US stock indexes were mostly higher on Wednesday, supported by a rebound in chip stocks ahead of the Federal Reserve’s widely expected decision to keep rates unchanged. The S&P 500 was little changed, while the Dow held near its record high of 52,000 and the Nasdaq rose 0.3%.
Geopolitical developments also buoyed sentiment. Iran and the US remained on track to sign an agreement by Friday that would restore energy exports from all Persian Gulf countries and lift sanctions on Iran, easing worries about energy-driven inflation.
The Fed is expected to leave rates on hold but will provide fresh guidance through an updated Summary of Economic Projections (SEP). Chair Warsh is also expected to offer more detail on the timing of potential changes to the policy framework that he has previously advocated.
In corporate action, Nvidia edged higher, and SpaceX extended its post-IPO rally to a fourth straight session, helped by investor enthusiasm following its acquisition of Cursor. Among other chipmakers, Marvell and AMD added more than 2%, while Intel climbed 2% as its latest chip advanced to risk production.
