From CNBC · Sean Conlon,Hugh Leask,Justina Lee,Davis Giangiulio · · 3m
S&P 500 Rises for Third Day as Fed Holds Rates Steady
S&P 500 climbs 0.28% to 7,743.98 as Fed keeps rates unchanged.
In brief
S&P 500 climbs 0.28% to 7,743.98 as Fed keeps rates unchanged. S&P 500 gains 0.28% to 7,743.98 after Federal Reserve holds interest rates steady. Originally reported by CNBC.
Market reaction to Fed decision
The S&P 500 rose 0.28% to end at 7,743.98, Nasdaq Composite gained 0.27% to 26,549.85, and Dow Jones climbed 97.53 points to 52,475.10 for the third straight winning day.
Fed keeps rates unchanged
The Federal Reserve maintained interest rates at a target range of 3.75% to 4% after raising rates by a quarter percentage point in September.
Fed funds futures pricing
Fed funds futures trading priced in a nearly 93% chance the central bank would maintain the current interest rate.
Chairman Warsh comments
Chairman Kevin Warsh stated the central bank remains focused on price stability despite the pause and noted the employment picture has been quite positive.
Jeff Schulze on rate outlook
Jeff Schulze, head investment strategist at Franklin Templeton Institute, said the key question for markets is the pace of tightening and the Committee seems content to unwind last year's cuts at a measured pace.
Oracle revenue forecast
Oracle shares jumped nearly 11% after providing a fiscal 2030 revenue outlook of $225 billion, implying 35% annual growth.
SK Hynix earnings
SK Hynix posted record quarterly profit, sending U.S. shares up 13% as chipmakers rallied on stronger-than-expected results.
AI stock focus
Investors' attention remains on artificial intelligence trade after 'Magnificent Seven' giants Alphabet and Microsoft report quarterly results.
Bill Northey on AI cycle
Bill Northey, investment director at U.S. Bank Asset Management Group, stated the near-term cycle remains incredibly healthy but questions about long-term durability persist.
Regional bank stocks fall
Regional bank stocks were under pressure as the State Street SPDR S&P Regional Banking ETF (KRE) traded down more than 1%.
Visa earnings report
Visa reported fiscal fourth-quarter adjusted earnings of $3.48 per share, up 17% from a year earlier, with net revenue increasing 13% to $12.1 billion.
Wendy's private takeover
Wendy's surged as much as 16% after The Wall Street Journal reported Nelson Peltz's Trian Management offered $1.4 billion to take the fast food chain private.
Robinhood earnings
Robinhood shares fell more than 6% after reporting net income of $468 million, below expectations of $556 million from the year before.
Cheesecake Factory earnings
Cheesecake Factory shares dipped more than 2% after reporting third-quarter earnings of $1.02 per share on revenues of $1.03 billion.
Mortgage rates fall
Mortgage rates fell for the second straight week, with the average contract interest rate for 30-year fixed-rate mortgages decreasing to 7.37%.
Treasury yields rise
Treasury yields moved higher as investors awaited the Federal Reserve's latest monetary policy decision, with the 10-year Treasury note yield rising to 5.0092%.
At a glance
S&P 500 gains 0.28% to 7,743.98 after Federal Reserve holds interest rates steady.
