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Wall Street set to inch higher, 'meme' stocks extend rally

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U.S. stock indexes were set to open slightly higher on Wednesday, although a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting.

Small gains in heavyweight technology stocks, particularly the FAANG group of firms, were set to give the NasdaqBut Wall Street indexes have moved little this week amid a dearth of cues, with most investors sticking to the sidelines ahead of key inflation data on Thursday.

The Fed's meeting next week is also expected to shed more light on the bank's policy tapering plans. While inflation has surged in recent months, a sluggish labor market is broadly expected to keep the bank dovish.

 

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Wall Street closes little changed as “meme stocks” extend rallyWall Street stocks struggled for closing gains on Tuesday as a lack of clear market catalysts kept institutional investors in a holding pattern, while retail traders kept the rally of so-called meme stocks alive.
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