U.S. stocks closed mixed Wednesday after the Federal Reserve left its key interest rate unchanged, as expected, but indicated that its next move will probably be to cut rates.
The S&P 500 and the Nasdaq ended lower while the Dow Jones Industrial Average notched a modest gain.
At the subsequent press conference, Fed Chair Jerome Powell suggested that while the central bank remains focused on bringing inflation back to its 2% target, he noted progress toward that goal and dismissed the notion of an imminent rate hike. Powell said the labor market was normalizing, citing data released on Wednesday showing job openings dropping to a three-year low.
Among individual companies, Advanced Micro Devices dropped after its disappointing artificial intelligence chip sales forecast, while Super Micro Computer slid following the company's quarterly revenue miss.
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