10-year Treasury yield remains lower even after Fed's second consecutive big rate hike

The yield on the 10-year Treasury note was down slightly Wednesday as investors absorbed the Federal Reserve's 0.75 percentage point interest rate hike.

The yield on the benchmark 10-year Treasury note fell 3 basis points to 2.758%, while the yield on the 30-year Treasury bond moved 1 basis point lower to 2.994%. Yields move inversely to prices and a basis point is equal to 0.01%.

The Federal Reserve announced its interest rate hike at the conclusion of its two-day policy meeting Wednesday as the central bank attempts to combat inflation.

The Fed is attempting to curb inflation while navigating a backdrop of slowing growth, as evidenced by weaker-than-expected data last week on business activity and jobs.

In corporate earnings, shares of Boeing declined slightly Wednesday after disappointing on earnings and revenue, because of weakness in its defense unit.

Shopify jumped on the back of a rally in tech stocks despite reporting an earnings miss. The e-commerce company said it expects losses will increase in the current quarter, citing inflation and rising interest rates. 

Qualcomm, Ford and Meta Platforms will report at the end of the day.

— CNBC's Holly Ellyatt and Tanaya Macheel contributed to this report.