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Nasdaq, S&P 500 see gains on Wednesday’s open ahead of Fed’s decision
(MENAFN) On Wednesday, US stock markets experienced significant gains at the opening bell ahead of the Federal Reserve's conclusion of its two-day monetary policy meeting. The nasdaq Composite surged by 363 points, or 2.1 percent, reaching 17,510, while the S&P 500 climbed 65 points, or 1.2 percent, to 5,501 as of 9:40 a.m. EDT. In contrast, the Dow Jones Industrial Average saw a more modest increase, rising by just six points, or 0.1 percent, to 40,749.
As the Federal Reserve was anticipated to maintain its policy rate at its current level, investors were keenly watching for any indications of a potential rate cut in September. This expectation influenced market movements, with the VIX volatility index, often referred to as the fear index, falling by 6.7 percent to 16.50. Concurrently, the 10-year US Treasury yield decreased by 1 percent to 4.100 percent.
The dollar index also saw a decline, dropping 0.6 percent to 103.94, while the euro appreciated by 0.25 percent to USD1.0842 against the US dollar. Precious metals saw upward movement, with gold increasing by 0.65 percent to USD2,426 per ounce and silver rising by 1.6 percent to USD28.85. Oil prices were buoyant, with Brent crude oil rising approximately 2.8 percent to USD80.18 per barrel and West Texas Intermediate up to USD76.95.
By midday, the positive trend in US stocks continued. The Nasdaq soared further, adding 443 points, or 2.59 percent, to reach 17,590 at 11:50 a.m. The S&P 500 also advanced, climbing 91 points, or 1.69 percent, to 5,528, while the Dow gained 211 points, or 0.52 percent, to 40,954. Notably, shares of American chipmaker Nvidia jumped 11.8 percent, and electric car manufacturer Tesla saw its stock rise by nearly 4 percent. Stocks of Uber and Amazon each increased by more than 2.7 percent, with Intel and Apple both experiencing gains of around 1.75 percent.
As the Federal Reserve was anticipated to maintain its policy rate at its current level, investors were keenly watching for any indications of a potential rate cut in September. This expectation influenced market movements, with the VIX volatility index, often referred to as the fear index, falling by 6.7 percent to 16.50. Concurrently, the 10-year US Treasury yield decreased by 1 percent to 4.100 percent.
The dollar index also saw a decline, dropping 0.6 percent to 103.94, while the euro appreciated by 0.25 percent to USD1.0842 against the US dollar. Precious metals saw upward movement, with gold increasing by 0.65 percent to USD2,426 per ounce and silver rising by 1.6 percent to USD28.85. Oil prices were buoyant, with Brent crude oil rising approximately 2.8 percent to USD80.18 per barrel and West Texas Intermediate up to USD76.95.
By midday, the positive trend in US stocks continued. The Nasdaq soared further, adding 443 points, or 2.59 percent, to reach 17,590 at 11:50 a.m. The S&P 500 also advanced, climbing 91 points, or 1.69 percent, to 5,528, while the Dow gained 211 points, or 0.52 percent, to 40,954. Notably, shares of American chipmaker Nvidia jumped 11.8 percent, and electric car manufacturer Tesla saw its stock rise by nearly 4 percent. Stocks of Uber and Amazon each increased by more than 2.7 percent, with Intel and Apple both experiencing gains of around 1.75 percent.
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