Wall St Opens Higher Ahead of Much-Anticipated Fed Decision
Traders priced a 92.5% chance of a Fed hike as lower oil prices and easing bond yields lifted U.S. stocks at the open.
- On Wednesday, North America's major stock indexes opened higher, snapping a two-day slide as investors awaited the Federal Reserve's 2 p.m. ET interest rate decision.
- Markets are pricing in a 92.5% likelihood of a rate hike according to the CME FedWatch tool, though uncertainty persists as the Federal Open Market Committee concludes its two-day meeting.
- Lower oil prices offered relief as Brent Crude Futures dipped while Saudi Arabia offered additional crude cargoes, easing Middle East supply concerns amid the 10-year Treasury bond yielding 5%.
- Intel Corp. jumped 5.33% and SK Hynix Inc. ADR rose 3.14% in premarket trading after a Euronext Markets report suggested the companies are discussing a U.S. chip manufacturing deal.
- Historical data from Carson Group's Ryan Detrick suggests the S&P 500 faced "muted returns" during extended tightening cycles, though LPL Research notes a robust median 12-month gain of 10.7% following initial rate increases.
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The markets are waiting for the central bank's decision, while traders are holding back in advance. However, the bond yields suggest a slight relaxation.
US stocks today: US stocks open higher ahead of much-anticipated Fed rate decision
US stocks open higher on Wednesday after a two-day slide, helped by easing oil prices as investors await the Federal Reserve’s interest-rate decision. The Dow, S&P 500 and Nasdaq gain at the open, with markets closely watching the Fed’s policy signal for clues on the direction of borrowing costs.
Wall St opens higher ahead of much-anticipated Fed decision
Sept 16 (Reuters) - The major U.S. stock indexes opened higher following a two-day slide, as lower oil prices offered some relief during a tense wait for the Federal Reserve's interest rate decision on Wednesday. The Dow Jones Industrial Avera...
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- 62% of the sources lean Right
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