What is causing the rise in blue chips and the slip in tech stocks before the Fed meeting on Wednesday?

During Wednesday’s trading session in New York, U.S. stocks were able to make small gains, except for the technology sector which lagged behind. Traders were eagerly awaiting the Federal Reserve meeting scheduled for 2 p.m. on Wednesday. The Fed is expected to keep interest rates steady at 5.25%-5.5%, but the focus is on updated economic projections that could reveal a more aggressive stance on interest rates. This could potentially lead to more rate hikes later in the year and fewer rate cuts next year. Fed Chair Jerome Powell’s press conference at 2:30 p.m. is highly anticipated. The dollar and U.S. Treasury yields were slightly lower, following the highest level in 16 years for the 10-year yield on Tuesday. The S&P 500 and Dow Jones rose, while the Nasdaq 100 slipped. Small caps in the Russell 2000 rose. In Thursday’s trading, the SPDR S&P 500 ETF Trust, SPDR Dow Jones Industrial Average ETF, and Invesco QQQ Trust had varied performances. The Real Estate Select Sector SPDR Fund led gains, while the Technology Select Sector SPDR Fund lagged. The average interest rate for 30-year fixed-rate mortgages increased, while mortgage applications surged. Western Digital Corp., Zebra Technologies Corp., Frontier Communication Parent, Coty Inc., Darden Restaurants, Inc., and FactSet Research Systems, Inc. were in focus for their stock performances. Crude oil fell, treasury yields were slightly lower, the dollar fell, and European equity indices closed higher. Gold and silver prices rose, while Bitcoin decreased. This report was updated by Piero Cingari on Thursday. Peter Schiff blames Bidenomics for surging bond yields and energy prices.