US stocks swung higher on a choppy Wednesday afternoon as markets assessed the rate outlook for the Federal Reserve following its expected 25bps rate cut. The S&P 500 and the Nasdaq 100 were slightly higher, while the Dow added 300 points on traditional sectors of the economy. Median projections by FOMC members indicated that policymakers see two additional rate cuts taking place this year, but robust projections on real growth, unemployment, and upward revisions to core inflation struck some skepticism on the room for sharper cuts next year. Similarly, Chairman Powell pushed back against signaling confidence in more rate cuts. Consumer staples and credit services were higher, with American Express and P&G adding around 2%. In turn, Nvidia and Broadcom fell 3.5% and 4.5%, respectively, on reports that Chinese authorities may have barred the purchase of Nvidia chips. In the meantime, Oracle and Palantir fell more than 3%, while Amazon, Meta, Alphabet, and Tesla dropped more than 1.5%.