US stocks trade mixed as focus shifts from Trump-Kim summit to FOMC
|Major US equity indices witnessed a mixed opening on Tuesday as investors seemed uninspired by the outcome of the historic US-North Korea summit in Singapore.
The US President Donald Trump and North Korean leader Kim Jong Un signed a joint document pledging to work towards complete denuclearization of the Korean Peninsula. The statement, however, was criticized over lack of any specific details over the timing or verification as to whether North Korea is making changes to its cherished nuclear program.
Against the backdrop of latest geopolitical developments, investors turned their focus to a series of important central bank meeting, kicking off with the two-day FOMC meeting later in the day. The Fed is widely expected to raise interest rates on Wednesday and will also release the updated economic projections.
Apart from the US central bank, the ECB is also expected to announce the plan and timing to unwind its massive bond-buying program when the policymakers meet on Thursday. A combination of forthcoming market moving events now seemed to hold back investors to place aggressive bets and eventually led to a mixed opening hour of trade on Tuesday.
At the time of writing this report, the Dow Jones Industrial Average was down around 25-points to 25,297, while the broader S&P 500 Index was barely in green at 2,783. Meanwhile, tech-heavy Nasdaq Composite Index added nearly 13-points and inched closer to the 7,700 round figure mark.
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