Wall Street stock indices edged up on Wednesday, ahead of the US Federal Reserve’s monetary policy decision and as the Israel-Iran conflict rages on.
At 09:52 AM ET, the Dow Jones Industrial Average rose 73.93 points, or 0.18%, to 42,289.73, the S&P 500 gained 13.90 points, or 0.23%, to 5,996.62 and the Nasdaq Composite gained 49.31 points, or 0.26%, to 19,571.01.
At the opening bell, the Dow Jones Industrial Average rose 20.2 points, or 0.05%, to 42,236.03. The S&P 500 rose 5.2 points, or 0.09%, to 5,987.93, while the Nasdaq Composite rose 5.8 points, or 0.03%, to 19,526.917.
The US central bank’s two-day policy meeting concludes later on Wednesday. It is widely expected to keep interest rates steady.
After the Fed decision,investors will watch for cues on future cuts from Chairman Jerome Powell’s press conference.
In the bond market, the yield on the 10-year Treasury fell to 4.36% from 4.39% late on Tuesday. The 2-year Treasury yield dipped to 3.93% from 3.94%.
Crude oil
Oil prices surged on Wednesdayas Iran’s supreme leader Ayatollah Ali Khamenei rejected US President Donald Trump’s call for an “unconditional surrender”.
Khamenei warned the United States would face “irreparable damage” if it intervenes in support of Israel.
Brent North Sea Crude gained 1.3% at $77.41 per barrel. West Texas Intermediate added 1.3% at $74.24 per barrel.
Bullion
Gold prices edged lower on Wednesday ahead of the Fed’s policy decision.
Spot gold fell 0.1% to $3,385.79 an ounce as of 1130 GMT. US gold futures fell 0.1% to $3,403.80.
Among other metals, spot silver fell 0.2% to $37.18 per ounce, platinum rose 1.5% to $1,283.97, while palladium was steady at $1,051.40.
Gainers and Losers
Electric vehicle maker Tesla stock gained 1.8%.
US steelmaker Nucor advanced 4.9% after a second quarter profit forecast.
Shares of chipmaker Marvell Technology jumped 8.7%.
Stablecoin issuer Circle Internet’s stock soared 6.2% after the US Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens.
Drugmaker Scholar Rock shares climbed 17.4% after the company said its experimental drug helped overweight patients preserve lean mass in a mid-stage trial.
