US stocks were higher on Wednesday as investors digested commentary from the Federal Reserve chair Jerome Powell after the central bank held interest rates steady at its latest policy meeting. The S&P 500 rose about 0.9%, while the Dow Jones Industrial Average and Nasdaq Composite both popped over 1%. Fed officials said in a policy statement Wednesday, “In recent months, there has been a lack of further progress towards the committee’s 2% inflation objective.
" Elsewhere in markets, disappointing results from chipmaker AMD and server maker Super Micro Computer took the shine off hopes for an AI-fueled boost to the sector. AMD shares sank nearly 10% while Super Micro fell more than 16%. The news weighed more broadly on chipmakers like Nvidia , which dropped as much as 5%. Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards Meanwhile, earnings season rolls on.
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