The Dow has reversed course and stocks are now higher across the board
U.S. stocks opened mixed Wednesday as investors turned their attention to a Federal Reserve policy update later in the session that will offer insights on the path of future interest rates, while continuing to monitor progress on China-U.S. trade talks.
What’s driving the market? With no clarity on a partial U.S. - China trade pact ahead of a Sunday deadline that will see tariffs on mostly consumer products increased to 15% on some $160 billion in China imports, investors are pivoting to the outlook for the economy and monetary policy that the Fed will deliver later Wednesday.
An update from the Fed’s two-day gathering will come at 2 p.m. Eastern Time, with a news conference with Chairman Jerome Powell slated for a half-hour later. Meanwhile, shares of state-backed Saudi Aramco gained 10% on its first day of trading in Riyadh, making it the world’s largest initial public offering and the most highly-valued company in the world.
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