US stocks subdued at open, Fedspeaks in focus
|US stocks witnessed mixed opening on Tuesday, with two of the three major indices gaining traction for the fourth consecutive session and indicated that the recent bullish trend could be far from over. Markets even shrugged off news of a suicide attack that killed at least 22 people and injured over 50 in the city of Manchester, UK.
Investors now look forward to speeches from various FOMC members and also keenly await the US President Donald Trump's first full budget proposal, which although is unlikely to pass in its current state but would be looked upon for clues over corporate tax reforms and infrastructure spending.
Ahead of the crucial Fed monetary meeting minutes on Wednesday, traders on Tuesday will keenly scrutinize speeches from various Fed officials in order to grab some short-term trading opportunities.
At the time of writing, the Dow Jones Industrial Average was up around 20-points to 20915, while the broader S&P 500 added 2-points to 2,395. Meanwhile, tech-heavy Nasdaq Composite Index underperformed the broader indices and dipped 6-points to 6,127. With the latest up-move, all the three major indices have now reversed last week's sharp declines triggered by rising political uncertainty in the US and are just 1% below their record high levels.
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