Advanced Micro Devicesmeanwhile, it also shot up on Wall Street since the semiconductor maker said it expects its business to improve in the second half of the yearalso boosting the Philadelphia SE Semiconductor Index, which rose 2.1%.
The casualties, for their part, were led by Electronic Arts (-9.2%). This drop had to do with the company’s balance sheet as it reported $2.34 billion in revenue for the quarter ending in December 2022, representing a year-on-year decrease of 9.1%.
Reported revenue compares to the Zacks Consensus Estimate of $2.5 billion, representing a loss of 6.2%.
The Federal Reserve raised its benchmark rates by a quarter of a percentage point on Wednesday.and announced that it expects new increases after this eighth consecutive rise, in a context of inflation that it considered moderate “but remains high.” The Fed rates reached a range of 4.50-4.75%, something that was already discounted by the market.
“Recent indicators show moderate growth in spending and production,” remarked the Fed’s Monetary Policy Committee (FOMC) in a statement after two days of meeting, the first of the year.
For his part, the S&P 500 and the Nasdaq closed higher on Wednesday after Federal Reserve Chairman Jerome Powell recognized that inflation was beginning to abate despite the fact that the central bank increased interest rates by a quarter of a percentage point.
According to preliminary closing data, the S&P 500 gained 1.1% to end at 4,119.49, while the Nasdaq Composite gained 2% to 11,816.44. The Dow Jones Industrial Average rose 0.05% to 34,101.79 units.
Source: Ambito
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