S&P 500 Index opens flat ahead of FOMC Minutes
- Wall Street's main indexes opened mixed on Wednesday.
- Financial shares gain traction amid Treasury bond yields.
- Investors wait for FOMC to release the minutes of the March meeting.
Major equity indexes in the US opened mixed on Wednesday amid varying performances of major sectors. As of writing, the S&P 500 Index was up 0.05% on the day at 4,076, the Dow Jones Industrial Average was gaining 0.2% at 33,496 and the Nasdaq Composite was losing 0.3% at 13,534.
Among the 11 major S&P 500 sectors, the Financials Index is the top performer after the opening bell, rising 0.62% on the back of a 1.2% increase in the 10-year benchmark US Treasury bond yield. On the other hand, the Technology Index is losing 0.3%.
Later in the day, the FOMC will release the minutes of its March meeting. Furthermore, US President Joe Biden will deliver a speech on the spending plan.
Previewing the FOMC event, "the minutes will be scoured for clues to the logic, timing and size of any change to the Treasury intervention," said FXStreet Analyst Joseph Trevisani. "Any notice that the conditions for a reduction in bond purchases were discussed will be taken as an indication that the time is approaching with commensurate market impact."
S&P 500 chart (daily)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
