Here's what's going on in the stock market.

Here's what's going on in the stock market. So good morning and happy Wednesday. It is also Fed Day. So get excited. Yesterday was really a day of rotation in the markets. Chips got hit hard, but the rest of the market held up relatively okay. So let's talk about what happened and what I'm watching today. Yesterday's chip sell off started overnight in South Korea. On Tuesday, it's main index fell almost 11%. As investors dumped the countries to chip giants, SK Hynix which makes the high-bend width memory chips that fed Nvidia's AI processors, 15% and Samsung dropped more than 13%. Those two stocks make up a significant portion of the South Korean market. So when they fell, the entire index fell with it and I talked more about that concentration risk on the Bell Club and in my newsletter today. That chip selling was across the Pacific and into New York and our tech heavy index the Nasdaq fell early in the day, but while chip stocks stayed down the Nasdaq as an index kind of claud its way back and closed down just 0.22%. And while the AI trade hard. The Philadelphia semiconductor index dropped about 4 and 1/2%. The rest of the market was mostly business as usual. So the Dow actually rose more than 1% and that's why I mentioned rotation. Money moved out of the crowded AI trades and into the steady old faithful names. Leading that charge was Coca-Cola, which had its best day in over five years. It was up about 5% in touch in all time high. After its fifth straight earnings beat and an improved financial forecast. Fun detail, the relaunch of Mr. Pib now with more caffeine and extra cherry flavoring. Salt sales volumes up 20% last quarter. Boing also jumped almost 5% and interestingly, not because it made money, it actually posted a loss. Investors cared more about its cash, Boing's free cash flow swung positive and its order backlog hit a record $715 billion. Paintmaker, Sherwin Williams and Cruzeline Royal Caribbean also popped on strong results. More of the same rotation into study real economy names following good earnings numbers. The takeaway from a green down sitting next to a chip cell off is that investors aren't leaving stocks. People are still comfortable owning stocks. They're just getting pickier about which ones. So for example, cornering, which makes specialty glass parts for phones, electronics and cars, they beat expectations, but still fell about 16% because its financial forecast came in a hair lighter than investors were hoping for. UPS beat expectations and raised their forecast and still fell because investors are worried about their shrinking margins. Visa reported earnings despite announcing that they will be laying off 7% of their workforce. Visa did beat Wall Street expectations. They grew revenue 14%, but the stock still fell after hours, their management team slightly dial back some metrics in their full year growth forecast, which made investors cautious. So in this market, a strong quarter isn't enough if the outlook disappoints. The future a company projects matters more than the past that it just reported. Now, this morning futures are mixed and the market's a little bit nervous ahead of the main events because the big one is today. The Fed announces its rate decision at at 2:00 p.m. Eastern. Markets currently see about a 36% chance of an increase as of this morning. Then we will have Kevin Warche's press conference at around 2:30 p.m. and after the close, Microsoft and Meta report, so a massive afternoon. For even more detail, check out the Bell Club website and my daily news letter.