Third Day of Index Records, FOMC Said One Cut Coming | Wall Street Today

As a recap just past 10:20 AM EST, the $S&P 500 Index (.SPX.US)$ was climbing past a record by 1.23%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.57%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.43%. The indexes gapped higher Wednesday morning, the dow jumping 500 points overnight.

Wednesday, the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. The Committee also showed an updated dot plot and updated projects that call for a median final rate goal of 5.10% by the end of the year. The dot plot shows about one rate cut, compared to the March projection of about three and a final rate goal 4.6%.

In sectors, Consumer Electronic companies were still climbing on Apple volume, followed by Semiconductor companies, led by a 5% advance from $Taiwan Semiconductor (TSM.US)$ and a 4% climb from $NVIDIA (NVDA.US)$.

$Oracle (ORCL.US)$ climbed 13%, the highest on the S&P 500, after the firm's earnings came in lower than estimated, but the firm said Microsoft OpenAI and Google Cloud would launch new partnerships to rent processing power on Oracle networks.

$Broadcom (AVGO.US)$ reported quarterly earnings of $10.96 per share which beat the analyst consensus estimate of $10.84 by 1.11 percent. The firm announced a 10-1 stock split for July 15th. At current prices, each share would come in just below $150. The stock climbed 9% after the close.

$Apple (AAPL.US)$ was the highest climber on the Dow for the second day, continuing its record-breaking Tuesday climb with a 3% morning jump. It became the most valuable company in the U.S., upsetting Microsofts reign with a market cap of $3.3T, just one week after losing the #2 spot to $NVIDIA (NVDA.US)$

$Avidity Biosciences (RNA.US)$ was the highest gainer above $1B market cap, climbing 32% as the company shared positive data from a trial treating facioscapulohumeral muscular dystrophy (FSHD), a type of muscular dystrophy I can not pronounce.

$GameStop (GME.US)$ pulled back about 15% after an early morning climb. The firm said it minted more than $2B offering fresh stock to investors in the past couple of days.

$Vera Bradley (VRA.US)$ sank nearly 20% Wednesday after the women's clothing and accessories maker posted a surprise net loss of $8.1 million, or 26 cents a share, for the quarter to May 4. That was wider than the loss of $2.6 million, or 9 cents a share, posted in the year-earlier period.

In earnings, investors can expect $Adobe (ADBE.US)$ Thursday.