US open: Stocks mixed as traders await FOMC decision

Wall Street stocks were mixed early on Wednesday as market participants looked ahead to the outcome of the Federal Reserve's two-day policy meeting.

As of 1520 BST, the Dow Jones Industrial Average was up 0.19% at 41,527.65, while the S&P 500 advanced 0.07% to 5,630.52 and the Nasdaq Composite advanced 0.04% to 17,634.39

The Dow opened 78.53 points lower on Wednesday, extending losses registered in what was a mixed session for major indices.

Wednesday's primary focus will be the Federal Open Markets Committee's interest rate policy decision at 1900 BST, with the central bank widely expected to make a long-awaited rate cut following an aggressive multiyear hiking effort aimed at cooling surging inflation. It has been suggested that the Fed will lower interest rates by at least a quarter of a percentage point, with several analysts expecting to see an even bigger 50 basis point cut.

Elsewhere on the macro front, mortgage applications surged 14.2% in the week ended 13 September, according to the Mortgage Bankers Association of America, the sharpest increase since mid-August's 18-month high of 16.8% and a fourth-consecutive weekly gain. Applications to purchase a home were 5% higher, while applications to refinance a home shot up 24% week-on-week.

Elsewhere, US housing starts surged 9.6% month-on-month in August to an annualised rate of 1.35m, according to the Census Bureau, beating market expectations for a reading of 1.31m. Housing starts rebounded from an almost 7% decline in the previous month to register the sharpest monthly increase seen in nine months, with starts for single-family homes up 15.8% at 992,000, more than offsetting a 6.7% decrease in starts of homes with five or more units to 333,000.

Finally, the Census Bureau revealed building permits rose by 4.9% to 1.47m, the highest reading seen in five months and beating expectations for a print of 1.41m. Approvals of units in buildings with five units or more advanced by 8.4% to 451,000 and single-family authorisations went up by 2.8% to 967,000.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $219.23 1.13%
Amgen Inc. (AMGN) $334.41 0.48%
Coca-Cola Co. (KO) $72.12 0.45%
Walgreens Boots Alliance, Inc. (WBA) $9.10 0.39%
Nike Inc. (NKE) $80.87 0.29%
Walt Disney Co. (DIS) $93.08 0.24%
Dow Chemical Co. (DOW) $51.62 0.21%
Merck & Co. Inc. (MRK) $118.51 0.19%
McDonald's Corp. (MCD) $294.18 0.15%
Boeing Co. (BA) $156.60 0.14%

Dow Jones - Fallers

American Express Co. (AXP) $261.65 -1.41%
3M Co. (MMM) $132.30 -0.95%
JP Morgan Chase & Co. (JPM) $207.55 -0.81%
Salesforce.Com Inc. (CRM) $253.65 -0.60%
Microsoft Corp. (MSFT) $432.66 -0.57%
Visa Inc. (V) $289.90 -0.57%
Johnson & Johnson (JNJ) $166.17 -0.54%
Home Depot Inc. (HD) $381.51 -0.45%
Goldman Sachs Group Inc. (GS) $484.03 -0.28%
Caterpillar Inc. (CAT) $352.73 -0.27%

S&P 500 - Risers

VF Corp. (VFC) $19.16 4.10%
Bath & Body Works, Inc. (BBWI) $29.98 2.79%
Carnival Corp. (CCL) $18.39 2.00%
Genuine Parts Co. (GPC) $140.04 1.97%
Dollar Tree Inc (DLTR) $74.93 1.95%
Extra Space Storage (EXR) $182.02 1.81%
Kohls Corp. (KSS) $19.05 1.68%
Monster Beverage Corp (MNST) $51.89 1.61%
Illumina Inc. (ILMN) $132.30 1.61%
Align Technology Inc. (ALGN) $257.14 1.57%

S&P 500 - Fallers

Resmed Inc. (RMD) $237.85 -5.19%
Avery Dennison Corp. (AVY) $215.00 -2.36%
Incyte Corp. (INCY) $64.87 -2.35%
Cencora Inc (COR) $229.15 -2.29%
Abbott Laboratories (ABT) $115.61 -2.14%
DaVita Inc (DVA) $161.49 -1.66%
eBay Inc. (EBAY) $63.86 -1.57%
Alaska Air Group Inc. (ALK) $40.34 -1.56%
Netflix Inc. (NFLX) $696.51 -1.47%
Macerich Co (MAC) $16.35 -1.45%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $0.53 2.71%
Dollar Tree Inc (DLTR) $74.93 1.95%
Sirius XM Holdings Inc (SIRI) $23.66 1.68%
Monster Beverage Corp (MNST) $51.89 1.61%
Illumina Inc. (ILMN) $132.30 1.61%
Align Technology Inc. (ALGN) $257.14 1.57%
Seagate Technology Plc (STX) $103.36 1.26%
Broadcom Inc. (AVGO) $164.33 1.14%
Apple Inc. (AAPL) $219.23 1.13%
Comcast Corp. (CMCSA) $39.72 1.11%

Nasdaq 100 - Fallers

Incyte Corp. (INCY) $64.87 -2.35%
eBay Inc. (EBAY) $63.86 -1.57%
Netflix Inc. (NFLX) $696.51 -1.47%
Electronic Arts Inc. (EA) $140.78 -1.27%
Asml Holdings N.V. (ASML) $795.71 -1.24%
T-Mobile Us, Inc. (TMUS) $200.54 -1.07%
Check Point Software Technologies Ltd. (CHKP) $189.68 -1.05%
Workday, Inc. (WDAY) $245.62 -1.01%
Intuit Inc. (INTU) $638.75 -0.94%
Wynn Resorts Ltd. (WYNN) $79.26 -0.93%