The Dow Jones Industrial Average and other major indexes traded higher Wednesday as Wall Street braced for a Federal Reserve interest rate decision. The Fed Chairman Jerome Powell’s comments, due in the afternoon, are expected to shape market expectations.
Nvidia (NVDA) was an early winner on the stock market today, rising 0.3% after a 1.2% drop on Tuesday. Shares rebounded 3.4% in morning trading Wednesday, snapping its four-day losing streak. In contrast, Tesla (TSLA) skidded 1.9% after a 3.6% gain on Tuesday.
The tech-heavy Nasdaq composite inched higher in morning trades, while the S&P 500 gained 0.1%. The 10-year Treasury yield ticked higher to 4.41%, and oil prices bounced nearly 1%.
Investors should be prepared for an S&P 500 letdown if Chairman Powell’s news conference suggests a hawkish Fed meeting outcome today. However, markets still see slim odds of a further rate cut at the Jan. 29 Fed meeting.
Other key earnings movers Wednesday include General Mills (GIS) and Heico (HEI), which dropped 2.7% and tumbled 6%, respectively. Meanwhile, BlackRock (BLK) edged up 0.1% after the open.
Notable stocks making notable moves included Amazon.com (AMZN), Apple (AAPL), IBM (IBM), Microsoft (MSFT), and Taiwan Semiconductor Manufacturing (TSM).
Source: https://www.investors.com/market-trend/stock-market-today/dow-jones-sp500-nasdaq-fed-powell-nvidia-nvda-stock