S&P 500 Cools from Record Highs After Fed Decision

The S&P 500 touched 7,000 for the first time on Wednesday before settling just below breakeven, after the Federal Reserve’s interest rate decision to maintain rates steady in the 3.5% to 3.75% range sent Treasury yields higher. Fed Chair Jerome Powell said the U.S. economy is on a "firm footing" and signaled that monetary policy is not as restrictive as some may think. Meanwhile, the Dow and Nasdaq settled quietly higher as investors turned their attention to Big Tech earnings.

Continue reading for more on today's market, including:

• How long can mega-cap stocks continue to lift the SPX?
• Options bulls are targeting this alternative energy stock.
• Plus, chip stock surging; AT&T stock's best day in a year; and STX collecting bull notes.

5 Things to Know Today

1. Force is an option to ensure cooperation in Venezuela, according to Secretary of State Marco Rubio. (Bloomberg)
2. Canadian Prime Minister Mark Carney said a formal review the country's trade pact with the U.S. will happen this year. (Reuters)
3. Analyst: Keep this chip stock on your radar.
4. AT&T stock bounced off yesterday's lows after a Q4 beat.
5. AI data center demand boosted Seagate Technology stock.

Oil Edges Higher; Gold Nabs New Highs

Oil prices were higher after President Trump struck Iran with an ultimatum, warning a “massive Armada” is coming the country's way and that it's time to make a deal on its nuclear program. March-dated West Texas Intermediate (WTI) crude added 1.3% to settle $68.40 per barrel.

Gold prices also advanced, tapping even more record highs after the Federal Reserve kept interest rates the same. February-dated gold futures broke above the $5,300 level for the first time earlier, but settled at $5,276.60 per ounce.