US stocks open mixed before conclusion of Fed meeting

By Ovunc Kutlu

ISTANBUL (AA) - Major stock exchanges in the US opened mixed Wednesday before the conclusion of the Federal Reserve's first two-day meeting of 2024.

The Dow Jones rose 95 points, or 0.25%, to 38,562 at 9.36 a.m. EDT (1436GMT). The blue-chip index closed Tuesday at 38,467.31 points, marking its seventh record closing of the year.

The S&P 500, on the other hand, lost 20 points, or 0.42%, to 4,904. The tech-heavy Nasdaq fell 149 points, or 0.96%, to 15,360

The Fed is widely expected to hold its benchmark interest rate unchanged later Wednesday, but all eyes will be on Chair Jerome Powell’s post-meeting news conference, as investors will focus on any hints about the direction of interest rates in the coming months.

The VIX volatility index, also known as the fear index, fell 0.6% to 13.23. The 10-year US Treasury yield shed 1.7% to 3.988%.

The dollar index decreased 0.18% to 103.21, while the euro rose 0.22% to $1.0864 against the greenback.

Precious metals were on the rise, with gold adding 0.36% to $2,044 per ounce and silver increasing 0.1% to $23.19.

Oil prices were in negative territory, with global benchmark Brent crude losing 0.5% to $82.12 per barrel, and US benchmark West Texas Intermediate crude falling 0.6% to $77.34.