WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of the trading day on Wednesday, with the major averages bouncing back and forth across the unchanged line following the pullback seen in the previous session.
Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 12.36 points or 0.1 percent at 24,676.16, the S&P 500 is down 6.48 points or 0.1 percent at 7,132.32 and the Dow is down 306.49 points or 0.6 percent at 48,835.44.
A steep drop by shares of Boeing (BA) is weighing on the Dow, with the aerospace giant tumbling by 3.5 percent. Dow components Home Depot (HD) and Travelers (TRV) are also posting notable losses.
The lackluster performance by the broader markets comes as traders seem reluctant to make significant moves ahead of the Federal Reserve's latest monetary policy announcement later this afternoon.
CME Group's FedWatch Tool is currently indicating a 100 percent chance the Fed will leave interest rates unchanged for the third straight meeting.
With the Fed's decision a near-certainty, traders are likely to pay closer attention to the central bank's accompanying statement for clues about the outlook for rates.
However, as the Fed is unlikely to provide specific details about future rate decisions, traders may shift their focus to key earnings news from big-name tech companies.
Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Microsoft (MSFT) are among the companies due to report their quarterly results after the close of today's trading.
With the tech giants part of the so-called 'Magnificent Seven,' their results could have a significant impact on the markets amid resurfacing concerns about AI spending.
Meanwhile, traders seem to have shrugged off another surge by the price of crude oil, even as U.S. crude oil futures spike above $100 a barrel following President Donald Trump's latest threats against Iran.
'Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!' Trump said in a post on Truth Social along with a picture showing him holding a rifle and the words 'No more Mr. Nice Guy!'
Sector News
Despite the lackluster performance by the broader markets, networking stocks are seeing substantial strength, with the NYSE Arca Networking Index surging by 3 percent.
Computer hardware stocks are also turning in a strong performance, resulting in a 2.6 percent jump by the NYSE Arca Computer Hardware Index.
Seagate Technology (STX) has helped lead the sector higher, soaring by 15.6 percent after reporting better than expected fiscal third quarter results and providing upbeat fourth quarter guidance.
Oil producer and semiconductor stocks are also seeing considerable strength, while gold, brokerage and airline stocks have shown significant move to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Wednesday, with the Japanese markets closed for a holiday. Hong Kong's Hang Seng Index jumped by 1.7 percent, while China's Shanghai Composite Index advanced by 0.7 percent.
Meanwhile, the major European markets have moved to the downside on the day. While the U.K.'s FTSE 100 Index is down by 1.3 percent, the French CAC 40 Index is down by 0.5 percent and the German DAX Index is down by 0.3 percent.
In the bond market, treasuries have moved notably lower amid the continued surge by the price of crude oil. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.2 basis points at 4.396 percent.
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