The S&P 500 was down 0.4% in afternoon trading, coming off its first losing month in the last six. The Dow Jones Industrial Average was up 99 points, or 0.3%, as of 12:09 p.m. Eastern time, and the Nasdaq composite was 0.5% lower.
No one expects the Fed to make any change to its main interest rate, which is sitting at its highest level since 2001 in hopes of grinding down on the economy enough to get inflation under control. But Fed Chair Jerome Powell will give a press conference after the rate announcement, and he could give some guidance about the chances for a cut to rates later this year. rates may stay high for a while as Fed officials wait for more confirmation inflation is heading down toward their 2% target.
Super Micro Computer, which has been one of Wall Street’s hottest stars, gave back 15.3% despite topping expectations for profit. The company, which sells server and storage systems used in AI and other computing, fell shy of analysts’ forecasts for revenue. Expectations had bult up after its stock had already tripled this year amid a broader frenzy on Wall Street around artificial-intelligence technology.
Chemical producer DuPont was another winner, up 7.3%, after reporting stronger profit than expected. It said demand from customers in the semiconductor industry continued to recover.
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