The US stock market opened higher on Monday with two main indices gaining, ahead of the US Federal Reserve meeting.
The tech-heavy Nasdaq Composite jumped 0.6% to trade near 21,912 at the opening bell, whereas the broader index, S&P 500, gained 0.3% to 6,068.75.
The 30-stock Dow Jones Industrial Average, however, opened flat at 43,826.
Six out of the eleven sectoral indices were trading in the green, led by telecom and communication services and consumer discretionary. On the other hand, energy and materials saw a decline.
Shares of chipmaker Boardcom Inc. jumped 27%, while Micron Technologies Inc. and Tesla Inc. gained over 4%.
Airbnb Inc., Super Micro Computers Inc. and Biogen Inc. were among companies seeing declines.
The US Fed will begin its two-day policy meeting Tuesday and is expected to cut rates by a quarter-point at its conclusion on Wednesday. The key for investors will be forward guidance on future policy moves.
The US stock market is recovering from a slow week. The Dow Jones dropped 1.8% and has declined for seven consecutive sessions while the S&P 500 fell 0.6%, retreating in four of the last five sessions. The Nasdaq performed better, posting a modest gain of 0.3% for the week.
As the US markets commenced trading on Monday, the yield on the US 10-year Treasury bond was flat at 4.39%.
The Dollar Index was also flat at 107. The Euro and the Japanese Yen fell, while the British Pound traded higher.
In the commodities market, spot gold gained 0.4% to trade at $2,657 an ounce. Brent crude, the global oil benchmark, declined 0.5% but remained above $74 per barrel.
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