Stock Market Update

[BRIEFING.COM] The stock market trades in mixed fashion at the index level, but the underlying bias is positive. Advancers have a 5-to-2 lead over decliners at the NYSE and a 3-to-2 lead at the Nasdaq.

The Nasdaq Composite trades fractionally lower than yesterday, the S&P 500 shows a 0.4% gain, and the Dow Jones Industrial Average is 0.9% higher.

Markets are also cautiously optimistic amid trade discussions and ahead of the upcoming Fed decision. Representatives from the U.S. and China will meet to discuss the trade situation in Switzerland on May 8, and the FOMC's latest policy decision will be announced at 2:00 ET.

The market largely expects 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. Participants will be keenly focused on any indications about how tariffs, growth, and inflation will impact future rate decisions.

The positive bias is driven in part by positive responses to earnings from the likes of Walt Disney (DIS 102.18, +9.99, +10.9%) and Rockwell Automation (ROK 284.20, +31.15, +12.4%).

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 11.0%; Prior -4.2%