Finance

The Federal Open Market Committee voted to keep the benchmark federal funds rate steady between 3.5% and 3.75%, marking the third consecutive pause. The decision was notable for its four dissenting votes—the most in over 30 years—signaling a growing divide among policymakers regarding future inflation risks and the impact of geopolitical instability.

Technology stocks led the broader market rally, with Apple shares climbing 3.3% after providing a positive sales forecast for its upcoming hardware. Despite the gains, investors are closely monitoring rising capital expenditures in the sector, as major firms significantly increase spending on artificial intelligence infrastructure.

Oil prices remain elevated as a naval blockade near the Strait of Hormuz continues to impact global supplies, with Brent futures recently moving above $90 per barrel. While Exxon and Chevron surpassed quarterly profit expectations, their net incomes saw significant declines compared to previous periods due to the ongoing conflict.