Following the lackluster performance seen in the previous session, stocks continue to experience choppy trading on Wednesday. The major averages have once again been bouncing back and forth across the unchanged line.
Currently, the major averages are posting modest gains on the day. The Dow is up 11.83 points or 0.1 percent at 22,842.51, the Nasdaq is up 7.07 points or 0.1 percent at 6,594.32 and the S&P 500 is up 0.67 points or less than a tenth of a percent at 2,551.31.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the release of the minutes of the latest Federal Reserve meeting this afternoon.
The minutes of the Fed’s September monetary policy meeting may shed some additional light on the outlook for interest rates.
At the meeting, the Fed left interest rates unchanged as widely expected but signaled another rate hike is likely this year.
The Fed’s projections pointed to a quarter basis point rate increase later this year, with the rate hike widely expected to come at the December meeting.
The central bank also revealed that it will begin shrinking its $4.5 trillion balance sheet in October, initially allowing $10 billion in bonds to roll off each month.
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Computer hardware stocks are seeing some strength in morning trading, while weakness is visible among banking stocks.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan’s Nikkei 225 Index rose by 0.3 percent, while China’s Shanghai Composite Index edged up by 0.2 percent.
Meanwhile, the major European markets have moved modestly lower on the day. While the German DAX Index is just below the unchanged line, the U.K.’s FTSE 100 Index is down by 0.1 percent and the French CAC 40 Index is down by 0.3 percent.
In the bond market, treasuries are showing a lack of…