Shares of other megacap companies, including Microsoft Corp MSFT.O and Apple Inc AAPL.O, gained 0.4% and 0.7%, respectively. The S&P 500 closed down 1.1% on Wednesday, dragged lower by chipmakers after a bearish brokerage report by Citi Research on Intel Corp INTC.O and elevated U.S. Treasury yields. On Wednesday, International Monetary Fund First Deputy Managing Director Gita Gopinath said U.S. inflation could remain above the Fed's 2% target for a long time based on current projections, and overall, the risks are towards the possibility that this will require much more steeper increases in rates.