Stocks Inch Up Ahead Of Fed Decision, Nvidia Set To Snap Four Straight Losses, Bitcoin Slips: What’s Driving Markets Wednesday?
By Benzinga
Wall Street inched marginally higher during Wednesday morning trading in New York, with traders remaining on edge ahead of the eagerly anticipated Federal Reserve meeting scheduled for 2 p.m. ET, followed by Fed Chair Jerome Powell‘s press conference at 2:30 p.m. ET.
The Fed is widely expected to reduce interest rates by 25 basis points to a target range of 4.25%-4.50%. Yet, the market’s reaction is likely to hinge on the updated economic projections and Powell’s commentary on future policy direction.
The semiconductor sector rebounded strongly, with the iShares Semiconductor ETF (NASDAQ:SOXX) climbing 0.9% after a 1.6% dip on Tuesday. Nvidia Corp. (NASDAQ:NVDA) surged 3.6%, on track to mark its best single-day gain in a month and to snap a four-day losing streak. The jump followed Nvidia’s announcement of a new $249 Jetson computer for AI applications, significantly cheaper than its predecessor priced at $499.
In currency markets, the U.S. dollar edged 0.2% higher, with the DXY index breaking above 107, its highest level in three weeks. Treasury yields were steady, with the 10-year yield holding at 4.40% as traders awaited the Fed’s decision.
Commodities presented a mixed picture: gold slipped 0.4%, while WTI crude gained 1.2%, supported by a larger-than-expected drawdown in U.S. crude inventories.
The cryptocurrency market took a breather after recent strong gains, with Bitcoin (CRYPTO: BTC) down 1.8%, trading below the $105,000 mark.
Wednesday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day % chg |
| Dow Jones | 43,597.75 | 0.3% |
| S&P 500 | 6,063.18 | 0.2% |
| Russell 2000 | 2,337.19 | 0.1% |
| Nasdaq 100 | 22,010.91 | 0.0% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.2% to $605.62.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.4% to $437.08.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) held steady at $535.84.
- The iShares Russell 2000 ETF (NYSE:IWM) edged 0.2% up to $231.42.
- The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up by 0.4%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, down 0.4%.
Wednesday’s Stock Movers
- Micron Technology (NASDAQ:MU) rose 2.4% ahead of its fiscal first-quarter earnings report. Analysts anticipate adjusted earnings of $1.76 per share on revenue of $8.7 billion for the quarter.
- Stocks reacting to earnings reports included General Mills Inc. (NYSE:GIS), down 3%; Jabil Inc. (NYSE:JBL), up 9.6% and Heico Corp. (NYSE:HEI), down 8.7%.
Read Now:
Photo: Shutterstock
