US Stocks Eye Big Tech Earnings as Fed Holds Rates Steady
Investors weighed Microsoft and Alphabet results as central bank decisions and AI-related debt issuance shaped trading.
- On Wednesday, Wall Street stocks finished higher after digesting a status quo Federal Reserve decision, with the broad-based S&P 500 finishing up 0.3 per cent.
- Fed Chair Kevin Warsh held interest rates steady, citing the need for more data to ensure inflation returns to the 2 per cent goal; Warsh said, "our job is to ensure that relative price changes in some sectors do not broaden out across the economy."
- AI trade received a broad lift from South Korean chipmaker SK Hynix, which soared almost 11 per cent, while Art Hogan of B. Riley Wealth Management said tech results are "100 per cent the focus."
- SK Hynix unveiled plans to return $45 billion to shareholders after record profits, while AI-related debt issuance from Big Tech firms is expected to reach nearly $250 billion this year.
- Investors now look to the European Central Bank, which meets on Thursday, and the Bank of Japan, which meets on Friday, as policymakers navigate high energy prices and persistent inflation pressures.
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Wall Street ends higher as Fed holds key rate steady
The Dow rose 0.19%, the S&P 500 gained 0.28% and the Nasdaq was up 0.27%. (EPA Images pic)NEW YORK: US stock indexes advanced on Wednesday after the US Federal Reserve left its key policy rate unchanged, as widely expected, leaving investors betting on a rate hike at its next monetary policy meeting in December.In its accompanying statement, the Fed upgraded its assessment of the economy while acknowledging inflation "remains elevated". At the p…
US stocks eye big tech earnings as Fed holds rates steady
NEW YORK: Wall Street stocks finished higher Wednesday (Oct 28) after a choppy session, digesting a status quo Federal Reserve decision as markets monitored the latest earnings from US tech giants.The Fed, as expected,
The New York Stock Exchange closed in high, with investors unaffected by the Federal Reserve's (Fed) decision to maintain the benchmark interest rate, which was expected. Nasdaq, S&P500 and Dow Jones Industrial Jones rose between 0.19% and 0.28%, while analysts consider that the Fed acted according to expectations.
ASX set to rise 0.5% as Wall Street gains after Fed decision
US stocks advanced on Wednesday after the Federal Reserve left interest rates unchanged, while gains in semiconductor shares supported Wall Street ahead of major technology earnings.The S&P 500 rose 0.28% to 7,743.98, while the Nasdaq Composite gained 0.27% to 26,549.85. The Dow Jones Industrial Average climbed 97.53 points, or 0.19%, to 52,475.10. All three benchmarks
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