Dow notches longest winning streak since 1987 after latest Fed rate hike

• US stocks were mixed on Wednesday after the Fed hiked interest rates by 25 basis points.
• Fed Chairman Jerome Powell left open the possibility for further interest rate hikes as inflation stays elevated.
• The Dow Jones Industrial Average gained to close out a 13-day win streak, its longest since 1987. 

US stocks were mixed on Wednesday after the Federal Reserve hiked interest rates by 25 basis points, sending the effective fed funds rate to its highest level in 22-years.

While the S&P 500 and Nasdaq 100 traded slightly lower, the Dow Jones Industrial Average managed to finish the day higher, hitting a 13-day win streak. The Dow has surged just over 5% since its rally began on July 10, and hasn't seen a 13-day run of gains since January 1987, according to data compiled by Bloomberg.

While Fed Chairman Jerome Powell left open the possibility for further interest rate hikes to combat elevated inflation, markets think that today marketd the last interest rate hike of the current tightening cycle, according to the CME FedWatch Tool.

"If the inflation data come in soft enough and the labor market loosens, investors can reasonably expect the Fed to pause in September," LPL's chief economist Jeffrey Roach told Insider. "The Fed is likely at a balanced position right now since the risk of raising rates too much is roughly balanced with the risk of raising too little."

There will be two inflation reports and two jobs reports released between now and the Fed's next FOMC meeting in September.

Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:

• S&P 500: 4,566.76, down 0.02% 
• Dow Jones Industrial Average: 35,520.12, up 0.23% (82.05 points)
• Nasdaq Composite: 14,127.28, down 0.12% 

Here's what else happened today:

• Earnings season is heating up. Of the 132 S&P 500 companies that have reported second-quarter results so far, 77% beat profit estimates by a median of 6%, while 64% beat revenue estimates by a median of 3%, according to data from Fundstrat.
• Cardboard box sales have seen the biggest contraction since the Great Recession of 2008. Packaging Corp. of America just reported a 10% slump in second-quarter shipments.
• Prepare for stocks to plunge, a recession to hit, and the US dollar to falter, Interactive Brokers' founder Thomas Peterffy warned.
• Traders are betting against American Airlines, Ralph Lauren, and cruise line companies as the thought of a potential recession continues to linger.
• Snap stock plunged as much as 20% after it reported another disappointing quarterly earnings result to investors.
• Alphabet stock added as much as $111 billion to its market valuation after investors and Wall Street cheered its stronger-than-expected second-quarter earnings report. 

In commodities, bonds and crypto:

• West Texas Intermediate crude oil fell 0.88% to $78.93 per barrel. Brent crude, oil's international benchmark, dropped 0.87% to $82.91.
• Gold rose 0.65% to $1,976.50 per ounce.
• The yield on the 10-year Treasury fell three basis points to 3.86%.
• Bitcoin rose 0.59% to $29,397, while ether jumped 0.84% to $1,873.