron Technology rose, while the Philadelphia SE Semiconductor index recorded its fourth consecutive daily gain, recovering from a recent selloff driven by concerns over heavy AI spending by major technology companies."The market realizes what the Fed did today is one thing, but are AI expenditures continuing?" Detrick said, according to Reuters, highlighting the focus on technology companies' spending plans.
Investors were awaiting quarterly results from Microsoft and Alphabet after the closing bell. With 200 S&P 500 companies having reported results, 84% had beaten consensus estimates, according to LSEG data cited by Reuters. Analysts estimated aggregate third quarter earnings growth of 31.8%.
Among individual stocks, Vertiv surged after raising its full year profit and revenue forecasts, while Robinhood slipped after cryptocurrency weakness weighed on quarterly profit. Boston Scientific fell after trimming its annual profit forecast, Reuters reported.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
