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Dow sees moderate gains, but Nasdaq kicks off briskly Wednesday ahead of Fed policy update, key technical hearing

US equity benchmarks opened on Wednesday with gains as investors waited for a Federal Reserve policy meeting to close later today, reviewed talks of a corona virus aid package in Congress, and waited for a long-awaited conference hearing with the Silicon Valley giants and e- trade. The Dow Jones Industrial Average DJIA,
+ 0.23%
rose less than 0.1% at 26,404, the S&P 500 index SPX,
+ 0.64%
opened 0.4% at 3,230, while the Nasdaq Composite Index COMP,
+ 1.00%
increased by 0.7% to 10,474. The Federal Reserve will conclude a two-day policy meeting later on Wednesday, with a statement to be delivered at 2 p.m., followed by President Jerome Powell’s press conference at 2:30 p.m. Meanwhile, a sub-commission from the House Judiciary Antitrust will speak to the heads of Amazon.com AMZN later today,
+ 0.78%,
Google parent Alphabet Inc. Oog,
+ 0.76%
Oogl,
+ 0.75%,
Facebook Inc. FB,
+ 1.04%
and Apple Inc. AAPL,
+ 1.64%.
In economic news, the US trade deficit in goods declined by 6.1% in June, as exports grew faster than imports, but trade levels are still far below last year’s level due to the massive burden caused by the corona virus. In other company news, Advanced Micro Devices Inc. AMD,
+ 10.28%
soared after the chip maker reported second-quarter earnings at the end of Tuesday, which exceeded expectations and pushed up the full-year forecast. Shares of Eastman Kodak Co. KODK,
+ 205.66%
In early Wednesday, it rose 170% and expanded its profits after it announced on Tuesday that it was receiving government funds to produce generic drug ingredients. Investors continue to pay attention to the negotiations between Republican congressmen, Democrats and the White House on a different coronavirus rescue package, leading up to the end of the month at the end of additional unemployment benefits.

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