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Courtney Dominguez, wealth advisor at Bain Capital Management, provides investment advice to the energy sector.
US stock markets rose on Wednesday ahead of the Federal Reserve’s latest policy decision.
Last Change Index Safety Index % I: DJI DOW JONES AVERAGES 34240.5 -58.83 -0.17% SP500 S&P 500 4245.71 -0.88 -0.02% I: COMP NASDAQ COMPOSITE INDEX 14124.20351 +51.35 +0.36%
The Dow Jones Industrial Average rose 24 points, or 0.07%, while the S&P 500 and Nasdaq Composite advanced 0.1% and 0.18%, respectively.
The Federal Reserve is scheduled to conclude its two-day meeting on Wednesday. The central bank is not expected to make any policy changes, instead, investors will pay close attention to any hints about a possible change in the asset purchase program or interest rates in the future.
Big money managers affirm Fed’s belief that inflation is ‘transitional’
The decision, along with the Fed’s updated forecast, will cross the wires at 2 p.m. ET with Chairman Jerome Powell’s press conference shortly thereafter.
Ahead of the Fed, investors will receive the latest housing market update as new homes and building permits are due at 8:30 AM ET.
In stocks, major banks such as JPMorgan Chase & Co. and Bank of America Corp. In focus before the Fed’s decision.
Elsewhere, Oracle Corp. reported earnings and revenue that beat Wall Street estimates but gave disappointing guidance for the current quarter as it plans to boost investments in its cloud computing business.
General Motors will boost its spending on electric vehicles by 30% to $35 billion through 2035, Reuters reports, citing people familiar with the matter.
Meanwhile, Johnson & Johnson will likely miss the EU’s COVID-19 supply target, a European Commission spokesperson said.
Blue Apron Holdings Inc. will participate. Processed meals in more regular stock. Display size was not disclosed.
In commodities, WTI crude rose 3 cents to $72.15 a barrel, and gold rose $2.90 to $1,859.30 an ounce.
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Foreign markets were mixed.
In Europe, Britain’s FTSE 100 rose 0.1%, France’s CAC 40 rose 0.05% and Germany’s DAX rose 0.19%.
Asian markets were generally lower, with China’s Shanghai Composite down 1.08%, Hong Kong’s Hang Seng dropping 0.7% and Japan’s Nikkei 225 losing 0.51%.
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