Shares of several companies in the broader technology sector, including NVIDIA Corp (NASDAQ:NVDA) and Advanced Micro Devices Inc (NASDAQ:AMD), are trading higher Wednesday in sympathy with the broader market ahead of today's Fed decision.
Fed officials are expected to raise rates by a quarter of a percentage point in what would be the first rate hike since 2018. Investors will be watching for a forecast on what's to come in terms of rate hikes for the rest of the year.
See Also: Inflation, Fed Rate Hike, War, Pandemic To Steer US Central Bank Policymakers Meeting: Reuters
Micron Technology Inc (NASDAQ:MU) caught an upgrade Wednesday and optimism about the chip space could be helping lift Nvidia and AMD. Berstein said it expects Micron to benefit from easing supply issues in the computer chip space.
Also of note, stocks have been volatile in recent weeks as investors continue to monitor the Russia-Ukraine conflict and its impact on commodity prices.
NVDA, AMD Price Action: At time of publication, Nvidia was up 6.09% at $243.56 and AMD was up 4.97% at $114.75.
Photo: courtesy of Nvidia.
