Traders work on the floor at the New York Stock Exchange in New York City, U.S., June 3, 2026.
Brendan McDermid | Reuters
The S&P 500 rose on Wednesday as investors reacted to the Federal Reserve's latest interest rate decision and awaited earnings reports from mega-cap technology companies.
The broad market index gained 0.2%, while the Nasdaq Composite traded around the flatline. The Dow Jones Industrial Average added 87 points, or 0.2%.
The Fed kept interest rates steady at a target rate range of 3.75% to 4%. Policymakers had raised rates by a quarter percentage point at their September meeting, marking its first hike since 2023.
"The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal," the committee said in its post-meeting statement.
Traders had widely anticipated the move. Heading into Wednesday's meeting, fed funds futures trading priced in a nearly 93% chance that the central bank would maintain the current interest rate, per CME's FedWatch tool.
Those on Wall Street are now turning to Chairman Kevin Warsh's press conference later Wednesday.
More tech earnings
U.S. chipmakers moved higher Wednesday, buoyed by SK Hynix posting record quarterly profit — a development that sent U.S. shares of the South Korean chipmaker up 13%. Micron Technology was up 4%, while Arm Holdings advanced 3%. Marvell Technology moved up more than 2%, and Advanced Micro Devices increased around 2%.
Investors' attention will remain on the artificial intelligence trade after the bell, as "Magnificent Seven" giants Alphabet and Microsoft are set to report their latest quarterly results. The former was last seen up more than 1%, while the latter was down nearly 1%.
Tech stocks, particularly those with exposure to the AI buildout, have struggled in recent weeks amid questions over the technology's financing.
"The near-term cycle remains incredibly healthy," said Bill Northey, investment director at U.S. Bank Asset Management Group. "It's really about can it remain durable for many years, and what are the returns to those who are investing significantly today. Will it be universally a profitable endeavor, or will there start to be some winners and losers that emerge there, and we tend to think that it leans towards the latter."
SK Hynix is likely to rally on better-than-expected shareholder returns, UBS says
SK Hynix's shareholder returns are on track to outpace expectations, and that could boost its stock, according to UBS.
The investment firm now expects shareholder returns to equal up to 60% of the semiconductor firm's expected free cash flow return in 2027, per its analysts' new note.
"[The stock's] current share price already discounts a marked downcycle scenario for '28," analyst Nicolas Gaudois said Wednesday in a note to clients. "Going forward, we reset our expectation up to 60% of [free cash flow] return 2027E onwards."
Gaudois added that shareholder returns are the "key positive catalyst" for SK Hynix.
— Liz Napolitano
Stocks making big moves: Brinker International, Wingstop, F5
A WingStop restaurant located in Manhattan, New York.
Adam Jeffery | CNBC
Here are some of the companies making headlines in midday trading:
- Brinker International — The owner of Chili's raised its full-year guidance, calling for adjusted earnings of $13.30 to $13.90 per share, beating a FactSet consensus estimate for $13.28. The company also lifted its projections for revenue. Shares were last trading 15% higher.
- Wingstop — The chicken wing chain jumped 15% after third-quarter earnings topped estimates. Wingstop earned $1.08 per share, excluding certain items, while analysts polled by LSEG sought $1.02 per share. Revenue, however, fell short at $185 million compared to the consensus estimate of $193 million.
- F5 — The cybersecurity company tanked about 19%. F5′s guidance for fiscal year 2027 calls for non-GAAP earnings of $18 to $18.30 per share, while the FactSet consensus estimate sought $18.03 per share. Piper Sandler also downgraded shares to neutral from overweight.
Read the full list here.
— Deena Zaidi
Oil prices trade higher
WTI crude futures, 1-day
U.S. Treasury yields were higher following the move, with the 10-year Treasury note yield last up more than 3 basis points at 5.024%. The 30-year Treasury bond yield was up more than 2 basis points at 5.326%.
— Sean Conlon
Stifel downgrades Whirlpool Corporation to sell from hold
A Whirlpool laundry tower is displayed for sale next to other appliances in a Home Depot store on May 7, 2026 in Pasadena, California.
Mario Tama | Getty Images
Stifel has downgraded Whirlpool Corporation to sell from hold.
"We contend WHR is losing market share in the key U.S. market. Losses could potentially accelerate given announced pricing to offset inflation (resin, steel), competitor incentives, limited appliance brand loyalty, and weaker WHR brand demographics," wrote analyst W. Andrew Carter in a Tuesday note.
Stifel also reduced its target price for the home appliance company to $20 from $30, implying a 27.1% downside from Tuesday's close. The firm also lowered its FY28 EBITDA to $815 million from $872 million for the company. Challenges Whirlpool Corporation outlined in the third-quarter are "likely to accelerate" Carter added.
The stock fell more than 2% in late morning trading on Wednesday.
— Ananya Chetia
Visa delivers strong quarter as payment volumes climb
Visa Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Jan. 28, 2026.
Michael Nagle | Bloomberg | Getty Images
Visa reported fiscal fourth-quarter adjusted earnings of $3.48 per share, up 17% from a year earlier.
Net revenue for the company increased 13% to $12.1 billion, while GAAP net income rose 18% to $6 billion. Non-GAAP operating margin in the fourth quarter came in at 66.6%, slightly below the FactSet consensus estimate of 66.7%. Adjusted earnings and revenue in the period surpassed estimates.
Payments volume for Visa grew 9%, cross-border volume advanced 14% and processed transactions increased 10%, reflecting resilient consumer spending and travel activity.
For the full year, Visa generated record revenue of $45.9 billion, up 15%. The company also raised its quarterly dividend by 16% to 78 cents per share.
Shares were trading around the flatline in morning trading.
— Deena Zaidi
S&P 500 opens higher
Wendy's surges on report of Trian offer
Wendy's surged as much as 16% in the premarket Wednesday after The Wall Street Journal reported that Nelson Peltz's Trian Management has offered to pay $1.4 billion to take the fast food chain private.
The activist firm, a long time shareholder in Wendy's, is leading the deal with other partners including investment firms BlueFive Capital and Sixth Street Partners, the report said, citing people familiar with the matter.
WEN year to date
— Paulina Likos
Premarket movers: Ultralife surges while Robinhood and Enphase slide
Omar Marques | Lightrocket | Getty Images
U.S. stocks were active before Wednesday's opening bell as earnings and acquisition news drove sharp moves across several stocks.
Ultralife surged after agreeing to a $320 million acquisition by EnerSys, while SK hynix climbed on record AI-memory earnings. Robinhood fell as weaker crypto activity weighed on its quarterly results, and Enphase Energy dropped following declining revenue and continued pressure in residential solar.
Read more here on stocks making the biggest moves premarket.
— Deena Zaidi
Robinhood shares fall after company reports weaker-than-expected earnings
Robinhood signage during a media event at John F. Kennedy International Airport in New York, March 4, 2026.
Adam Gray | Bloomberg | Getty Images
Shares for Robinhood fell more than 6% after the brokerage's net income fell to $468 million from $556 million from the year before.
Robinhood reported 51 cents per share in its third-quarter earnings, below expectations from analysts polled by LSEG consensus with 56 cents per share. The brokerage reported $1.42 billion in revenue, in line with analysts' consensus.
The company's reported transaction-based revenue of $867 million also came fell short of expectations from StreetAccount's $879 million.
HOOD, 1-day
— Ananya Chetia
Cheesecake Factory shares fall after earnings
Cheesecake Factory shares dipped more than 2%, even after its latest earnings exceeded expectations on the top and bottom lines.
The restaurant chain and distributor of specialty cheesecakes posted third quarter earnings of $1.02 per share, excluding items, on revenues of $1.03 billion. Analysts surveyed by LSEG had expected per-share earnings of 95 cents on revenues of $1.00 billion.
The stock was already running hot into the print. Shares are up more than 110% year to date, and have rallied more than 20% just over the last three months.
Cheesecake Factory, 1-day
— Sarah Min
Mortgage rates fall for second week in a row
In an aerial view, two-story single family homes line the streets of a neighborhood on September 23, 2026 in Thousand Oaks, California.
Kevin Carter | Getty Images
Mortgage rates fell for the second straight week, and that finally brought consumers back to their brokers. A growing share, however, applied for riskier loans at even lower rates.
Total mortgage application volume rose 3.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 7.37% from 7.41%, with points increasing to 0.76 from 0.75, including the origination fee, for loans with a 20% down payment. Read more.
— Diana Olick
Treasury yields move higher
Treasury yields moved higher as investors awaited the Federal Reserve's latest monetary policy decision, due later in the session.
The 10-year Treasury note yield — the main benchmark for mortgages, auto loans and credit card debt — was more than 1 basis point higher at 5.0092% by 5:40 a.m. E.T.
The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate decisions, was flat at 4.7453%.
The yield on longer-dated 30-year U.S. Treasurys — which tend to move on geopolitical events — was up by more than 1 basis point at 5.3157%.
— Hugh Leask
UniCredit chairman to step down
The UniCredit SpA headquarters in Milan, Italy, on Jan. 22, 2022.
Bloomberg | Getty Images
UniCredit chairman Pier Carlo Padoan will step down at the end of his term for personal reasons, the Italian bank said Wednesday.
Padoan — who served as Italy's finance and economy minister from 2014 to 2018 — has been chair of UniCredit's board since April 2021.
In a statement, UniCredit said Padoan had steered the bank through an "operational and strategic transformation", navigating "challenging circumstances arising from both the broader macroeconomic environment and the evolving political landscape."
UniCredit.
The bank said Padoan will work with its nomination committee to identify a successor.
UniCredit's Milan-listed shares were last seen around 0.5% lower in morning trade.
— Hugh Leask
European stocks mixed as earnings hold spotlight
European equities were trading mixed on Wednesday morning, as investors digested a swathe of corporate earnings out of the region.
The pan-European Stoxx 600 was marginally lower by 9:15 a.m. in London (4:15 a.m. ET), with the FTSE 100 down by 0.2% while the CAC 40 added 0.1% and Germany's DAX was little changed.
Autos stocks led regional gains after earnings from Jeep maker Stellantis, Mercedes-Benz and Porsche, while banking stocks fell after reports from Santander, UBS, Deutsche Bank and BNP Paribas.
— Chloe Taylor
South Korea's Kospi surges 6.6%, Japan's Nikkei gains over 1%
Japan's Nikkei 225 closed 1.08% higher at 63,954.19, while the Topix slipped 0.14% at 3,991.71.
South Korea's Kospi rose 6.63% to 6,012.44 and the tech-focused, small-cap Kosdaq advanced 3.69% at 771.28.
Australia's benchmark S&P/ASX 200 ended flat at 8,847.30.
Hong Kong's Hang Seng index was up 0.24% in its last hour of trade, while mainland China's CSI 300 closed 0.85% higher at 4,083.87.
— Justina Lee
British pharma major GSK beats expectations; takes restructuring hit
GSK posted quarterly earnings slightly ahead of forecasts early Wednesday, as the drugmaker continues to advance its pipeline ahead of a looming patent cliff which will see revenue drop for older, best-selling medicines as they come to face generic competition.
Third-quarter sales came in at £8.9 billion ($11.8 billion), up 5% year-on-year in constant exchange rates.
Operating profit in the quarter fell 16%, driven by restructuring charges of £328 million. On an adjusted basis, operating profit grew by 5% to £3.1 billion.
The London-listed company reiterated its full-year guidance and said it remained on track for 2031 sales of more than £40 billion.
On Tuesday, GSK's oncology lead told the Wall Street Journal it would nearly double the number of cancer medicines in its pipeline next year, as Britain's second-largest drugmaker bets big on the unit under CEO Luke Miels.
GSK bought the U.S.-based specialized oncology biotech Nuvalent earlier this year, in its largest acquisition in over a decade.
— Elsa Ohlen
Mercedes-Benz car sales slump, cuts guidance amid 'intensifying competition' from China
A Mercedes-Benz GLC SUV is displayed at the Beijing Auto Show in Beijing on April 25, 2026.
Greg Baker | Afp | Getty Images
German luxury car manufacturer Mercedes-Benz reported a slump in third-quarter car sales and cut guidance, citing continued pressure in the Chinese market.
The car maker said Wednesday that third-quarter car sales declined 8% to 407,232 vehicles, with sales in the first nine months of the year down 7% to 1,244,427 units. It cited "intense competition" and a "challenging market environment" in China for the decline.
German premium automakers have struggled with competition from domestic Chinese brands like BYD, Geely, and Xiaomi.
However, it recorded growth in revenue to 30.7 billion euros ($34 billion), while net profit increased to 1.52 billion euros, with higher unit sales in Europe and the U.S. supporting earnings.
"Continued sales growth in Europe and the United States and record BEV sales show that our new models are resonating with customers," Mercedes-Benz CEO Ola Källenius said.
"At the same time, market conditions have become even more challenging over the course of the year, particularly in China. Consistent cost discipline and strong contributions from Mercedes-Benz Vans and Mercedes-Benz Financial Services help us counter these headwinds, while our strong balance sheet allows us to keep investing in our future."
The company is guiding for its full-year revenue to come in slightly below expectations, with free cash flow significantly below expectations.
— Sawdah Bhaimiya
Santander’s third quarter net profit dips 2.1%
Pedestrians walk past the Spanish multinational commercial bank and financial services, Santander Bank, in Spain.
Sopa Images | Lightrocket | Getty Images
Santander's reported net profit fell 2.1% year-on-year in the third quarter to 3.43 billion euros ($3.81 billion), while underlying net profit rose 19% to 3.85 billion euros.
Net interest income climbed to 11.83 billion euros, up from 10.35 billion euros a year earlier.
The decline in reported profit stemmed partly from some 416 million euros in restructuring and integration costs related to Santander's acquisition of U.S. lender Webster Bank.
Spain's largest bank reaffirmed its full-year 2026 guidance, including its target for profit to exceed the 14.1 billion euros it earned in 2025.
— Hugh Leask
Deutsche Bank’s profits rise 2% in the third quarter
Deutsche Bank signage.
Patti Domm | CNBC
Deutsche Bank reported a net profit of 1.9 billion euros ($2.11 billion) in the third quarter, a 2% rise year-on-year, while pre-tax profits at the German lender rose 8% year-on-year to 2.6 billion euros.
Assets under management rose by 50 billion euros to 2 trillion euros across the firm's private bank and asset management unit, fueled by record net inflows of 47 billion euros.
Deutsche Bank CEO Christian Sewing said revenue, investment inflows, loans and deposits all grew, with Germany showing stronger momentum, as the bank's return on tangible equity — a measure of how well it turns shareholder funds into profit — rose to 11.5% for the first nine months of 2026.
— Hugh Leask
UBS pre-tax profits jump 27% to $3.59 billion in the third quarter
UBS reported a pre-tax profit of almost $3.6 billion in the third quarter, up 27% year on year, largely in line with consensus forecasts.
The Swiss banking and asset management giant saw strong net inflows into its global wealth management business.
Net profits were $2.7 billion for the third quarter, in line with estimates.
Meta- and Google-backed Jio Platforms’ shares soar 21% on trading debut after record IPO
Jio Platforms' shares rose 21.4% on their trading debut Wednesday after a record initial public offering that was lapped up by retail as well as institutional investors.
India's largest telecom and digital services player had offered 270 million shares in the IPO priced at 1,119 rupees apiece, raising 302 billion rupees ($3.2 billion) in the country's largest-ever IPO.
The public issue was subscribed more than 22 times, with institutional investors leading the demand, according to data from the BSE. The qualified institutional portion was subscribed 70.55 times, while retail investors subscribed 2.72 times.
— Priyanka Salve
Labubu-maker Pop Mart’s shares extend declines as third-quarter sales plunge
Shares of Chinese toymaker Pop Mart, known for its popular Labubu dolls, added to their more than 30% decline so far this year, following a sharp decline in third-quarter revenue.
Shares were last down under 2%, paring losses after declining more than 6% in early trading Wednesday. They have ended in the red in nine of the past 12 sessions.
The company reported a 45% to 50% year-on-year drop in third-quarter revenue on Tuesday, according to a filing.
— Jenny Lee
Korea Exchange briefly halts Kospi trading as stocks jump
The Korea Exchange activated a buy-side sidecar on the Kospi, temporarily halting program trading, as South Korean stocks surged.
A buy-side sidecar is triggered when the Kospi 200 futures index rises 5% or more for at least one minute, stopping trading for 5 minutes.
The Kospi was last up 4.8%.
— Justina Lee
SK Hynix shares jump as chipmaker's third-quarter profit sharply beats estimates
South Korean chipmaker SK Hynix on Wednesday posted a record high quarterly profit, sharply beating estimates, and announced over $25 billion in dividends and buybacks, sending shares more than 3% higher.
SK Hynix posted record quarterly revenue and operating profit, with sales exceeding 100 trillion won for the first time, as it announced plans to return about 100 trillion won to shareholders — including at least 30 trillion won in cash dividends and 60 trillion won in share buybacks and cancellations.
The chipmaker approved a third-quarter dividend of 14 trillion won, including a special dividend funded by gains from its investment in Kioxia. The company will also buyback 20 trillion won in shares, half of which will be cancelled this year.
— Jenny Lee
Japan's Nikkei adds 0.7%, South Korea's Kospi advances over 2%
Asia-Pacific markets traded higher early Wednesday.
Japan's Nikkei 225 added over 0.74% while the Topix rose 0.32%.
The Kospi gained 2.06% at open, while the small-cap Kosdaq rose 1.78%.
Australia's benchmark S&P/ASX 200 was 0.84% higher.
— Justina Lee
Asia-Pacific markets set to open higher, tracking Wall Street gains
Asia-Pacific markets were set to open higher Wednesday, tracking U.S. stocks that rose on optimism around AI stocks, while a slide in oil prices also lifted market sentiment.
Japan's Nikkei 225 was poised to gain, with the Chicago futures contract at 64,410 and its Osaka counterpart last trading at 64,420, compared with the index's previous close of 63,268.37.
Hong Kong Hang Seng index futures were at 23,093, compared with the index's last close of 23,041.32.
Australia's S&P/ASX 200 was up 0.27% in early trade.
Crude oil prices fell for the second straight session Tuesday, helped by a renewed diplomatic push to de-escalate tensions in the Middle East.
— Justina Lee
Oracle rallies Tuesday on expanded collaboration with ChatGPT
Oracle rallied 3.6% on Tuesday as it took steps to integrate ChatGPT and Codex into apps and expand its cloud chip lineup.
Oracle is adding OpenAI's ChatGPT and Codex to its application stack, extending enterprise access to OpenAI tools. Mahesh Thiagarajan, Oracle's president of Cloud Infrastructure, told CNBC at Oracle AI World in Las Vegas that using ChatGPT "allows anybody to build an application, deploy it, manage it."
Oracle Cloud Infrastructure will add Google TPUs, OpenAI's Jalapeño chip and Cerebras hardware as customers seek more silicon options. OpenAI CEO Sam Altman is set to join Oracle co-CEO Clay Magouyrk for a keynote at Oracle AI World.
Oracle shares are down 33% in 2026, and off about 54% over the past 12 months.
Oracle shares have slumped more than 50% in the past year
— Scott Schnipper, Seema Mody and Nick Wells
Robinhood, NXP Semiconductor and Seagate among the names making moves after hours
Check out the companies making the biggest moves after hours:
- Robinhood — The online trading platform fell almost 5%. Third-quarter revenue came in line with expectations, and the company lowered the high-end of its forecast for full-year 2026 adjusted operating expenses. Average revenue per user in the third quarter came in at $200, versus the StreetAccount consensus estimate of $201.09.
- Seagate Technology — Shares sank 6% despite the data storage company reporting an earnings and revenue beat in its fiscal first-quarter financial report, per LSEG. Seagate also delivered better-than-expected guidance for the current quarter.
- NXP Semiconductors — The semiconductor manufacturer tumbled 9% after fourth-quarter revenue projections came roughly in line with expectations. NXP sees revenue landing at $3.85 billion, plus or minus $100 million, while the LSEG consensus called for $3.86 billion. Operating income for the period is expected to range from $1.374 billion to $1.442 billion on an adjusted basis, while the FactSet consensus anticipated $1.44 billion.
Read the full list here.
— Davis Giangiulio and Darla Mercado