Stock Market Update

[BRIEFING.COM] With about two hours to go on Wednesday the tech-heavy Nasdaq Composite (-0.27%) is the only major average in the red, this ahead of the latest FOMC policy decision, due at the top of the hour; market participants largely expect the committee to hold the target range for the fed funds rate steady at 4.25-4.5%. The bigger unknown is what tone Fed Chair Powell will take in his press conference at 2:30 ET.

Gold futures settled $30.90 lower (-0.9%) at $3,391.90/oz, the pullback severs the recent rise to record highs and was influenced by a shift in investor sentiment amid renewed optimism over U.S./China trade negotiations. The announcement of upcoming talks between U.S. Treasury Secretary Scott Bessent and Chinese economic official He Lifeng in Switzerland signaled potential easing of trade tensions, reducing the demand for gold as a safe-haven asset.

Meanwhile, the U.S. Dollar Index is now +0.3% higher to $99.53.