Stock market news today: Stocks rally, tech surges after Fed leaves rates unchanged | Nov 1, 2023 - Video

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US stocks popped on Wednesday as the Federal Reserve voted to hold interest rates at their highest range in 22 years at the conclusion of its latest policy meeting and investors bet that the central bank may be done hiking.

The S&P 500 (^GSPC) was up more than 1% while the Dow Jones Industrial Average (^DJI) gained almost 0.7%. Meanwhile, the tech-heavy Nasdaq (^IXIC) led gains, soaring 1.6%.

The Fed held rates steady in a range of 5.25%-5.50% as the central bank waits to see how its aggressive credit tightening campaign filters through the US economy.

When asked about a previous projection by the central bank for one more rate hike this year, Powell noted that the Summary of Economic Projections is "not a promise or plan of the future."

Treasury yields edged lower, with the 10-year yield (^TNX) trading below 4.8%. Yields ticked lower earlier Wednesday after the US Treasury's quarterly refunding update revealed the Treasury will auction $112 billion in debt next week, roughly in line with Wall Street's expectations.

Stock investors were watching the announcement more closely than usual, given how the August update contributed to the recent run-up in yields.

Bets on future rate hikes shifted on the news. According to the CME FedWatch Tool, investors have priced in a 73% chance that the Fed holds rates steady through its January meeting. A day prior, markets had priced in just a 59% chance that rates would be held steady through that meeting.

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