Key Highlights

● Overall trading volume came in below its 20-day average.

● Major events landed late or after the market close.

● The VIX fell, suggesting investors weren't scrambling for protection.

● Several stocks still posted dramatic moves on earnings and deals.

For a day stacked with market-moving events, trading was surprisingly quiet in terms of activity, with volume on US exchanges coming in below the 20-day average, despite a Federal Reserve decision, a surge in oil prices and earnings from dozens of major companies.

One reason for the subdued volume may have been timing, since the biggest events of the day landed late or after the close, with the Fed's decision at 2 p.m. ET followed by a press conference, and Microsoft and Alphabet not reporting until after the bell.

Indexes Edged Higher on Thin Participation

The major indexes posted modest gains, with the S&P 500 up for a third straight session, the Dow adding to its total, and the Nasdaq Composite climbing. Participation was narrow, with the equal-weight S&P 500 slipping slightly, and the Cboe Volatility Index falling, a sign that investors were not scrambling for protection.

The Fed's decision itself held few shocks, with Carson Group's Ryan Detrick noting the decision was widely expected, leaving less reason for a wave of buying or selling.

Big Moves in Individual Names

Light overall volume did not mean a dull tape, with several stocks posting dramatic moves on earnings and deals, including Vertiv soaring after raising its guidance and Oracle jumping after its investor day.

On the downside, F5 tumbled on its outlook and a downgrade, and Enphase Energy sank on weak solar demand, while bond markets were more active, with long-dated Treasury yields climbing sharply.