US equities tested fresh highs but struggled to build momentum as investors digested the Federal Reserve’s latest policy decision and a market rally that remained narrowly focused. Treasury yields moved higher following the statement and Chair Jerome Powell’s comments, which suggested policymakers do not yet view policy as meaningfully restrictive. Futures markets continue to price in the possibility of two quarter-point rate cuts by the end of 2026. Despite these gains, the rally failed to broaden meaningfully beyond chips, leaving the broader index vulnerable as attention shifted to the Fed. Outside of big tech, Starbucks posted its first traffic growth in two years and beat revenue expectations, though earnings fell short.