US equity indices rebounded on Thursday as chipmakers extended their rally and investors reassessed the likelihood of further Federal Reserve rate hikes. The S&P 500 gained 0.7%, the Nasdaq 100 advanced 2%, and the Dow Jones Industrial Average climbed 300 points, bringing it back near record territory.
The Federal Reserve left interest rates unchanged, with roughly half of FOMC participants projecting that at least one additional rate increase would be appropriate this year. New Fed Chair Kevin Warsh also moved ahead with his commitment to overhaul the central bank’s operational framework, announcing the launch of several dedicated task forces.
On the policy front, President Trump signed a memorandum of understanding with Iran aimed at easing pressures from energy-related inflation risks.
In corporate news, Intel shares jumped more than 10% after the US President said the company had reached a deal with Apple. Micron gained ahead of its earnings release next week, while Nvidia rose 1%, partially reversing its decline from the previous session.
