Market Holds Gains After Fed Rate Hike
Stocks have held their gains after the Federal Reserve raised its key interest rate for the first time since 2023. The S&P 500 Index has risen by +0.30%, while the Nasdaq 100 Index is up by +0.68%. E-mini S&P futures and September E-mini Nasdaq futures are also higher, with gains of +0.32% and +0.73% respectively.
The broader market is moving upwards due to a decline in crude oil prices, which has lowered bond yields and improved sentiment. Crude prices fell after API data showed US inventories increased by +7.1 million barrels last week. The EIA's weekly report also revealed that gasoline and distillate supplies rose.
Chipmakers are leading the gains, with Intel up over +4% following a report it is in talks with South Korean chipmaker SK Hynix to produce memory chips in the US for the first time. Cloud infrastructure stocks are also rallying, led by Lumentum Holdings' +7% gain.