US stocks trending higher ahead of Fed minutes

Haresh Menghani FXStreet

Major US equity indices opened higher on Wednesday, with the Dow Jones Industrial Average (DJIA) holding in positive territory for the fourth consecutive session.

During the opening hour of trade, DJIA was up nearly 50-points to 22,050, while the broader S&P 500 Index added around 5-points to 2,470. Meanwhile, tech-heavy Nasdaq Composite Index climbed over 10-points to 6,344.

Easing geopolitical tensions between the US and N. Korea, coupled with mildly positive sentiment around crude oil prices remained supportive for increasing investors’ appetite for riskier assets - like equities.

Traders, however, seemed taking a cautious approach ahead of the latest FOMC meeting minutes, which would be looked upon for clues over the possibility and timing of next Fed rate hike action.

In the latest US economic data, housing starts declined 4.8% in July to a seasonally adjusted annual rate of 1.16 million units but had a little impact on the prevalent risk-on environment, with markets holding within striking distance of record levels.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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