Nasdaq jumps 1.2% on chip stocks as the Fed meets
The Nasdaq rose about 1.2% and the S&P 500 gained 0.6% on Tuesday as chip and AI stocks rallied for a second day, helped by enthusiasm over Anthropic's IPO filing. The Dow was about flat. The Federal Reserve began a two-day meeting, with a rate decision due Wednesday that most investors expect to hold rates steady. SoFi jumped about 13% after strong results.
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Why it matters
Retirement and investment accounts that hold tech and chip stocks gained on Tuesday. Most investors expect the Federal Reserve to hold interest rates steady, which affects borrowing costs on loans and credit cards.
What to watch
The Federal Reserve announces its interest rate decision on Wednesday, October 28.
Sources
- Yahoo Finance: Stock market today, Tuesday, October 27
- Investing.com: S&P 500, Nasdaq end higher as traders gear up for tech earnings, Fed
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