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Stock market today: Dow, S&P 500, Nasdaq rise ahead of crucial Fed interest rate decision
US stocks rose modestly on Wednesday morning ahead of the Federal Reserve's decision on whether to hike interest rates for the first time in three years.
Futures on the Dow Jones Industrial Average (YM=F) edged up 0.1%; the S&P 500 (ES=F) rose 0.2%, and the Nasdaq-100 (NQ=F) gained 0.4% in premarket trading.
Stocks searched for gains after ending Tuesday's session lower. A bond sell-off that has pushed the 10-year yield (^TNX) to its highest level since the financial crisis weighed on stock sentiment.
Crypto prices tumbled, meanwhile, after the Senate failed to pass a key procedural vote for a regulatory framework for digital assets, known as the Clarity Act. Bitcoin's price (BTC-USD) dropped 2% to the $75,000 level.
10-year Treasury yield hits highest level since 2007 ahead of Fed rate decision
The bond market sell-off is raising the stakes for the Federal Reserveâs monetary policy meeting this week and putting a spotlight on the central bankâs commitment to reining in inflation.
Traders widely expect the Fed to raise its benchmark interest rate on Wednesday for the first time since 2023. Traders are pricing in a 92% chance of a rate hike, according to CME FedWatch, a real-time forecasting tool.
If the Fed surprises markets by standing pat and holding rates steady, it could accelerate the bond market sell-off thatâs pushed up yields in recent weeks, analysts say. If the Fed raises interest rates by a quarter point, matching the marketâs expectation, traders will still be scrutinizing remarks from Chairman Kevin Warsh.
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