- The US stock market opened higher with all three major indices in the green
- Investors awaited the US Federal Reserve's decision on monetary policy measures
- The Federal Reserve is expected to keep interest rates steady at 3.75%-4%
The US Stock market opened higher with all three indices trading in the green ahead of investors anticipating the US Federal Reserve's verdict regarding the country's monetary measures as it concludes its two-day meeting. As per analysts' expectationg the Fed is likely to maintian the US's interest rates at 3.75%-4%.
The Dow Jones Industrial Average was up 0.03%. The S&P 500 gained 0.2%, and the Nasdaq Composite increased 0.3%.
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Investors awaited the Federal Reserve's interest rate decision, with CME's FedWatch tool indicating a roughly 90% probability that rates would remain unchanged. However, some market participants expected Chair Kevin Warsh to signal the possibility of further rate hikes in upcoming policy meetings. The Fed was scheduled to announce its decision at 2 p.m. ET.
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U.S. chip stocks advanced after SK Hynix reported record quarterly profit, driving its U.S.-listed shares up 9%. Micron Technology gained 4%, while Arm Holdings and Marvell Technology rose about 2% each. Advanced Micro Devices also traded nearly 1% higher.
Brent crude was trading at an uptick of 2.43% to $112.06 per barrel. The West Texas Intermediate Futures were up 2.79% to $102.69 at 8:21 p.m. IST.
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Focus remained on the artificial intelligence theme ahead of earnings from Magnificent Seven members Alphabet and Microsoft, due after the closing bell. Alphabet shares rose more than 1%, while Microsoft traded largely unchanged.
Technology stocks, particularly those linked to AI spending, have faced pressure in recent weeks amid concerns over funding for the AI buildout. However, Morgan Stanley's chief U.S. equity strategist Mike Wilson said the recent rebound in tech stocks could indicate that the weakness in the sector is approaching its end.
(This is a developing story.)
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