FX.co ★ US Stocks Move Higher After Fed Chair Warsh Press Conference

US stocks advanced on Wednesday, with the S&P 500 up 0.4%, the Nasdaq gaining 0.3% and the Dow Jones adding 170 points, as investors absorbed the latest FOMC decision and remarks from Fed Chair Warsh. As anticipated, the Fed kept interest rates unchanged, though two policymakers dissented in favor of a 25 bps increase. Warsh struck a confident tone on inflation, indicating expectations remain well anchored, and announced adjustments to the Fed’s meeting schedule beginning next year.

Corporate earnings remained a key driver. Microsoft (-0.5%) and Alphabet (+1.6%) are set to report results after the closing bell. Alphabet also benefited from news that OpenAI plans to purchase AI computing chips from Google. Record quarterly profits from SK Hynix supported a rally in semiconductor names, including Micron Technology (+5.6%) and AMD (+2.6%). By contrast, Apple slipped 0.8% despite unveiling a revamped MacBook Pro with a touchscreen. Meta declined 1.2%, and Tesla lost 1%.