US stocks rise ahead of Fed meeting, Big Tech testimony

  • US stocks rose Wednesday ahead of a key Federal Reserve policy meeting and congressional testimony from big tech companies including Facebook and Amazon.
  • Starbucks and AMD shares climbed after earnings releases. Boeing and General Motors shares also ticked up after earnings reports.
  • Later this week, Apple, Amazon, and Alphabet are set to report quarterly earnings.
  • Read more on Business Insider.

US stocks rose Wednesday ahead of a key meeting for the Federal Reserve and congressional testimony from big tech CEOs.

The Federal Reserve isn’t expected to introduce new stimulus measures Wednesday, following a two-day policy meeting, but investors will be watching for further guidance on the economic recovery from the pandemic recession. The group will release a press statement at 2 p.m. ET, and Chairman Jerome Powell will speak shortly after.

Also on Wednesday, the CEOs of big tech companies including Apple, Amazon, Facebook, and Google parent Alphabet will give testimony before the House Antitrust Subcommittee addressing how they are handling antitrust challenges from regulators.

Here’s where US indexes stood at the 9:30 a.m. ET market open on Wednesday:

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Earnings season continued. Shares of AMD surged Wednesday following a better-than-expected earnings release Tuesday. Starbucks rose after its CEO Kevin Johnson said that same-store sales for open locations turned positive in July, a sign of recovery from pandemic-related lockdowns.

General Motors and Boeing also ticked up after releasing quarterly results Wednesday before the opening bell.

Investors will be awaiting further earnings report scheduled this week. Apple, Amazon, and Alphabet are set to report quarterly earnings on Thursday, giving further information about how the companies have fared amid the coronavirus pandemic, ensuing lockdowns, and a recent uptick in new COVID-19 cases.

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