Wall St choppy as megacap losses offset chip gains before Fed decision
SPY•U.S. stocks were mixed, with the Dow up 0.14% and S&P 500 up 0.09%, while the Nasdaq fell 0.03%. Chip stocks advanced after SK Hynix reported a more than sevenfold quarterly profit jump, while investors awaited the Fed decision and Microsoft and Alphabet results.
1. Stocks trade mixed
U.S. stocks wavered as losses in megacap shares including Tesla and Apple offset chipmaker gains. At 10:01 a.m. ET, the Dow rose 0.14% to 52,450.97, the S&P 500 gained 0.09% to 7,729.20 and the Nasdaq fell 0.03% to 26,470.68.
2. Chip stocks advance
The Philadelphia semiconductor index rose 0.9%. Micron gained 4.8% after SK Hynix reported a more than sevenfold jump in quarterly profit; SK Hynix's U.S.-listed shares rose 10.6%. Tesla fell 1.9% and Apple eased 0.6%.
3. Fed and earnings ahead
The Federal Reserve's policy announcement was due at 2 p.m. ET, with markets widely expecting a pause after last month's hike. Microsoft and Alphabet were set to report after the close, and investors were expected to scrutinize their capital expenditure plans and cloud growth.
