US stock market today: Wall Street stays flat ahead of Fed policy call, oil dips on easing fears; global markets trade mixed
Wall Street held steady in early trading on Wednesday as investors awaited the US Federal Reserve's policy decision, with the S&P 500 flat, the Dow Jones Industrial Average unmoved, and the Nasdaq composite edging up 0.1%.
Around 20 minutes into trading, the Dow Jones Industrial Average ticked up 0.2 percent to 42,277.37, as did the broad-based S&P 500 to 5,995.19. The tech-heavy Nasdaq Composite Index rose 0.3 percent to 19,570.03, AFP reported.
Markets broadly expect the Fed to leave its benchmark interest rate unchanged, but focus remains on the updated projections for inflation, economic growth, and the path of interest rates.
On Tuesday, stocks had declined under pressure from higher oil prices and weaker-than-expected retail sales data. The S&P 500 fell 0.8%, the Dow lost 0.7%, and the Nasdaq slipped 0.9%, AP reported.
Crude oil prices eased on Wednesday following sharp gains in the previous session. US benchmark crude dropped 84 cents to $72.43 a barrel, and Brent crude slipped 86 cents to $75.59. Oil had surged over 4% on Tuesday as tensions between Israel and Iran raised fears of supply disruption through the Strait of Hormuz.
The conflict in West Asia continues to support volatility in energy markets, although traders note that past conflicts have not always led to lasting supply disruptions.
In global equity markets, Japan's Nikkei 225 climbed 0.9% despite a report showing exports to the US fell over 11% in May due to new tariffs imposed by US President Donald Trump. Germany's DAX rose 0.1%, France's CAC 40 gained 0.2%, and the UK's FTSE 100 added 0.2%.
Hong Kong's Hang Seng dropped 1.1%, while Shanghai's Composite edged up 0.1%. South Korea's Kospi gained 0.7% and Australia's ASX 200 slipped 0.1%.
Traders continued to weigh the impact of policy uncertainty, tariffs, and global demand concerns. While higher oil prices typically support renewable energy stocks, solar shares fell sharply on Tuesday amid reports that Congress may phase out clean energy tax credits.
Enphase Energy dropped 24% and First Solar slid 17.9%.
In company news, Verve Therapeutics soared 81.5% after Eli Lilly announced a $1 billion acquisition deal that could grow to $1.3 billion with milestones. Eli Lilly shares declined 2%.
In bond markets, Treasury yields slipped after soft retail data suggested weaker household spending. The yield on the 10-year Treasury retreated, reflecting cautious investor sentiment ahead of the Fed announcement.
In currency markets, the US dollar weakened to 144.97 yen from 145.29 yen, while the euro rose to $1.1506 from $1.1480.
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