U.S. stocks gained again on Wednesday as traders digested the latest interest rate decision from the Fed. The FOMC remains data-dependent and said it needs to see more of an improvement in the job market before raising rates. According to the CME, Fed funds futures are pricing in a 0% chance of an increase in September and 57% chance for higher rates by December.
At the closing bell, the broader market averages gained 0.45% to 0.75% across the board. Energy and industrial names led the way higher. Elsewhere, the yield of the benchmark 10-year U.S. Treasury note increased 3.2 basis points to 2.282%. Energy prices also gained for a second straight session.
Social media names Twitter (TWTR) and Yelp (YELP) bucked the general market trend and fell 14% and 25%, respectively, on lower profit outlooks. On the other hand, Cytec (CYT) gained 27% after receiving a $5.5 billion cash takeover offer from Belgium-based Solvay SA. (Twitter is part of TheStreet's Action Alerts PLUS portfolio.)
In after-hours action, Qorvo (QRVO) has dropped 14% on a lower profit outlook. Whole Foods (WFM) is also down 10% after posting lower-than-expected quarterly results. Hologic (HOLX) is up more than 6% after boosting guidance.
Looking ahead to Thursday morning, Cigna (CI), Colgate-Palmolive (CL), ConocoPhillips (COP), Procter & Gamble (PG), Starwood (HOT) and Time Warner Cable (TWC) headline the earnings calendar. On the economic front, we'll get a look at the initial report for second-quarter GDP, in addition to the weekly jobless claims, before the opening bell. (ConocoPhillips is part of TheStreet's Dividend Stock Advisor portfolio.)