Stocks rallied on Wednesday, shaking off the Federal Reserve's latest rate hike.

The S&P 500 rose 1.2%, while the Nasdaq gained 1.8%. The Dow Jones Industrial Average added 0.8%.

Chip shares soared after Intel CEO Pat Gelsinger said the company expects supply constraints to ease in the second half of the year. Nvidia and AMD also jumped.

The SEC cleared the path for trading tokenized stocks, a move that could bring more mainstream adoption to blockchain-based securities.