Stocks rose Wednesday after the Federal Reserve hiked interest rates by 0.25% and investors weighed earnings reports from Microsoft (MSFT) and Alphabet (GOOGL).
The tech-heavy Nasdaq Composite (^IXIC) was up 0.2%, while the Dow Jones Industrial Average (^DJI) rose more than 100 points, or 0.5%. The S&P 500 (^GSPC) was up 0.2%.
The Fed was overwhelmingly expected to hike interest rates in its statement Wednesday. In a press conference following the decision, Fed Chair Jay Powell said the central bank had not made a decision on whether to hike rates at its next meeting in September.
He noted that between now and that meeting, the Fed would consider a slew of economic data including two monthly jobs reports, inflation reports and data on economic activity. “All of that information is going to inform our decision,” he said.
Next up on the Big Tech earnings docket is Meta (META), expected to report after trading ends. In focus is what the Facebook parent will say about its artificial intelligence efforts, given that hopes for the tech helped drive a rally in stocks.
Microsoft’s and Alphabet’s AI updates came under close scrutiny, and both topped estimates in their after-hours reports. But the stocks are headed in opposite directions early Wednesday, with the Google owner on the rise.
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