US open: Stocks slightly higher ahead of FOMC decision

(Sharecast News) - Major indices were slightly higher at the open on Wednesday as market participants awaited the Federal Reserve's latest policy decision, while SpaceX looked set to extend its strong post‑IPO rally. As of 1445 BST, the Dow Jones Industrial Average was up 0.08% at 52,038.95, while the S&P 500 ticked up 0.06% to 7,515.52 and the Nasdaq Composite came out of the gate 0.27% firmer at 26,447.32.

The Dow opened 39.28 points higher on Wednesday, extending gains recorded in the previous session after Donald Trump said the US and Iran had reached a potential agreement to end their conflict, with Pakistan's prime minister Shehbaz Sharif adding that both sides had halted military operations ahead of a planned signing ceremony in Switzerland on Friday.

Wednesday's primary focus will be the Fed's policy decision at 1900 BST, followed by new chair Kevin Warsh's first press conference at 1930 BST. Investors widely expect to see the central bank keep rates unchanged at 3.5% to 3.75%, though most Fed watchers anticipate Warsh will refrain from submitting a "dot" in the quarterly rate‑projection update.

Elsewhere on the macro front, US mortgage applications fell for a fourth time in five weeks in the week ended 12 June, according to the Mortgage Bankers Association, with overall volumes down 3.8% despite benchmark mortgage rates holding steady. Applications to refinance a mortgage, which are more sensitive to week-to-week rate moves, dropped 4.5%, while applications to purchase a home were 3.4% lower week-on-week.

On another note, US retail sales rose 0.9% in May, according to advance estimates from the Census Bureau, hitting $763.7bn. Sales for the March-May period were up 5.3% compared with the same three months in 2025, while April's monthly gain was revised down slightly to 0.4%. On an annualised basis, retail sales registered a 6.9% increase. Retail trade sales were 1.0% higher on the month and 7.5% above last year's level, while non‑store retailers continued to lead the way with a 12.2% annual rise. Food services and drinking places posted a 2.7% increase versus May 2025.

Still to come, May pending home sales and April business inventories data will be published at 1500 BST.

In the corporate space, SpaceX traded higher in early action, leaving the stock up roughly 50% from last week's $135 IPO price and briefly pushing its valuation above Amazon's. Chipmakers also traded higher, with ASML up 6.02% and Intel rising 2.61%.

No major corporate earnings were slated for release on Wednesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

JP Morgan Chase & Co. (JPM) $334.49 3.68% Visa Inc. (V) $334.23 2.87% Home Depot Inc. (HD) $337.98 2.20% 3M Co. (MMM) $161.60 2.15% American Express Co. (AXP) $341.87 1.60% Apple Inc. (AAPL) $300.19 1.52% Procter & Gamble Co. (PG) $151.66 1.35% Goldman Sachs Group Inc. (GS) $1,098.07 1.35% Caterpillar Inc. (CAT) $959.05 1.23% International Business Machines Corporation (CDI) (IBM) $264.03 0.78%

Dow Jones - Fallers

Intel Corp. (INTC) $120.32 -10.08% Salesforce.Com Inc. (CRM) $159.00 -1.73% Amgen Inc. (AMGN) $347.17 -1.28% Cisco Systems Inc. (CSCO) $118.38 -0.88% Unitedhealth Group Inc. (UNH) $409.11 -0.82% Dow Chemical Co. (DOW) $33.17 -0.81% Coca-Cola Co. (KO) $79.64 -0.78% Verizon Communications Inc. (VZ) $46.31 -0.72% Microsoft Corp. (MSFT) $387.59 -0.67% Boeing Co. (BA) $227.93 -0.64%

S&P 500 - Risers

Bath & Body Works, Inc. (BBWI) $21.27 8.27% Take-Two Interactive Software Inc. (TTWO) $227.61 6.65% Western Digital Corp. (WDC) $710.81 5.04% Expedia Group Inc. (EXPE) $243.64 4.83% Dxc Technology Company (DXC) $9.04 4.77% JP Morgan Chase & Co. (JPM) $334.49 3.68% Moody's Corp. (MCO) $466.75 3.16% Capital One Financial Corp. (COF) $202.38 3.08% Digital Realty Trust (DLR) $190.67 3.00% Charles Schwab Corp. (SCHW) $93.61 2.99%

S&P 500 - Fallers

Intel Corp. (INTC) $120.32 -10.08% Coterra Energy Inc. (CTRA) $32.56 -8.62% KLA-Tencor Corp. (KLAC) $246.25 -8.51% Advanced Micro Devices Inc. (AMD) $517.13 -7.40% Skyworks Solutions Inc. (SWKS) $72.06 -6.57% Wynn Resorts Ltd. (WYNN) $103.11 -5.69% Corning Inc. (GLW) $178.31 -5.57% Macerich Co (MAC) $23.88 -5.34% Microchip Technology Inc. (MCHP) $97.18 -4.82% QUALCOMM Inc. (QCOM) $219.44 -4.78%

Nasdaq 100 - Risers

Take-Two Interactive Software Inc. (TTWO) $227.61 6.65% Western Digital Corp. (WDC) $710.81 5.04% Expedia Group Inc. (EXPE) $243.64 4.83% Gilead Sciences Inc. (GILD) $127.19 2.85% Mercadolibre Inc. (MELI) $1,685.03 2.45% Vertex Pharmaceuticals Inc. (VRTX) $447.54 2.39% Paypal Holdings Inc (PYPL) $43.44 2.32% Seagate Technology Plc (STX) $1,063.18 1.95% Meta Platforms Inc. (META) $587.48 1.68% Illumina Inc. (ILMN) $163.60 1.66%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49% Intel Corp. (INTC) $120.32 -10.08% KLA-Tencor Corp. (KLAC) $246.25 -8.51% Skyworks Solutions Inc. (SWKS) $72.06 -6.57% Wynn Resorts Ltd. (WYNN) $103.11 -5.69% Microchip Technology Inc. (MCHP) $97.18 -4.82% QUALCOMM Inc. (QCOM) $219.44 -4.78% Lam Research Corp. (LRCX) $387.89 -4.76% NetEase Inc. Ads (NTES) $124.48 -4.68% Baidu Inc. (BIDU) $114.30 -4.36%