US open: Stocks higher ahead of FOMC decision
By Iain Gilbert
Date: Wednesday 07 May 2025
(Sharecast News) - Major indices were in the green early on Wednesday on the back of fresh trade news as investors looked ahead to the outcome of the Federal Reserve's two-day policy meeting.
As of 1530 BST, the Dow Jones Industrial Average was up 0.57% at 41,060.81, while the S&P 500 advanced 0.50% to 5,635.07 and the Nasdaq Composite came out of the gate 0.55% firmer at 17,787.61.
The Dow opened 231.80 points higher on Wednesday, reclaiming some of the losses recorded in the previous session as investors digested a number of gloomy outlooks from corporations warning of the negative impact of trade tariffs on business.
News that Treasury Secretary Scott Bessent and Jamieson Greer will meet with their Chinese counterparts in Switzerland later this week gave sentiment a boost at the open, with market participants taking the news as a positive following Donald Trump's so-called "reciprocal" tariff announcement on 2 April.
Wednesday's other primary focus will undoubtedly be the outcome of the Federal Open Market Committee's two-day policy meeting, set to be announced at 1900 BST and followed by a press conference at 1930 BST. The central bank was widely expected to hold interest rates steady at 4.5%, but market participants will also hope to gain some further insight into the Fed's thinking going forward at chairman Jerome Powell's post-decision presser.
Elsewhere on the macro front, US mortgage applications shot up 11% in the week ended 2 May, according to the Mortgage Bankers Association of America, with applications to purchase a home shot up 11%, as did applications to refinance a mortgage.
Still to come, March consumer credit change figures will be published at 2000 BST.
In the corporate space, shares in Super Micro Computer were lower in early trading after the group's Q3 earnings missed expectations on the Street, while Advanced Micro Devices traded higher on the back of better-than-expected Q1 earnings.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $59.44 0.95%
Microsoft Corp. (MSFT) $434.79 0.58%
Walgreens Boots Alliance, Inc. (WBA) $10.99 0.27%
Intel Corp. (INTC) $20.03 0.07%
Home Depot Inc. (HD) $359.38 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Visa Inc. (V) $347.70 0.00%
Merck & Co. Inc. (MRK) $79.04 0.00%
Caterpillar Inc. (CAT) $320.89 0.00%
Unitedhealth Group Inc. (UNH) $394.51 0.00%
Dow Jones - Fallers
Amgen Inc. (AMGN) $270.98 -1.60%
Apple Inc. (AAPL) $199.12 -0.12%
Unitedhealth Group Inc. (UNH) $394.51 0.00%
Home Depot Inc. (HD) $359.38 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Chemical Co. (DOW) $28.80 0.00%
Visa Inc. (V) $347.70 0.00%
Merck & Co. Inc. (MRK) $79.04 0.00%
Caterpillar Inc. (CAT) $320.89 0.00%
American Express Co. (AXP) $275.37 0.00%
S&P 500 - Risers
Gen Digital Inc. (GEN) $28.04 9.83%
TripAdvisor Inc. (TRIP) $13.76 9.42%
Verisk Analytics Inc. (VRSK) $307.43 4.89%
Mattel Inc. (MAT) $16.92 4.48%
United Airlines Holdings Inc (UAL) $76.16 3.51%
Marriott International - Class A (MAR) $255.11 3.17%
Charter Communications Inc. (CHTR) $405.49 3.00%
Seagate Technology Plc (STX) $95.00 2.96%
QUALCOMM Inc. (QCOM) $142.00 2.83%
Expedia Group Inc. (EXPE) $169.96 2.62%
S&P 500 - Fallers
Ipg Photonics Corp. (IPGP) $56.86 -9.94%
Nektar Therapeutics (NKTR) $0.64 -7.42%
Regeneron Pharmaceuticals Inc. (REGN) $561.94 -6.51%
Vertex Pharmaceuticals Inc. (VRTX) $440.98 -4.55%
Diamondback Energy Inc. (FANG) $129.76 -4.12%
Incyte Corp. (INCY) $59.70 -3.71%
Biogen Inc (BIIB) $116.53 -3.39%
Illumina Inc. (ILMN) $74.94 -2.93%
Gilead Sciences Inc. (GILD) $98.02 -2.93%
Align Technology Inc. (ALGN) $172.67 -2.90%
Nasdaq 100 - Risers
Qvc Group Inc Series A (QVCGA) $0.20 18.67%
Gen Digital Inc. (GEN) $28.08 10.01%
Verisk Analytics Inc. (VRSK) $306.91 4.72%
Marriott International - Class A (MAR) $254.95 3.11%
Seagate Technology Plc (STX) $95.04 3.00%
Charter Communications Inc. (CHTR) $404.96 2.86%
QUALCOMM Inc. (QCOM) $141.71 2.62%
Expedia Group Inc. (EXPE) $169.88 2.57%
Take-Two Interactive Software Inc. (TTWO) $229.20 2.50%
Micron Technology Inc. (MU) $80.97 2.40%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $561.20 -6.63%
Vertex Pharmaceuticals Inc. (VRTX) $440.99 -4.55%
Biomarin Pharmaceutical Inc. (BMRN) $59.13 -4.52%
Incyte Corp. (INCY) $59.57 -3.92%
Biogen Inc (BIIB) $116.51 -3.41%
Baidu Inc. (BIDU) $87.43 -3.40%
Illumina Inc. (ILMN) $74.74 -3.21%
Align Technology Inc. (ALGN) $172.46 -3.01%
Gilead Sciences Inc. (GILD) $98.00 -2.95%
Fastenal Co. (FAST) $78.68 -2.71%
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