The S&P 500 rose 0.28% to 7,744.43 on Wednesday, extending its winning streak to three sessions as chip stocks offset weakness in megacap tech shares. The index later gave up its gains after hours following a report involving JD Vance and Iran, alongside a round of megacap earnings.

December S&P 500 futures traded as high as 7,778.00 and as low as 7,752.50. The session concluded above the day’s midpoint of 7,765.25 at 7,775.00, gaining 16.75 handles from the previous close.

The Fed maintained its benchmark interest rate at 3.75% to 4.00%, but a split 10-2 vote showed disagreement over the inflation outlook, with two policymakers favoring a rate hike. The central bank upgraded its assessment of economic conditions while acknowledging that inflation remains elevated.

After the closing bell, Microsoft Corp. (NASDAQ: MSFT) reported fiscal first-quarter revenue of $92.3 billion, up 19% year over year. Alphabet Inc. (NASDAQ: GOOGL) also reported strong results, with revenue up 25% to $127.6 billion.

On Thursday, market participants can look forward to third-quarter GDP, September PCE inflation and weekly initial jobless claims, all scheduled for 8:30 a.m. ET. Investors will also watch earnings from Eli Lilly before the open and Amazon after the close.

Among the top components of the index, Broadcom Inc. (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer advanced by $9.48, or 2.77%, to close at $351.81. That performance was nearly 10 times the cash index’s advance of 0.28%.

Conversely, the biggest loser was Meta Platforms Inc. (NASDAQ: META). For the day, the tech conglomerate declined by $7.70, or 1.24%, to close at $612.49.