Stock market today: Stocks rally after Fed decision as Powell soothes rate nerves

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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Stock market today: S&P 500 futures slide with Fed's Powell in the spotlightFed day arrives with the focus on what clues Powell will offer to the chances for rate cuts this year.
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Stock market today: Dow leads markets higher as earnings roll in, Powell comments on inflationStocks eyed a broader comeback from a steep sell-off as investors digested results from Bank of America and other heavyweights.
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Markets today: stocks, bonds gain on Powell rate-cut reassuranceStocks rose and Treasury yields pulled away from four-month highs after Federal Reserve chief Jerome Powell reaffirmed the central bank is on track to cut interest rate cuts this year.
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Markets today: U.S. stocks rise as Powell sticks to wait-and-see toneStocks rebounded after a two-day drop, with Jerome Powell reiterating the Federal Reserve’s wait-and-see approach before policymakers decide to embark on interest-rate cuts.
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Markets today: U.S. stocks rebound after data with eyes on PowellThe stock market rebounded as the latest set of economic data did little to alter bets the Federal Reserve will deliver rate cuts this year, following recent concern that the central bank would delay policy easing.
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