The major US stock indices are opening higher ahead of the FOMC rate decision at 2 PM ET. The employment cost data came in a little bit weaker than expectations at 0.9% versus 1.0%. The market is shrugging off the so-so earnings from Microsoft although it started is down -1.4%. Meta Platforms is on deck after the close. Amazon and Apple report tomorrow after the close.
A snapshot of the market four minutes into the open is showing:
- Dow Industrial Average average rose 47.23 points or 0.12% at 40 790.57
- S&P index up 64.91 point or 1.19% at 5501.36
- NASDAQ index up 312.63 points or 1.82% at 17460.05
The small-cap Russell 2000 is up 15.65 points or 0.70% at 2258.79
Shares of Microsoft are currently trading down -1.4%, but it was down -6 to -7% shortly after its release.
AMD reported after the close yesterday and is really up 7.67% after strong earnings.
Nvidia is Morgan Stanley’s top pick. It shares our trading up $8.72 or 8.43% at $112.46.
Amazon is trading up 1.88%. Meta Platforms is up 1.47% ahead of earnings after the close. Apple is up 1.5%, and Tesla shares are up 3.32%.