The S&P 500 rose 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 dipped 42.93 points to 52,050.18.
The much-broader index regained 27.51 points to 7,613.24.
The NASDAQ Composite recovered 192.38 points to 26,173.95. Chipmakers were among those offering a boost to the market during the session. Shares of Intel and SK Hynix gained 4% and 2%, respectively, after Reuters reported that the two are in talks to manufacture SK
Hynix’s memory chips in the U.S. Other chip stocks such as Advanced Micro Devices and Nvidia saw gains as well.
Costco Wholesale is likely to bounce back, even as consumers continue to show sensitivity to rising prices, according to Bank of America.
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.
Prices for the 10-year Treasury gained, lowering yields to 4.96% from Wednesday’s 5%. Treasury prices and yields move in opposite directions.
Oil prices sank $4.11 to $101.72 U.S. a barrel.
Gold prices gained $56.40 to $4,389.20 U.S. an ounce.
