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US open: Stocks slightly higher ahead of FOMC decision
(Sharecast News) - Wall Street trading got off to a positive start early on Wednesday as investors awaited the outcome of the Federal Reserve's two-day monetary policy meeting. As of 1530 GMT, the Dow Jones Industrial Average was up 0.10% at 39,151.36, while the S&P 500 advanced 0.08% to 5,182.55 and the Nasdaq Composite came out the gate 0.07% firmer at 16,177.81.
The Dow opened 40.60 points higher on Wednesday, extending gains recorded in the previous session despite an abundance of caution ahead of the central bank meeting.
Wednesday's primary focus will be the Federal Reserve's interest rate decision and press conference, scheduled for 1800 GMT and 1830 GMT, respectively, with the Fed generally expected to keep interest rates unchanged. Market participants will thumb over the central bank's dot plot for any hints as to the number and timing of future rate cuts, with many anticipating the Fed will start to lower rates in June.
However, many traders have become fearful that a recent spate of hotter-than-expected inflation figures may very well result in even fewer cuts than markets have factored in.
Elsewhere on the macro front, mortgage applications fell by 1.6% in the week ended 15 March, according to the Mortgage Bankers Association, taking a bite out of the previous week's 7.1% increase. Applications to purchase a new home fell by 1.2%, while those to refinance a home fell by 2.5%.
No major corporate earnings were slated for release on Wednesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Boeing Co. (BA) $185.41 2.36% Dow Chemical Co. (DOW) $57.42 1.16% JP Morgan Chase & Co. (JPM) $195.57 0.92% Walt Disney Co. (DIS) $115.44 0.81% American Express Co. (AXP) $223.46 0.80% 3M Co. (MMM) $106.06 0.70% Walgreens Boots Alliance, Inc. (WBA) $20.84 0.65% Goldman Sachs Group Inc. (GS) $390.89 0.58% Intel Corp. (INTC) $42.28 0.56% Verizon Communications Inc. (VZ) $40.14 0.43%
Dow Jones - Fallers
Chevron Corp. (CVX) $155.41 -0.77% International Business Machines Corporation (CDI) (IBM) $191.91 -0.74% Caterpillar Inc. (CAT) $351.63 -0.64% Amgen Inc. (AMGN) $270.56 -0.43% Nike Inc. (NKE) $99.78 -0.18% Unitedhealth Group Inc. (UNH) $492.45 -0.18% Apple Inc. (AAPL) $175.90 -0.10% Cisco Systems Inc. (CSCO) $49.10 -0.08% Visa Inc. (V) $287.27 -0.03% Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Chipotle Mexican Grill Inc. (CMG) $2,972.11 6.24% FMC Corp. (FMC) $64.68 4.88% Nektar Therapeutics (NKTR) $0.90 3.81% Gap Inc. (GPS) $26.21 3.19% American Airlines Group (AAL) $14.33 2.87% Take-Two Interactive Software Inc. (TTWO) $149.29 2.81% CenturyLink Inc. (LUMN) $1.74 2.66% Align Technology Inc. (ALGN) $325.35 2.57% Ralph Lauren Corp (RL) $188.87 2.47% Boeing Co. (BA) $185.41 2.36%
S&P 500 - Fallers
Equinix, Inc. (EQIX) $808.58 -4.26% Charter Communications Inc. (CHTR) $291.42 -2.40% Nasdaq Inc (NDAQ) $61.06 -2.24% Mattel Inc. (MAT) $19.50 -1.96% Rockwell Automation Inc. (ROK) $273.05 -1.85% Travel + Leisure Co (TNL) $45.94 -1.56% Regeneron Pharmaceuticals Inc. (REGN) $950.59 -1.36% Philip Morris International Inc. (PM) $93.71 -1.34% Hess Corp. (HES) $150.01 -1.30% Helmerich & Payne Inc. (HP) $40.83 -1.28%
Nasdaq 100 - Risers
American Airlines Group (AAL) $14.33 2.87% Take-Two Interactive Software Inc. (TTWO) $149.29 2.81% Align Technology Inc. (ALGN) $325.35 2.57% JD.com, Inc. (JD) $28.00 1.50% Paypal Holdings Inc (PYPL) $63.94 1.48% Vodafone Group Plc ADS (VOD) $8.59 1.41% Tesla Inc (TSLA) $173.50 1.27% Liberty Global plc Series A (LBTYA) $17.00 1.22% Fastenal Co. (FAST) $77.14 1.21% QUALCOMM Inc. (QCOM) $166.03 1.18%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $291.42 -2.40% Sirius XM Holdings Inc (SIRI) $3.90 -2.26% Regeneron Pharmaceuticals Inc. (REGN) $950.59 -1.36% Mercadolibre Inc. (MELI) $1,504.20 -1.00% Idexx Laboratories Inc. (IDXX) $529.59 -0.90% Adobe Systems Inc. (ADBE) $516.52 -0.90% Intuitive Surgical Inc. (ISRG) $387.05 -0.89% Baidu Inc. (BIDU) $103.29 -0.84% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $525.37 -0.70% Dollar Tree Inc (DLTR) $127.34 -0.66%
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