US Stocks Edge Up as Traders Await Fed
US stocks were slightly higher on Wednesday, with the S&P 500 up 0.4%, the Nasdaq gaining about 0.6%, and the Dow Jones adding about 100 points, as traders awaited the Fed’s decision later in the day. This followed losses in the previous session. The central bank is widely expected to keep interest rates unchanged while providing fresh economic projections that will offer insights into the economic outlook. Tech and consumer discretionary were by far the top performing sectors.
On the corporate front, Tesla shares jumped about 3.5% after the company received its first official approval from California regulators for a potential robotaxi service. Nvidia also gained 1.7%, rebounding from a 3.4% drop the day before, as its CEO unveiled at the GTC conference a new lineup of more powerful chips and related technology. Other megacap stocks were mixed, with Apple (+1.1%), Microsoft (+0.4%), and Alphabet (+0.4%) posting modest gains while Amazon (-0.2%) and Meta (-0.2%) traded lower.
Source: Trading Economics
