US Stock Market Today: S&P, Nasdaq Edge Higher Even As Fed Keep Rates Unchanged For Fifth Time In Row

US Stock Market Today: Wall Street traded within a tight range on July 30, after investors assessed second-quarter GDP data and the US Federal Reserve holds rates for the fifth consecutive meeting.

At 2:10 p.m. ET, the Dow Jones Industrial Average rose 6.16 points, or 0.1%, to 44,639.15, the S&P 500 gained 12.95 points, or 0.2%, to 6,383 and the Nasdaq Composite gained 99.07 points, or 0.47%, to 21,197.36. This comes after the markets opened flat ahead of the meeting.

The decision to keep the rates steady was taken by the Federal Open Market Committee by a majority of 9-2. The dissenting members were governors Michelle Bowman and Christopher Waller, as they called upon the monetary policy body to acknowledge the easing of consumer inflation.

US economic growth rebounded in the second quarter, beating analysts' expectations, but the reality remains grim as most of the boost came from waning imports, while domestic demand rose only marginally.

Caution permeated after Trump announced a 25% tariff on Indian imports starting August 1 and an additional unspecified penalty over Russian dealings. The president vowed not to extend the deadline for trading partners that fail to secure a deal before Aug. 1.

Wall Street's main indexes opened higher on Wednesday after global investors assessed better-than-expected second quarter GDP data, and awaited the US Federal Reserve's policy decision and key tech earnings.

The Dow Jones Industrial Average rose 44.9 points, or 0.10%, at the open to 44,677.9. The S&P 500 rose 10.4 points, or 0.16%, at the open to 6,381.23​, while the Nasdaq Composite rose 42.1 points, or 0.20%, to 21,140.397 at the opening bell.

On Tuesday, the S&P 500 and the Nasdaq snapped their record run due to disappointing results from Dow components UnitedHealth and Merck. Investors are now placing their bets on results from megacaps to steer Wall Street to new highs. Microsoft and Meta Platforms will report their results after the market closes, while Amazon and Apple will report on Thursday. Starbucks posted better-than-expected third-quarter sales, but its shares slipped 0.6% on Wednesday.