[New York = E-Daily Seong Joowon Correspondent] U.S. stock markets rose slightly on the 28th (local time) as the Federal Reserve (Fed) kept its benchmark interest rate unchanged, as widely expected. Gains in major indices were limited as Fed Chair Kevin Warsh did not provide a clear signal regarding whether there would be an additional rate hike in December. However, tech stocks related to artificial intelligence (AI) performed strongly as Oracle’s long-term earnings outlook and funding plans alleviated concerns about the financial burden of AI investments.

On that day, the Dow Jones Industrial Average closed at 52,475.10 on the New York Stock Exchange (NYSE), up 0.19% from the previous trading day. The S&P 500 index rose 0.28% to 7,743.98, while the tech-heavy Nasdaq Composite Index closed up 0.27% at 26,549.85.
The market’s primary focus that day was the Federal Reserve’s monetary policy decision. Following a two-day Federal Open Market Committee (FOMC) meeting, the Fed kept its benchmark interest rate unchanged at 3.75–4.00% per annum. After raising rates by 0.25 percentage points last September—the first hike in about three years—the Fed has adopted a wait-and-see approach to monitor further economic indicators.
In its statement, the Fed assessed that U.S. economic activity is expanding at a “strong pace.” This represents an upgrade from the “solid pace” assessment in the September statement. At a press conference, Chair Wash emphasized that while the employment situation is positive, inflation remains high. However, he stated that he would not prejudge the outcome of the meeting regarding whether to raise rates further in December.
The decision to hold rates steady was fully in line with market expectations. Immediately before the meeting, the probability of a rate freeze, as reflected in the CME Group’s FedWatch tool, stood at approximately 93%. Consequently, investor attention shifted to the possibility of a rate hike in December and upcoming economic indicators. According to Reuters, the probability of a 0.25 percentage point hike in December rose to 87.4% during the trading session, up from 78.3% the previous day.
Among individual stocks, Oracle’s sharp rise stood out. Oracle surged by more than 10%. The company projected that revenue for fiscal year 2030 would exceed $225 billion (approximately 302 trillion won) and announced that it would limit additional funding from fiscal year 2027 through fiscal year 2030 to a maximum of $20 billion. It also expects free cash flow to return to positive territory in the second half of fiscal year 2028.
Oracle had previously faced investor concerns over the burden of large-scale borrowing and financing to build AI data centers. This announcement raised expectations that expanded investment in AI infrastructure could lead to cash generation in the long term.
Semiconductor stocks also showed strength. SK hynix’s American Depositary Receipts (ADRs), traded in the U.S., surged more than 13% after SK hynix(000660)reported strong quarterly earnings, with operating profit increasing more than sevenfold year-over-year. Related stocks, such as Micron and ARM, also rose in tandem. Vertiv, a data center equipment provider, also saw a significant increase, driven by strong earnings and an upward revision to its annual outlook.
On the other hand, rising oil prices weighed on the market. As concerns over disruptions to crude oil supplies grew amid geopolitical tensions in the Middle East, the price of West Texas Intermediate (WTI) crude oil surpassed $102 per barrel during the trading session. Rising international oil prices could fuel inflation, increasing the likelihood of further monetary tightening by the Federal Reserve.
U.S. Treasury yields also showed mixed trends. The yield on the 10-year Treasury note rose to between 5.03% and 5.04% during the session, while the yield on the 2-year note—which is sensitive to monetary policy—fell.