US equity investors are assessing whether indexes can reach fresh records as they absorb the Federal Reserve’s first interest-rate increase in three years, rising Treasury yields, elevated oil prices and geopolitical risks. The hike was widely expected, but uncertainty remains over how many further increases the central bank may deliver and how borrowing costs will affect stocks. The S&P 500 was up more than 11% for the year and about 2% below its mid-August record after Thursday’s gains, when US crude fell to $101 a barrel and the 10-year Treasury yield declined to 4.93%. Investors will watch speeches by Fed policymakers for clues on the next move, with fed funds futures showing roughly even odds of an October hike. Markets will also monitor an anticipated Thursday meeting between President Donald Trump and Chinese President Xi Jinping, including discussions of artificial-intelligence development and semiconductor restrictions. Technology shares, which represent 38% of the S&P 500, have gained more than 20% in 2026 but have declined since early June. Industry calls for slower AI development and possible regulation have weighed modestly on semiconductor stocks, although investors are seeking clearer evidence of an impact on AI spending. Strategists said a pullback caused by regulation could create a buying opportunity, while continued declines in long-term bond yields could support risk assets.