Tue, 28 Sep 2021

NEW YORK, July 28 (Xinhua) -- U.S. stocks opened modestly higher on Wednesday morning as investors anticipated a key policy update from the Federal Reserve (Fed).

The Dow Jones Industrial Average rose 17.09 points, or 0.05 percent, to 35,075.61. The S&P 500 added 6.08 points, or 0.14 percent, to 4,407.54. The Nasdaq Composite Index increased 64.76 points, or 0.44 percent, to 14,725.54. All the three major indexes began to swing between gains and losses shortly after the opening bell.

Six of the 11 primary S&P 500 sectors declined in morning trading, with technology down 0.7 percent, leading the laggards. Communication services rose 0.6 percent, outpacing the rest.

Shares of Google-parent Alphabet climbed after its better-than-expected earnings report.

Apple also reported strong quarterly earnings on Tuesday, yet, its executives warned that chip supply constraints could impact iPhones and iPads this quarter. The stock came under pressure on Wednesday morning.

Microsoft shares advanced slightly after the software and hardware company delivered fiscal fourth-quarter earnings that exceeded expectations.

Wall Street is keeping a close eye on the Fed as the U.S. central bank will conclude its two-day meeting later Wednesday, followed by a key policy announcement and news conference by Fed Chair Jerome Powell.

"Rates are expected to remain unchanged, but everybody will be listening for any news on when the Fed might begin reducing their bond purchases," Kevin Matras, executive vice president at Zacks Investment Research, said in a note.

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