Tech stocks rose on Wednesday as investors awaited the Federal Reserve’s latest rate decision. Chip makers led gains, with SK Hynix reporting a sharp jump in quarterly profit.
SK Hynix said its profit tripled from a year earlier, driven by strong demand for memory chips used in artificial intelligence systems. The results beat analyst expectations and lifted semiconductor shares across Asia.
The Federal Reserve is widely expected to hold interest rates steady at its meeting later in the day. Policymakers have signaled caution as they weigh inflation progress against economic growth.
Investors will focus on the central bank’s statement for clues about future rate moves. Markets currently price in a modest chance of a cut later this year.
Technology shares have been volatile in recent weeks amid shifting expectations for monetary policy. Wednesday’s gains suggest appetite for risk remains intact despite uncertainty.
Bond yields held steady ahead of the Fed announcement. The dollar traded in a narrow range against major currencies.
Trading volume was moderate as many investors stayed on the sidelines. Attention now turns to the Fed’s guidance for the months ahead.
