U.S. Markets Jump Ahead of Fed Amid Slowing Retail Sales By Investing.com

U.S. Markets Jump Ahead of Fed Amid Slowing Retail Sales


© Reuters.

By Christiana Sciaudone

Investing.com — U.S. stock markets opened higher on Wednesday for a third day, despite slower retail sales, and ahead of the Fed’s rate decision.

By 9:33 AM ET (1333 GMT), the was up 88 points or 0.32%. The rose 0.4% and the increased 0.33%.

The Federal Reserve wraps up its regular two-day policy meeting, with the publication of its post-meeting statement at 2 PM ET (1800 GMT) and Chairman Jerome Powell’s press conference. There are no policy changes expected, but the Fed will update its economic forecasts, including a first forecast for 2023.

U.S. rose less than forecast in August, up 0.6% after a downwardly revised 0.9% increase the prior month. The increase for August had been expected at 1%.

Investors are in a frenzy over Snowflake’s IPO, the largest of the year, while Facebook Inc (NASDAQ:) is facing a Kim Kardashian West boycott and a possible FTC lawsuit. Oil prices are rebounding after a big drop in U.S. inventories.

FedEx Corporation (NYSE:) jumped 5.6% after reporting its highest quarterly revenue ever Tuesday.

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