Economy, Americas

US stocks open higher before release of Fed minutes

Gold falls 0.5%, silver loses 0.25%; oil prices up around 0.5%

Ovunc Kutlu  | 21.08.2024 - Update : 21.08.2024
US stocks open higher before release of Fed minutes

ISTANBUL

Major US stocks opened Wednesday with gains before the release of the Federal Reserve's last monetary policy meeting's minutes.

The Dow Jones Industrial Average increased 49 points, or 0.12%, to 40,884 as of 9:45 a.m. EDT (1345GMT).

The S&P 500 added 16 points, or 0.3%, reaching 5,613. The Nasdaq Composite rose 62 points, or 0.35%, to 17,879.

The VIX volatility index, referred to as the "fear index," climbed 2.6% to 16.30. The 10-year US Treasury yield fell 0.3% to 3.808%.

The US dollar index was unchanged at 101.45, while the euro lost 0.13% against the dollar, trading at $1.1102.

Precious metals were in negative territory. Gold fell 0.5% to $2,502 per ounce and silver lost 0.25%, reaching $29.36 per ounce.

Oil prices rose around 0.5%, with global benchmark Brent crude at $77.58 per barrel and US benchmark West Texas Intermediate at $73.56 per barrel.

The Fed on July 31 kept its federal funds rate unchanged in the 5.25%-5.5% target range, as widely expected, which is the highest level in 23 years.

Fed Chair Jerome Powell said in a post-meeting press conference that rising confidence on inflation and solid labor market could put September rate cut on table for the central bank.


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