Summary: The S&P 500 and Nasdaq held onto gains through the afternoon session after the Federal Reserve signalled a willingness to continue tightening monetary policy. In minutes from its June meeting, "several" Fed members backed an unwinding of its balance sheet within a "couple of months." The Fed also reiterated its view that inflation weakness was transitory. Crude oil prices suffered their largest decline in a month on Wednesday after Russia knocked down the chances of further cuts among the Organization of Petroleum Exporting Countries. Advanced Micro Devices Inc. and other chipmakers rallied after positive industry data. Global chip sales in May rose at their largest pace since 2010.
