The Nasdaq Composite Index recorded a slight increase in Thursday's trading session, supported by a rise in artificial intelligence (AI) chip stocks.
AI chip leader Nvidia gave the Nasdaq the biggest boost as its shares rose 1.6%, followed by Micron up 6% and Intel which jumped 11%.
The extraordinary performance of Nvidia's main supplier, SK Hynix, which recorded a record quarterly profit, as well as a surge in orders for ASML, has sparked a rally in the technology sector across European markets to Asia
The S&P 500 closed almost unchanged after the Federal Reserve (Fed) kept interest rates as expected, thus giving some indication of the possibility of a decrease in borrowing costs in the future.
In terms of the performance of the main indices, the Dow Jones rose 0.02% to 12.19 points, the Nasdaq Composite added 0.17% to 40.35 points, while the S&P 500 closed flat at 0.01% to 0.57 points.
During the Federal Open Market Committee (FOMC) meeting, the Fed emphasized that inflation rates remain high despite strong economic growth.
Meanwhile, the US central bank stated that the labor market is now showing signs of stabilizing.
In this regard, the Fed has dropped its previous statement about the increased risk of job losses from its official report.
Fed Chairman Jerome Powell was seen as careful not to comment on future interest rate decisions.
He also explained that for now the central bank will rely on current data, as well as examining the risks of rising inflation and job losses are now diminishing.
Investors widely expect the central bank to keep interest rates unchanged at 3.5% to 3.75%. Reports also showed that eight out of 10 policymakers voted to keep interest rates steady.
Following the statement, traders increased bets that the Fed will start reducing short-term borrowing costs next June.
