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Wall Street to open on a mixed footing ahead of the Fed

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Wall Street is expected to see a mixed opening after Tuesday’s dip, as investors await the outcome of the latest US Federal Reserve meeting.

There is an air of caution ahead of the Fed’s announcement, with all eyes on what the central bank will say about the prospects of rising inflation. US Treasury yields have been on the rise in recent weeks on concerns that a post-pandemic economic recovery could drive up prices. The 10-year yield has climbed from 1.62% overnight to a new 13 month high of 1.65%.

Dave Madden at CMC Markets UK said: “Jerome Powell, the head of the Fed, is in a difficult spot as he doesn’t want to hike rates anytime soon but at the same time, he can’t ignore the rise in yields and the increasing chatter that higher inflation is in the pipeline. Mr Powell will probably make it clear that the Fed won’t be pushed around by the bond market and that it will stay the course with respect to its policy as its economic aims are far from being achieved.”

The Dow Jones Industrial Average is expected to open around 26 points higher at 32,852 but the S&P 500 and Nasdaq Composite are both indicated to open marginally lower.

Four things to watch for on Wednesday:

  • The earnings diary will feature results from lab instrument maker Agilent Technologies Inc (NYSE:A) and cleaning supplier group Cintas Corp (NASDAQ:CTAS), while coffee giant Starbucks Corp (NASDAQ:SBUX) will begin its annual general meeting
  • Shares in Uber Technologies Inc (NYSE:UBER) will also be in focus after the company said it will label all its UK drivers as workers, entitling them to employment rights, following a court ruling
  • Listed firms reliant on computer chips are also likely to attract attention after the boss of Samsung warned overnight of problems arising from a global shortage of semiconductors
  • Aside from the Fed meeting later there is little in the macro diary to excite investors, although US mortgage applications and building permit data could draw some eyeballs

Story by ProactiveInvestors


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