Stock Market Rises as Fed Keeps Interest Rates Unchanged Amid Inflation Fears

U.S. stock futures rose on Thursday as investors digested the Federal Reserve's decision to keep interest rates unchanged, despite three FOMC members voting for a rate hike due to persistently high inflation.

The Dow Jones, S&P 500, and Nasdaq 100 indices all gained ground, while the CME Group's FedWatch tool showed markets pricing in a 65.2% likelihood of a Federal Reserve interest rate hike during its September meeting.

Microchip leader Qualcomm (QCOM) was down following a weak price trend according to Benzinga's Edge Stock Rankings, but Microsoft (MSFT) surged 8.09% after reporting better-than-expected fourth-quarter financial results.