Wall Street edges higher ahead of Fed's rate verdict
Investors will closely monitor Fed chair Jerome Powell's comments to gauge how he plans to combat the risk of rising prices, which remains a dominant concern for the central bank.
The Fed is expected to leave rates unchanged at its meeting, scheduled later in the day.
"We're still at the beginning stages of feeling that real income shock from higher tariffs in the United States, and the uncertainty effect builds up over time," said Simon Dangoor, head of fixed income macro strategies at Goldman Sachs Asset Management.
"So I think the next couple of months of data is going to be really key about where we go from here."
Ahead of the monetary policy decision, money market moves show traders are pricing in about 46 basis points of rate cuts by the end of 2025, with a 55 per cent chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
Following strong monthly equity trading in May, the benchmark S&P 500 index and the Nasdaq were close to record peaks before the ongoing conflict in the Middle East made investors risk averse.
The S&P 500 index stood 2.5 per cent below its record level, and the tech-heavy Nasdaq remained 3.3 per cent lower.
Investors have been anxious over the possibility of a more direct US military involvement in the Israel-Iran aerial war.
A source familiar with internal discussions said US President Donald Trump and his team were considering a number of options, which included joining Israel in strikes against Iranian nuclear sites.
In early trading on Wednesday, the Dow Jones Industrial Average rose 73.93 points, or 0.18 per cent, to 42,289.73, the S&P 500 gained 13.90 points, or 0.23 per cent, to 5,996.62 and the Nasdaq Composite gained 49.31 points, or 0.26 per cent, to 19,571.01.
Ten of the 11 major S&P 500 sub-sectors rose.
Energy and consumer discretionary stocks gained 0.6 per cent each while healthcare stocks declined 0.4 per cent.
Tesla gained 1.8 per cent.
Shares of networking and custom AI chipmaker Marvell Technology hit a three-month high and were last up 8.7 per cent.
Shares of stablecoin issuer Circle Internet rose 6.2 per cent after the US Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens known as stablecoins.
Scholar Rock rose 17.4 per cent after the drug maker said its experimental drug helped overweight patients preserve lean mass in a mid-stage trial when used in combination with Eli Lilly's weight-loss treatment.
Steelmaker Nucor rose 4.9 per cent following a second-quarter profit forecast that came above analysts' estimates.
Initial jobless claims data on Wednesday showed the number of people in the US filing new applications for unemployment benefits fell last week but stayed at levels consistent with a further loss of labour market momentum in June.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and six new lows while the Nasdaq Composite recorded 31 new highs and 53 new lows.
Wall Street's main indexes have ticked up as investors awaited the Federal Reserve's monetary policy decision while the Israel-Iran attacks entered the sixth day.
Investors will closely monitor Fed chair Jerome Powell's comments to gauge how he plans to combat the risk of rising prices, which remains a dominant concern for the central bank.
The Fed is expected to leave rates unchanged at its meeting, scheduled later in the day.
"We're still at the beginning stages of feeling that real income shock from higher tariffs in the United States, and the uncertainty effect builds up over time," said Simon Dangoor, head of fixed income macro strategies at Goldman Sachs Asset Management.
"So I think the next couple of months of data is going to be really key about where we go from here."
Ahead of the monetary policy decision, money market moves show traders are pricing in about 46 basis points of rate cuts by the end of 2025, with a 55 per cent chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
Following strong monthly equity trading in May, the benchmark S&P 500 index and the Nasdaq were close to record peaks before the ongoing conflict in the Middle East made investors risk averse.
The S&P 500 index stood 2.5 per cent below its record level, and the tech-heavy Nasdaq remained 3.3 per cent lower.
Investors have been anxious over the possibility of a more direct US military involvement in the Israel-Iran aerial war.
A source familiar with internal discussions said US President Donald Trump and his team were considering a number of options, which included joining Israel in strikes against Iranian nuclear sites.
In early trading on Wednesday, the Dow Jones Industrial Average rose 73.93 points, or 0.18 per cent, to 42,289.73, the S&P 500 gained 13.90 points, or 0.23 per cent, to 5,996.62 and the Nasdaq Composite gained 49.31 points, or 0.26 per cent, to 19,571.01.
Ten of the 11 major S&P 500 sub-sectors rose.
Energy and consumer discretionary stocks gained 0.6 per cent each while healthcare stocks declined 0.4 per cent.
Tesla gained 1.8 per cent.
Shares of networking and custom AI chipmaker Marvell Technology hit a three-month high and were last up 8.7 per cent.
Shares of stablecoin issuer Circle Internet rose 6.2 per cent after the US Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens known as stablecoins.
Scholar Rock rose 17.4 per cent after the drug maker said its experimental drug helped overweight patients preserve lean mass in a mid-stage trial when used in combination with Eli Lilly's weight-loss treatment.
Steelmaker Nucor rose 4.9 per cent following a second-quarter profit forecast that came above analysts' estimates.
Initial jobless claims data on Wednesday showed the number of people in the US filing new applications for unemployment benefits fell last week but stayed at levels consistent with a further loss of labour market momentum in June.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and six new lows while the Nasdaq Composite recorded 31 new highs and 53 new lows.
Wall Street's main indexes have ticked up as investors awaited the Federal Reserve's monetary policy decision while the Israel-Iran attacks entered the sixth day.
Investors will closely monitor Fed chair Jerome Powell's comments to gauge how he plans to combat the risk of rising prices, which remains a dominant concern for the central bank.
The Fed is expected to leave rates unchanged at its meeting, scheduled later in the day.
"We're still at the beginning stages of feeling that real income shock from higher tariffs in the United States, and the uncertainty effect builds up over time," said Simon Dangoor, head of fixed income macro strategies at Goldman Sachs Asset Management.
"So I think the next couple of months of data is going to be really key about where we go from here."
Ahead of the monetary policy decision, money market moves show traders are pricing in about 46 basis points of rate cuts by the end of 2025, with a 55 per cent chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
Following strong monthly equity trading in May, the benchmark S&P 500 index and the Nasdaq were close to record peaks before the ongoing conflict in the Middle East made investors risk averse.
The S&P 500 index stood 2.5 per cent below its record level, and the tech-heavy Nasdaq remained 3.3 per cent lower.
Investors have been anxious over the possibility of a more direct US military involvement in the Israel-Iran aerial war.
A source familiar with internal discussions said US President Donald Trump and his team were considering a number of options, which included joining Israel in strikes against Iranian nuclear sites.
In early trading on Wednesday, the Dow Jones Industrial Average rose 73.93 points, or 0.18 per cent, to 42,289.73, the S&P 500 gained 13.90 points, or 0.23 per cent, to 5,996.62 and the Nasdaq Composite gained 49.31 points, or 0.26 per cent, to 19,571.01.
Ten of the 11 major S&P 500 sub-sectors rose.
Energy and consumer discretionary stocks gained 0.6 per cent each while healthcare stocks declined 0.4 per cent.
Tesla gained 1.8 per cent.
Shares of networking and custom AI chipmaker Marvell Technology hit a three-month high and were last up 8.7 per cent.
Shares of stablecoin issuer Circle Internet rose 6.2 per cent after the US Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens known as stablecoins.
Scholar Rock rose 17.4 per cent after the drug maker said its experimental drug helped overweight patients preserve lean mass in a mid-stage trial when used in combination with Eli Lilly's weight-loss treatment.
Steelmaker Nucor rose 4.9 per cent following a second-quarter profit forecast that came above analysts' estimates.
Initial jobless claims data on Wednesday showed the number of people in the US filing new applications for unemployment benefits fell last week but stayed at levels consistent with a further loss of labour market momentum in June.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and six new lows while the Nasdaq Composite recorded 31 new highs and 53 new lows.
Wall Street's main indexes have ticked up as investors awaited the Federal Reserve's monetary policy decision while the Israel-Iran attacks entered the sixth day.
Investors will closely monitor Fed chair Jerome Powell's comments to gauge how he plans to combat the risk of rising prices, which remains a dominant concern for the central bank.
The Fed is expected to leave rates unchanged at its meeting, scheduled later in the day.
"We're still at the beginning stages of feeling that real income shock from higher tariffs in the United States, and the uncertainty effect builds up over time," said Simon Dangoor, head of fixed income macro strategies at Goldman Sachs Asset Management.
"So I think the next couple of months of data is going to be really key about where we go from here."
Ahead of the monetary policy decision, money market moves show traders are pricing in about 46 basis points of rate cuts by the end of 2025, with a 55 per cent chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
Following strong monthly equity trading in May, the benchmark S&P 500 index and the Nasdaq were close to record peaks before the ongoing conflict in the Middle East made investors risk averse.
The S&P 500 index stood 2.5 per cent below its record level, and the tech-heavy Nasdaq remained 3.3 per cent lower.
Investors have been anxious over the possibility of a more direct US military involvement in the Israel-Iran aerial war.
A source familiar with internal discussions said US President Donald Trump and his team were considering a number of options, which included joining Israel in strikes against Iranian nuclear sites.
In early trading on Wednesday, the Dow Jones Industrial Average rose 73.93 points, or 0.18 per cent, to 42,289.73, the S&P 500 gained 13.90 points, or 0.23 per cent, to 5,996.62 and the Nasdaq Composite gained 49.31 points, or 0.26 per cent, to 19,571.01.
Ten of the 11 major S&P 500 sub-sectors rose.
Energy and consumer discretionary stocks gained 0.6 per cent each while healthcare stocks declined 0.4 per cent.
Tesla gained 1.8 per cent.
Shares of networking and custom AI chipmaker Marvell Technology hit a three-month high and were last up 8.7 per cent.
Shares of stablecoin issuer Circle Internet rose 6.2 per cent after the US Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens known as stablecoins.
Scholar Rock rose 17.4 per cent after the drug maker said its experimental drug helped overweight patients preserve lean mass in a mid-stage trial when used in combination with Eli Lilly's weight-loss treatment.
Steelmaker Nucor rose 4.9 per cent following a second-quarter profit forecast that came above analysts' estimates.
Initial jobless claims data on Wednesday showed the number of people in the US filing new applications for unemployment benefits fell last week but stayed at levels consistent with a further loss of labour market momentum in June.
Advancing issues outnumbered decliners by a 1.63-to-1 ratio on the NYSE and by a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and six new lows while the Nasdaq Composite recorded 31 new highs and 53 new lows.
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Sydney Morning Herald
an hour ago
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‘Everything will turn to dust': As Gaza crumbles, its fate lies knotted to that of one man
And there are. In securing US involvement in last month's strikes on Iran, Israel has managed to further weaken and isolate Hamas, an Iranian proxy, beyond the wrecked cities and towns of Gaza. 'This has to be the window to use the leverage that's been created to drive towards the end of the war and getting all the hostages home,' former US Pentagon official and ambassador to Israel Dan Shapiro told the Israeli journalist Neria Kraus on Tuesday. 'Iran is weaker than it's ever been, exposed in ways it has never been before – that should be leveraged, and I think can be leveraged, to get Hamas to be more flexible on the terms of the hostage deals.' That same day Trump issued another social media declaration, saying that Israel had 'agreed to the necessary conditions to finalise the 60 Day CEASEFIRE, during which time we will work with all parties to end the War'. Hamas confirmed it was considering the proposal. Tellingly, though, in its statement the terrorist group emphasised that it wants a US commitment that the ceasefire would lead to a permanent end to the war. This position has been a sticking point in previous rounds of negotiations, with Israel determined that the war should not end before it achieves what it views as a complete victory. This would include a return of all remaining hostages and the removal of Hamas from Gaza. 'There will not be a Hamas,' said Netanyahu at a public meeting on Wednesday. 'There will not be a Hamastan. We're not going back to that. It's over. We will free all our hostages.' Observers within Israel note that there is more in play than the competing demands of Israel and Hamas. Netanyahu is also concerned with his own political future and the personal legal threats he faces. Rhynold believes Netanhayu sees the maintenance of power not only as goal in its own right, but as a shield against prosecution, and that this will have an impact on peace negotiations. To maintain power Netanyahu must balance the demands of the parliamentary coalition he has stitched together, which includes not only his own right-wing Likud party, but members of far right and Orthodox parties. 'I don't think he can distinguish between what's good for him and what's good for the state of Israel. He just thinks whatever's good for him is good for the state of Israel.' Rhynold believes that even if Netanyahu could secure a comprehensive enough victory in Gaza to allow him to consider a peace deal, supported by the majority of voters, he might still perceive a political threat within his coalition. This could be an incentive for him to draw out negotiations. There is an irony here. As Rhynold notes Netanyahu built a strategy of tacitly supporting Hamas before the war in order to divide Palestinian power blocs. As the politics plays out the carnage in Gaza has only intensified. In January Israel banned the United Nations' lead relief agency for Palestinians, UNWRA, from operating and between March and May it blocked all food aid to Gaza in an effort to force Hamas to negotiate, driving more than 2 million people towards starvation. Last month the Gaza Humanitarian Foundation, a private organisation backed by the US and Israel took over food relief operations. GHF is now led by the American evangelical leader and businessman Johnnie Moore Jr, who once praised Trump's proposal to take over the Gaza Strip, saying, 'The USA will take full responsibility for [the] future of Gaza, giving everyone hope and a future.' GHF has limited distribution to four sites, rather than the hundreds the UN had used. Those sites soon became killing zones, with the IDF firing machine guns and mortars at starving civilians gathering at the sites before they opened. According to a report by Haartz last Friday, which quotes multiple unnamed IDF soldiers, some senior offices gave orders to shoot. One soldier described how civilians were shot as they approached the distribution centres in the pre-dawn darkness, and when they sought to flee. Netanyahu has denied the report. 'These are malicious falsehoods designed to defame the IDF [Israel Defence Forces], the most moral military in the world,' he said. AP has reported that American contractors guarding aid distribution sites are using live ammunition and stun grenades as hungry Palestinians scramble for food. 'There are innocent people being hurt. Badly. Needlessly,' a contractor said. According to the UN over 410 people were killed at GHF food distribution sites by June 24, while local health authorities say 600 have now been killed and more than 4000 wounded. Israeli airstrikes and shootings killed 94 Palestinians in Gaza late on Wednesday and on Thursday, including 45 who were seeking humanitarian aid, hospitals and the Hamas-run Gaza Health Ministry said on Thursday according to a Washington Post report. It describes families weeping over the bodies from a strike that hit a tent camp during the night as displaced people slept in southern Gaza. At least 13 members of a single family were killed, including at least six children under 12, reports the Post. 'My children, my children … my beloved,' wailed Intisar Abu Assi, sobbing over the bodies of her son and daughters and their young children, says the report. Loading Netanyahu is expected to travel to Washington, DC, on Monday as part of Trump's intensifying efforts to secure a ceasefire, though his government appears determined to maintain its assaults in Gaza as a potential peace deal nears. 'We'll do to Gaza City and the central camps what we did to Rafah. Everything will turn to dust,' a senior Israeli official told Axios. 'It's not our preferred option, but if there's no movement towards a hostage deal, we won't have any other choice.'
