US shares start Monday’s session with gains as Fed meeting starts

(MENAFN) On Tuesday, major U.S. stock exchanges began the day with gains as the Federal Reserve's two-day monetary policy meeting commenced. The S&P 500 climbed by 22 points, or 0.41 percent, reaching 5,585 at 9:41 a.m. EDT. The Dow Jones Industrial Average saw an increase of 144 points, or 0.36 percent, bringing it to 40,684. The Nasdaq Composite also posted a gain, rising by 95 points, or 0.55 percent, to 18,465.

Investors are anticipating that the Federal Reserve will maintain the current interest rates when it concludes its meeting on Wednesday. However, there is speculation that the Fed might indicate a possible rate cut for September. The VIX volatility index, which measures market uncertainty, dropped by 2 percent to 16.27, reflecting reduced investor anxiety. Meanwhile, the 10-year U.S. Treasury yield decreased by 0.4 percent to 4.162 percent.

In the foreign exchange market, the dollar index edged up by 0.1 percent to 104.67, while the euro weakened slightly, falling by 0.1 percent to USD1.0810. Precious metals experienced gains, with gold rising by 0.4 percent to USD2,392 per ounce and silver increasing by 0.28 percent to USD27.93 per ounce. Conversely, oil prices fell by more than 1.1 percent, with Brent crude, the global benchmark, priced at USD78.16 per barrel and U.S. benchmark West Texas Intermediate at USD74.89 per barrel.

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