US Stock Market Today: Nasdaq Falters On Fed Meet Jitters; S&P 500, Dow Trade Higher
As of 10 a.m. EST or local time, Dow Jones traded 0.40% or 182 points higher at 47,905.52.
Two of the three main US stock market indices, S&P 500 and Nasdaq Composite, opened in the red on Tuesday as Wall Street was gripped by caution ahead of the US Federal Reserve's big interest rate decision.
The Dow Jones Industrial Average, however, opened in the green.
In the early minutes of trade, S&P 500 was down 0.03% or 1.78 points at 6,844.73, whereas the tech-heavy Nasdaq Composite fell 0.14% or 32.22 points to 23,545.90. The Dow Jones edged 0.05% or 25.71 points higher at 47,765.03.
Fed Chair Jerome Powell will announce his decision on rate cut on Wednesday.
As of 10 a.m. EST, Dow Jones traded 0.40% or 182 points higher at 47,905.52. Whereas S&P 500 traded 0.12% higher at 6,854.46 and Nasdaq continued to trade in the red, 0.17% lower at 23,507.48.
The Magnificent Seven stocks traded mixed, with bellwether company Nvidia Corp. down 0.65% to $184.37, Apple Inc. up 0.58% at $279.52, Google-parent Alphabet Inc. down 0.18% at $313.15, Tesla Inc. rising 0.55% to $441.90 and Meta Platforms down 1.57% at $655.85.
Furthermore, the shares of Microsoft Corp traded 0.31% down at $489.61 and Amazon.com Inc. also traded 0.30% lower at $226.28.
After the US markets opened only three out of the 11 sectoral indices traded in the red. Gains were led by the energy sector along along with Utilities Sector.
Whereas the Communications sector was the biggest dragger accompanied by the Information Technology sector and Consumer Discretionary sector.
Spot gold prices were trading 0.31% higher at $4,204.08 an ounce. On the other hand crude oil prices declined with US West Texas Intermediate trading 0.34% lower at $58.71 a barrel and Brent crude traded 0.19% lower at $62.38 a barrel.
The Bloomberg Dollar Spot Index was little changed, the Euro was also little changed at $1.1633.
Similarly, the British pound was little changed at $1.3314, and Japanese yen fell 0.3% to 156.44 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 1.3% to $90,124.45.
