(Updates to mid-afternoon trading)
* Indexes: Dow up 0.10%, S&P 500 up 0.05%, Nasdaq off 0.13%
* Fed leaves rates unchanged, upgrades economic outlook
* SK Hynix quarterly profit jumps
* Microsoft, Alphabet results expected after the bell
By Stephen Culp and Shashwat Chauhan
NEW YORK, Oct 28 (Reuters) - Wall Street stocks mostly rose on Wednesday after the US Federal Reserve left its key policy rate unchanged, as widely expected, shifting the probability of a rate hike to its next monetary policy meeting in December.
In its accompanying statement, the Fed upgraded its assessment of the economy while acknowledging inflation "remains elevated." At the press conference following the release, Fed Chair Kevin Warsh said the central bank has made clear its willingness and readiness to act.
"The Fed didn't throw any curveballs," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "It was widely expected they'd hold, so no big surprise there."
"Likely the pressure will be to do one more hike in December, as inflation is still potentially an issue," Detrick added.
Of the three major US stock indexes, which were muted and directionless before the Fed's announcement, the S&P 500 and the Dow were slightly higher, while the Nasdaq moved nominally lower.
Financial markets are pricing in an 87.4% likelihood of a 25-basis-point rate hike at the Fed's next meeting in December, up from 78.3% on Tuesday, according to CME's FedWatch tool.
Rate hike forecasts could be swayed by data expected on Thursday, including the Commerce Department's Personal Consumption Expenditures report, which includes the central bank's preferred inflation gauge, and an advance take on third-quarter GDP.
Third-quarter earnings season is in full swing, with 200 companies in the S&P 500 having posted results. Of those, 84% have beaten consensus estimates, according to the most recent LSEG data.
Analysts estimate aggregate third-quarter S&P 500 earnings growth of 31.8% year-on-year, up from 30.6% as of October 1, per LSEG.
Memory chipmaker Micron Technology jumped 4.7% after South Korean rival SK Hynix reported a more-than-sevenfold jump in quarterly profit. SK Hynix's US-listed shares gained 12.7%.
Robinhood dipped 3.9% after softness in cryptocurrencies dragged the trading platform's third-quarter profit below analyst expectations.
Vertiv surged 16.8% after the digital infrastructure firm topped quarterly expectations and raised its full-year profit and revenue forecasts.
Boston Scientific shed 2.9% after the medical device maker trimmed its annual profit forecast.
Two companies in the Magnificent Seven group of AI-associated megacaps, Microsoft and Alphabet , are expected to post results after the closing bell.
The Dow Jones Industrial Average rose 49.78 points, or 0.10%, to 52,427.35, the S&P 500 gained 4.22 points, or 0.05%, to 7,726.82 and the Nasdaq Composite lost 33.64 points, or 0.13%, to 26,444.17.
Of the 11 major sectors in the S&P 500, energy stocks were up the most, while real estate shares were the biggest laggards.
US crude prices climbed after Iran-backed Houthis attacked a refinery in Saudi Arabia, adding to supply worries. Since the onset of the Iran war, oil prices have soared to over $100 per barrel, pushing up costs in other areas of the economy and driving inflation higher.
Declining issues outnumbered advancers by a 1.51-to-1 ratio on the NYSE. There were 82 new highs and 168 new lows on the NYSE.
On the Nasdaq, 2,284 stocks rose and 2,384 fell as declining issues outnumbered advancers by a 1.04-to-1 ratio.
The S&P 500 posted 19 new 52-week highs and 12 new lows, while the Nasdaq Composite recorded 67 new highs and 171 new lows.
(Reporting by Stephen Culp; Additional reporting by Shashwat Chauhan and Utkarsh Hathi in Bengaluru; Editing by Rod Nickel)
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