The Dow Jones Industrial Average gained 0.2% amid volatile action Wednesday, while other major indexes fell modestly. The Federal Reserve raised rates by 25 basis points but gave mixed signals about future hikes.
The Fed stated that "the U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The Committee remains highly attentive to inflation risks."
Fed Chair Jerome Powell indicated that further action in monetary policy would be data dependent.
"We're coming to a place where there really are risks on both sides," Powell said. That's a softer tone from June, when Powell indicated that Fed policymakers still thought risks to inflation were on the upside.
The S&P 500 closed a few points lower, while the Nasdaq fell 0.1%. Indexes were volatile after Powell began taking questions from reporters.
The Dow rose for the 13th straight session, the longest win streak since 1987.
Volume was higher on the NYSE and the Nasdaq from Tuesday's totals, according to preliminary data.
The small-cap Russell 2000 gained 0.7%. Meanwhile, the growth-stock oriented Innovator IBD 50 ETF lagged, falling 0.3%.
The yield on the benchmark 10-year Treasury note fell 6 basis point to 3.85%.
Dow Jones Stocks
Microsoft fell after reporting earnings as the software giant gave a lower sales outlook while also signaling that more capital spending will be needed for its artificial intelligence venture. MSFT stock tested support at its 50-day moving average on Wednesday.
Boeing broke out from a flat base after earnings and gained nearly 9%. Shares are in a buy zone from a 223.91 entry.
Stocks Moving Today
Shares of Alphabet gapped up after earnings in the stock market today. GOOGL stock is also in a buy zone.
Texas Instruments fell to test its 50-day line after the company gave a weak outlook for the current quarter.
Meta Platforms rose more than 4% in extended trading. The company beat Wall Street expectations after the closing bell. META is on IBD Leaderboard.
Tesla fell slightly Wednesday. Seven leading automobile companies, including BMW, General Motors and Honda are eyeing a joint venture to challenge the EV leader by creating a charging network with at least 30,000 chargers.
Spotify rose after Deutsche Bank upgraded the stock to buy from hold with a price target of 180. Shares plummeted below the 50-day line Tuesday after the latest quarterly results.
Target erased early losses and ended higher after analysts at Raymond James cut their rating to market perform from strong buy.
Silicon Motion initially soared after MaxLinear got approval from Chinese regulators to acquire the data storage company. But MaxLinear later said it terminated the deal because certain requirements weren't met. Silicon Motion closed 25% higher, and MaxLinear fell nearly 13%.
New home sales fell to 697,000 in June from May's revised 715,000.
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