AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

NEW YORK: Wall Street stocks climbed early Wednesday ahead of a Federal Reserve decision on raising interest rates and following a stream of earnings reports that left investors sighing in relief.

Boeing, Microsoft and Google-parent Alphabet all reported lower earnings amid a slowing economy mired in high inflation. Yet shares of all three companies advanced.

“The takeaway for many apparently is that their results and/or guidance was better than feared,” said Briefing.com analyst Patrick O’Hare.

Meanwhile, a surge in new orders for US military aircraft in June drove a surprise increase in demand for big-ticket manufactured goods, according to government data that points to solid demand despite inflation.

About 15 minutes into the trading session, the Dow Jones Industrial Average was up 0.4 percent at 31,895.04.

Wall Street falls as Walmart warning rattles retail stocks

The broad-based S&P 500 gained 1.1 percent to 3,964.65, while the tech-rich Nasdaq Composite Index jumped 2.1 percent to 11,802.24.

The Fed is expected to announce another three-quarter-point increase in the benchmark borrowing rate when its two-day policy meeting concludes at 1800 GMT, its latest effort to rein in soaring inflation.

O’Hare predicted stocks will take their cues from the tone set by Fed Chair Jerome Powell regarding the plan for subsequent meetings.

“There is a growing belief that the (Fed) will take a step down in September and raise rates by ‘only’ 50 basis points,” O’Hare said. “Accordingly, it could become a source of upset for the market if Fed Chair Powell sounds a more hawkish-minded note.”

Comments

Comments are closed.

US stocks gain ahead of Fed interest rate decision

PTI to quit Punjab, KP assemblies this month: Imran Khan

3 police personnel gunned down in Nowshera

US condemns attack on Pakistani embassy in Kabul, calls for probe

Dutch masters into World Cup quarter-finals as USA downed

OPEC+ will keep oil policy unchanged in review talks: sources

PTI quitting provincial assemblies will be humiliating for its voters: Saad Rafiq

Russia: price cap is ‘dangerous’ and will not curb demand for our oil

Pakistan calls on interim Afghan govt to up security at Kabul embassy after attack

Moonis’ claims on Gen Bajwa raises doubts on institution’s apolitical narrative: Sanaullah

US unveils high-tech B-21 stealth bomber