U.S. STOCKS PARED GAINS SLIGHTLY AFTER THE FED LEFT RATES UNCHANGED, WITH THE S&P 500 LAST UP 0.14%

U.S. equities trimmed their earlier gains after the Federal Reserve held its benchmark policy rate steady, with the S&P 500 last rising 0.14%. The reaction reflects a repricing of the path of policy rather than a change in the level of rates: a hold removes the near-term rate-cut or hike expectations that had been supporting risk assets, so the discount rate applied to future earnings is little changed while equity risk premia are reassessed. The S&P 500 is the most directly exposed instrument, with rate-sensitive, long-duration growth sectors such as technology and real estate typically moving most when yields adjust in response to Fed guidance. Traders will look to the next Consumer Price Index release and the Fed's updated dot plot or press conference language for evidence on whether inflation is cooling enough to justify future cuts.

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