S&P 500 opens modestly lower, tech stocks underperform FOMC

  • The major Wall Street indices are trading mixed on Wednesday.
  • Financial stocks are gaining ground on rising US Treasury yields.
  • Investors await the economic projections and monetary policy statement from the FOMC.

The major stock indices in the US They paint a mixed picture after the opening bell on Wednesday, as investors continue to hesitate to make big bets ahead of the major announcements from the FOMC.

At time of writing, the Dow Jones Industrial Average was up 0.25% on the day to 32,904, the S&P 500 was losing 0.53% to 3,942, and the Nasdaq Composite Index was down 1.46% to 12,960.

Among the top 11 sectors in the S&P 500, the Tech Index is the largest daily percentage drop in early trading, losing 1.3%. On the other hand, the financial index is rising 1.05% supported by a 3% increase in the yield on 10-year US Treasuries.

An optimistic economic outlook in the FOMC Economic Forecasts could help stocks gain traction in the second half of the session. However, market participants will pay close attention to any changes in the authorities’ long-term inflation expectations.

S&P 500 chart (daily)

.

You may also like