February 1, 2023

S&P 500's tech sector rises modestly after Fed statement

The S&P 500’s technology sector edged higher after the Federal Reserve released a statement saying that it’s hiking its benchmark interest rate by a quarter of a percentage point, an increase widely expected by the market. Information tech shares in the index were up 0.3%, the sole sector with gains, according to FactSet data, at last check. Meanwhile, the S&P 500 index
SPX,
+1.05%
was down 0.3%, with its remaining 10 sectors all showing losses, FactSet data show, at last check. Fed Chair Jerome Powell is scheduled to hold a press conference at 2:30 p.m. Eastern time.

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