Wall Street remained largely steady ahead of the Fed meet decision slated for later in the day on Thursday. S&P 500 and Dow Jones remained little changed, while tech-heavy Nasdaq Composite edged higher as stocks recovered from their rout.
S&P 500 opened 0.9% higher at 7,524.50, Dow Jones was stable at 52,013.52 after a record high closing in the previous session, and Nasdaq was up 0.46% at open to 26,493.82.
As of 10:22 a.m. EST, S&P 500 traded 0.23% higher at 7,527.88, Nasdaq traded 0.11% higher at 26,483.8 and Dow was up 0.5% 53,264.90.
This will be the first Fed Federal Open Market Committee (FOMC) meeting under new Chair and President Donald Trump's pick, Kevin Warsh. The Fed is expected to keep interest rates unchanged at the end of its key June 16-17 gathering.
Analysts at UBS Global Wealth Management expect the Fed to adopt a more hawkish tone amid a spike in inflation due to rising gas prices and Iran war induced energy disruption.
The analysts believe that interest rates will be on hold through 2026. UBS now forecasts two 25-basis-point reductions in March and June 2027. Other analysts also expect the Fed to leave the rates unchanged, Reuters reported.
The meeting comes after the US President Donald Trump announced a preliminary agreement with Iran to end their conflict, more details of the MoU are expected to be released soon.
After the market opened, seven out of the 11 sectoral indices traded in the red while four traded in the green. The decline was led by the Communication services sector.
Shares of Space Exploration Technologies Corp. took a breather after their two-day rally and fell as much as 3% to $192.5.
Dollar Spot Index was little changed, euro was little changed at $1.1598, British pound fell 0.1% to $1.3407, and the Japanese yen rose 0.1% to 160.20 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.8% to $65,227.95.
ALSO READ: US Fed Meeting Live Updates: Wall Street Rises Ahead Of New Chair Kevin Warsh's First FOMC
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
