The S&P 500 closed slightly higher on Wednesday after the Federal Reserve kept interest rates unchanged.
The central bank, however, said there could be two more rate hikes later in the year. Traders now have a 63% chance that the Fed will raise interest rates in July.
Earlier on Wednesday, producer prices for final demand fell 0.3% month-on-month in May, compared with a 0.2% increase in April, and a 0.1% decline compared with market expectations.
UnitedHealth Group Inc uhhh Shares fell more than 6% on Wednesday after the company’s CEO highlighted an increased volume of non-urgent surgeries, raising fears of higher costs for insurers.
Advanced Micro Instruments, Inc. amd Shares rose more than 2% on Wednesday after a report suggested Amazon.com Inc. amzn The cloud unit is looking to use the company’s AI chips.
Most sectors on the S&P 500 closed on a negative note, with energy and health care stocks posting the biggest declines on Wednesday. However, information technology and consumer staple stocks closed higher during the session.
The Nasdaq 100 closed up 0.70% at 15,005.69 on Wednesday amid a rally in stocks. Nvidia Corporation NVDA And Microsoft Corporation msft,
The S&P 500 climbed 0.08%, while the Dow Jones fell 0.68% to 33,979.33 in the previous session.
The CBOE Volatility Index (VIX) of the Chicago Board Options Exchange closed down 5% on Wednesday at 13.88.
What is the CBOE Volatility Index?
The CBOE Volatility Index, popularly known as the VIX, is a measure of expected equity market volatility based on S&P 500 Index calls and puts. Option,