US stock market today: Wall Street surges ahead of Fed policy call; oil dips on easing fears, global markets trade mixed

US stocks rose on Wednesday as easing crude oil prices and anticipation of the Federal Reserve’s interest rate outlook lifted investor sentiment.The S&P 500 climbed 0.5% in morning trade, while the Dow Jones Industrial Average advanced 244 points, or 0.6%. The tech-heavy Nasdaq also gained 0.6%, buoyed by gains in solar and manufacturing stocks, as of 10:30 a.m.Oil prices softened after President Donald Trump said it’s not “too late” for Iran to give up its nuclear program, triggering a 1.2% drop in US benchmark crude to $72.33 per barrel. Brent crude fell 2.3% to $74.65. Crude has been volatile this week amid rising tensions in West Asia.Investor attention is now on the Federal Reserve, which is expected to hold interest rates steady. The key event will be the Fed’s updated projections for inflation, economic growth, and policy rates. Analysts expect at least two rate cuts by end-2025, although recent spikes in oil prices have dampened expectations.“While rate cuts could lower borrowing costs for households and businesses, they also risk fuelling inflation, particularly with tariffs and geopolitical risks in play,” analysts noted, as quoted AP.The Fed has paused its easing cycle this year after a single cut in late 2024, citing persistent inflation concerns. Inflation remains near the Fed’s 2% target, but economists warn that the full impact of Trump’s tariffs may still be unfolding.Economic signals were mixed on Wednesday. Jobless claims fell, hinting at fewer layoffs, but housing starts disappointed, suggesting that high mortgage rates are weighing on the construction sector.Solar energy stocks rebounded after Tuesday’s sharp selloff triggered by fears of a rollback in green energy tax credits. Enphase Energy rose 3.2% and First Solar gained 1.3%, though both remain sharply lower for the week.Steelmaker Nucor rose 3.2% after it projected Q2 profit growth across all its operating divisions, citing higher product pricing.Bond yields edged lower ahead of the Fed statement. The 10-year Treasury yield slipped to 4.37% from 4.39%, while the 2-year yield held at 3.94%.Global markets showed mixed trends. Japan’s Nikkei gained 0.9%, while Hong Kong’s Hang Seng fell 1.1%. European indices traded marginally higher.

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