S&P 500 Churns in Countdown to Fed, Tech Earnings: Markets Wrap
(Bloomberg) — Wall Street investors refrained from making big moves before key tech results and a Federal Reserve decision that will shape the outlook for markets through the remainder of 2026.
Following back-to-back gains, the S&P 500 fluctuated. A gauge of chipmakers rose for a fourth straight day. The artificial-intelligence trade that has powered the bull run will face a fresh test when Microsoft Corp. and Alphabet Inc. report earnings later Wednesday. Another advance in oil prices stoked inflation concerns, sending benchmark Treasury yields higher.
With US policymakers expected to hold rates steady, attention will shift to any clues on the path of monetary policy. If they do stay put, Fed Chair Kevin Warsh could face pressure to explain the rationale for not acting now after officials voted unanimously last month to raise rates to address burgeoning inflation.
Projections released last month signaled they supported one additional hike this year. The Fed will release a post-meeting statement at 2 p.m. in Washington, and Warsh is scheduled to hold a press conference 30 minutes later.
“While more Fed hikes remain in store in the coming months, we think the current backdrop remains favorable,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office. “We do not believe a measured tightening cycle will derail the US economy.”
Corporate Highlights:
OpenAI intends to buy AI computing chips from Alphabet Inc.’s Google, according to a person familiar with the matter. SK Hynix Inc. unveiled plans to return about $45 billion more to shareholders after profit surged a stronger-than-expected seven-fold. GE Vernova Inc. agreed to pay $9 billion to acquire Trench Group. The company also raised its sales guidance. Vertiv Holdings Co. expects 2026 sales to almost triple since 2021 as it benefits from soaring demand for data-center equipment. Robinhood Markets Inc. dropped on disappointing earnings. JPMorgan Chase & Co. trimmed its price target, noting a decline in customer engagement. Boston Scientific Corp. sank after the medical-device maker’s profit outlook fell short of the average estimate. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.1% as of 10:24 a.m. New York time The Nasdaq 100 was little changed The Dow Jones Industrial Average rose 0.2% The Stoxx Europe 600 rose 0.1% The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro was little changed at $1.1127 The British pound fell 0.1% to $1.3291 The Japanese yen fell 0.2% to 158.21 per dollar Cryptocurrencies
Bitcoin fell 0.3% to $80,400.13 Ether fell 0.7% to $2,325.42 Bonds
The yield on 10-year Treasuries advanced two basis points to 5.02% Germany’s 10-year yield was little changed at 3.36% Britain’s 10-year yield declined two basis points to 5.33% Commodities
West Texas Intermediate crude rose 2.5% to $102.42 a barrel Spot gold fell 0.4% to $4,044.48 an ounce ©2026 Bloomberg L.P.
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