The S&P 500 closed above 5,400 on Wednesday, rising 0.8% to a record 5,420, after hitting an intraday high of 5,447.02. The NASDAQ Composite also saw a significant increase, climbing 1.5% to achieve its third consecutive record close. In contrast, the Dow Jones Industrial Average fell slightly by 35 points, or 0.1%. This market activity occurred despite the Federal Reserve's more hawkish outlook, which now anticipates just one rate cut in 2024, down from the previous forecast of three cuts. The Fed projects the benchmark rate to be 5.1% by the end of 2024, 4.1% in 2025, and 3.1% in 2026. These projections came after data showed inflation cooled more than expected in May, with the consumer price index rising by 3.3% annually and remaining flat month-over-month. In the tech sector, Oracle's stock surged 13% due to new AI partnerships with OpenAI and Google Cloud and a strong revenue growth forecast for 2025. Apple briefly overtook Microsoft as the most valuable company by market cap amid AI optimism. However, Rubrik's stock fell 8% despite surpassing first-quarter expectations. Meanwhile, Bitcoin lost some gains following the Fed's decision, but cryptocurrency-related stocks like Coinbase, MicroStrategy, and Marathon Digital Holdings closed higher.
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