US stock indices closed lower on Wednesday as investors following the Federal Reserve's policy decision and another selloff in chipmakers ahead of major tech earnings. The S&P 500 fell 1.5%, the Nasdaq 100 lost 2.1%, and the Dow shed 1,153 points. Microsoft shed 0.7% while Meta fell 1.3% ahead of their earnings reports after the bell, which investors are watching for signals on AI infrastructure spending. Concerns that AI-related capital spending has become excessive continued to pressure semiconductor stocks after disappointing results from SK Hynix. Nvidia fell 3.5%, Micron lost 9.9%, AMD dropped 5.5%, and Applied Materials slid 8.4%. The Fed left interest rates unchanged, as expected, though three FOMC members dissented in favor of a rate hike. Meanwhile, rising oil prices following renewed US-Iran strikes added to inflation concerns, pressuring the Dow. Visa gained 0.6% after reporting stronger-than-expected quarterly revenue.
Meta down 11% after hours - Microsoft better - US Futures better - SPI down 51 - Quarterlies continue
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