Mixed US Stocks Close as Tech Leads Gains and Fed Official Calls for Rate Hike

US stocks closed mixed on Wednesday, with the Dow Jones Industrial Average falling 0.31% to 51,349.98 points, while the Nasdaq Composite Index rose 0.01% to 26,939.37 points.

The S&P 500 Index fell 0.02% to 7,704.13 points. Tech stocks led the gains, with Meta Platforms (META) rising 4.5% to $777.59 after JPMorgan raised its price target from $820 to $920 while maintaining an Overweight rating.

The bank's optimism stems from Meta's increasingly clear monetization path for Muse, which includes a small transaction fee on transactions completed through the platform in the future.

Meanwhile, Fed official John Williams stated that another rate hike before year-end is reasonable to return inflation to its target level in a timely manner.