Tech Stocks Open Higher Ahead of Fed Rate Decision

Dow Jones10-28 21:46
 

The tech euphoria is rolling into a third day ahead of the Fed's interest-rate decision.

The Nasdaq is gaining this morning, with chip stocks leading the way after SK Hynix reported blowout earnings. The South Korean company said capacity for some of its sought-out memory products was basically sold out for the next three years.

Results from Google owner Alphabet and Microsoft after markets close could provide further fuel. The Nasdaq has gained almost 2% since Anthropic filed its IPO paperwork Monday.

The Federal Reserve is broadly expected to leave rates unchanged, despite inflationary pressures continuing to mount. Benchmark Treasury yields have edged above 5% again ahead of the decision, due at 2 p.m. ET. Investors will scrutinize Chairman Kevin Warsh's press conference for clues on his next moves.

Oil prices also rose overnight after The Wall Street Journal reported the Trump administration has told several Gulf countries to be prepared for a short, intense military campaign against Iran after the U.S. midterms.

 
 

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