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The S&P 500 moved higher on Wednesday ahead of a pivotal interest rate decision from the Federal Reserve that could mark the beginning of a new hiking cycle over the next few months.
The Dow Jones Industrials skidded 175.43 points to 51,917.68
The much-broader index regained 16.2 points to 7,601.93
The NASDAQ Composite recovered 161.88 points to 26,143.45.
Futures markets were pricing in a quarter-point hike for Wednesday with 92.9% odds. Odds of an additional quarter-point hike were 39.1% for the Fed’s October meeting and 26.4% for the Fed’s December meeting.
Costco Wholesale is likely to bounce back, even as consumers continue to show sensitivity to rising prices, according to Bank of America.
SK Hynix is in talks with Intel to manufacture its memory chips in the U.S. for the first time, Reuters reported Wednesday, sending shares of both companies higher in premarket trading.
Prices for the 10-year Treasury gained, lowering yields to 4.97% from Wednesday’s 5%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.97 to $103.86 U.S. a barrel.
Gold prices gained $45.60 to $4,378.70 U.S. an ounce.
