US Stock Markets Today: Nasdaq Edges Higher, S&P Trades Flat Ahead Of Big Fed Decision This Week
The S&P 500 opened 0.11% higher at 6,878.27, tech-heavy Nasdaq started 0.29% higher at 23,646.30, and the Dow Jones rose 0.22% to 47,954.99.
Wall Street was off to a positive start on Monday, as bets of a Federal Reserve rate cut gained momentum.
The S&P 500 opened 0.11% or 7.87 points higher at 6,878.27, tech-heavy Nasdaq started 0.29% or 68.17 points higher at 23,646.30, and the Dow Jones rose 0.22% or 104.05 points to 47,954.99.
As of 9:48 a.m. EST or local time, Dow Jones had erased gains to trade 0.17% or 92.18 points lower at 47,861.23. Whereas S&P 500 traded little changed at 6,867.40 while Nasdaq continued to trade in the green, 0.14% higher at 23,611.86
“The tone of Chair Powell’s press conference and accompanying statement will be critical,” Deutsche Bank AG strategist Jim Reid told news agency Bloomberg.
He added that Jerome Powell is expected emphasise that the hurdle for further cuts in early 2026 is high ultimately implying a near-term pause. "This guidance will be key to maintaining credibility", he said.
The Magnificent Seven stocks traded mixed, with bellwether company Nvidia Corp. up 1.05% to $184.50, Apple Inc. down 0.33% at $277.90, Google-parent Alphabet Inc. down 1.21% at $317, Tesla Inc. falling 2.11% to $455.50 and Meta Platforms down 0.92% at $666.68.
Furthermore, the shares of Microsoft Corp traded 1.23% up at $489.10 and Amazon.com Inc. also traded 0.07% higher at $229.85.
After the US markets opened only two out of the 11 sectoral indices traded in the green. Gains were led by Information Technology sector along with Industrials Sector whereas the Communications sector and Health Care sector were the heaviest draggers.
Spot gold prices were trading 0.05% lower at $4,195.92 an ounce. In the crude basket, US West Texas Intermediate traded 1.20% lower at $59.27 a barrel and Brent crude traded 1.15% lower at $63.04 a barrel.
The Bloomberg Dollar Spot Index was little changed, so was Euro at $1.1651. The British pound also traded little changed at $1.3335 while Japanese yen fell 0.1% to 155.52 per dollar
Bitcoin, the largest traded cryptocurrency, rose 1.2% to $91,347.43
