The market opened slightly higher on Wednesday as technology stocks continue to outperform and Wall Street awaits an update on the economy from the Federal Reserve.... [+]The Dow Jones Industrial Average was flat at Wednesday’s open, while the S&P 500 rose 0.2% and the tech-heavy Nasdaq Composite gained 0.8%.
Investors continued to rotate back into tech stocks, with shares of Amazon, Facebook and Apple both set to hit new record highs again after rising more than 1% in premarket trading. Stocks that would benefit from a reopening—including airlines, retailers and cruise operators—moved lower again on Wednesday, after having led the market’s comeback in recent weeks.
The Federal Reserve wraps up its two-day meeting this afternoon: Wall Street will be closely watching for an update on the economy and any guidance on how long interest rates will remain low.in the way of policy changes, the Fed will release new forecasts for GDP, unemployment and inflation as the U.S. economy begins to recover from the coronavirus pandemic.Markets are in a “holding pattern” ahead of the Fed’s update, says Vital Knowledge founder Adam Crisafulli.
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