Nasdaq, S&P jump at opening before Fed decision

By Ovunc Kutlu

ISTANBUL (AA) - The Nasdaq and the S&P 500 jumped at Wednesday's opening bell before the conclusion of the Federal Reserve's two-day monetary policy meeting.

The tech-heavy Nasdaq soared 363 points, or 2.1%, to 17,510 and the S&P 500 jumped 65 points, or 1.2%, to 5,501 at 9.40 a.m. EDT.

The Dow, meanwhile, increased just six points, or 0.1%, to 40,749.

While the Fed is widely expected to hold its policy rate unchanged Wednesday, investors will look for any clues for a rate cut in September.

The VIX volatility index, also known as the fear index, dove 6.7% to 16.50. The 10-year US Treasury yield declined 1% to 4.100%.

The dollar index decreased 0.6% to 103.94, while the euro gained 0.25% to $1.0842 against the greenback.

Precious metals were on the rise, with gold adding 0.65% to $2,426 per ounce and silver increasing 1.6% to $28.85.

Oil prices jumped around 2.8%, with global benchmark Brent crude priced at $80.18 per barrel and US benchmark West Texas Intermediate at $76.95.