Wall Street Today | GameStop shares rise after board declares 4-for-1 stock split

Federal Reserve officials concluded at their meeting last month that they needed to pick up the pace of interest-rate increases because the inflation outlook had deteriorated, and anticipated another rate increase of either a half percentage point or 0.75 point would be warranted at their gathering later this month.

The U.S. economy is cooling off, but the labor market is still red-hot. Job openings fell slightly in May to a still-high 11.3 million and layoffs remained near a record low. The number of people who quit jobs in May, meanwhile, fell slightly to 4.27 million, the Labor Department said Wednesday.

Copper resurfaced above its $7,500 per ton plunge as fears of a global economic slowdown piled pressure on industrial metals and deepened their dive from record highs just months ago. After a 4.2% slump on Tuesday to its lowest close in 19 months, copper fell almost 5% on Wednesday. Investors are fretting over a range of threats to demand, from Europe's gas crisis to a US slowdown.

Global chip sales in May rose 18% to $51.8 billion from a year ago, with sales "increasing strongly" across most regional markets and product categories. However, analysts point out that unit sales are actually declining as Micron forecast creates more concern about the future of semiconductor sales.