US sharemarkets finished higher on Wednesday, supported by gains in large technology names as investors assessed minutes from the Federal Reserve’s most recent policy meeting. The S&P 500 rose 0.56% to close at 6,881.31, while the Nasdaq Composite outperformed, adding 0.78% to 22,753.63. The Dow Jones Industrial Average climbed 129 points, or 0.26%, to finish at 49,662.66.
Technology stocks provided the bulk of the support. Nvidia gained 1.6% after Meta Platforms confirmed plans to deploy millions of the chipmaker’s processors in its data centre expansion. Amazon rose nearly 2% after disclosures showed a large institutional investor increased its stake during the December quarter, helping the stock recover from a recent losing streak. Micron Technology jumped more than 5% after a hedge fund disclosed a larger holding.
Beyond the largest names, gains also extended into parts of industrial technology, suggesting a more selective improvement within the sector even as broader software stocks remained under pressure.
Fed minutes and commodities in focus
Investors also weighed the Federal Reserve’s January meeting minutes, which showed policymakers broadly supported holding interest rates steady at 3.5% to 3.75%, while remaining divided on the path ahead. The minutes indicated some officials were prepared to consider higher rates if inflation pressures persist, tempering earlier optimism.
In commodities, oil prices surged more than 4% amid rising geopolitical tensions in the Middle East, adding to cross-asset volatility. Software stocks, already under pressure from concerns about artificial intelligence disruption, lagged the broader market despite the gains in mega-cap technology.
Australian market outlook
Australian shares are set to open higher, though futures gains eased in line with Wall Street’s late-session pullback. ASX 200 futures were up 41 points, pointing to an open above 9,000.
Several major companies have already reported this morning. Telstra posted a 9.4% rise in interim net profit and increased its share buyback to $1.25 billion. Transurban swung back to profit with an interim net of $343 million as traffic volumes improved. Medibank reported an 11% fall in half-year net profit, while Bega Cheese recorded a 45.1% surge in profit. Hub24 delivered a 60% jump in underlying net profit on strong platform inflows.
Investors will also watch a large slate of results on Thursday, with names including Rio Tinto, Wesfarmers, Goodman Group, Brambles and Whitehaven Coal scheduled to report.
January employment data are due at 11.30am, while globally, markets will watch upcoming US releases including wholesale inventories, jobless claims and trade balance figures.
