S&P 500 and Dow Jones Industrial Average opened flat on Wednesday opened with positive momentum on Wednesday ahead of the Federal Reserve rate decision. On the other hand, Nasdaq was up ahead of big tech results like Alphabet, Amazon, Meta Platform and Microsoft.
Minutes into the trade, the Dow Jones Industrial Average fell 38.28 points or 0.08%, S&P 500 also fell over 0.21%, while Nasdaq was down 0.46%.
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The Federal Reserve is expected to keep interest rates unchanged on Wednesday, in what could be Jerome Powell's final policy meeting as chair.
The “base case is that the Fed will wait until June for meaningful changes in guidance, but the risk is that communications skew hawkish,” wrote Jim Reid, head of macro research and thematic strategy at Deutsche Bank as reported by Bloomberg.
Home Depot Inc., Goldman Sachs Group, Microsoft Corp., Boeing Co., Walmart Inc. and Johnson & Johnson fell over 1%. On the other hand, Coca-Cola and Visa Inc. among the gainers for the day.
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Talking about the upcoming results on Wednesday, Cameron Crise, Macro Strategist told Bloomberg, “As for the slew of earnings releases today, the capex guidance is what will probably have the biggest implication about the future. There has been a clear divide in the fortunes of the hyperscalers since the releases of six months ago. At this point the onus will clearly be on the laggards to demonstrate that they can make some dough out of all this AI spending.”
As the US market opened, spot gold fell 1.79% to $4,514.58 an ounce. Even as stocks fell, crude prices rose with the West Texas trading 4.6% higher at $104.53 per barrel. Brent crude futures also rose 4.92% to $104.53.
The Bloomberg Dollar Index rose 0.2%, with the British Pound rising 0.4% at $1.3587 and the Japanese yen was up 0.5%.
Bitcoin, the largest traded cryptocurrency was up 0.5%.
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