Flat FOMC Drift: Semis Lead, Mega-Cap Rotation Persists Amid Hawkish Shift & Dollar Backtest

The major stock indexes opened higher on Wednesday, lifted by strong corporate earnings reports and related developments (mainly in the semiconductor sector) following ASML’s solid earnings release and optimistic guidance. After the cash open’s gap higher, the averages faded early gains and consolidated around flat lines heading into the FOMC announcement. The policy statement held…