US open: Stocks go green following results from Apple and AMD

At 1530 GMT, the Dow Jones Industrial Average was up 0.98% at 24,820.40, while the S&P 500 moved ahead 0.39% to 2,650.27 and the Nasdaq traded 0.62% firmer at 7,071.81.

The Dow opened 285 points higher as two days of talks between US and Chinese delegates were set to kick off in Washington later in the day, while the Fed's rate announcement is scheduled for 1900 GMT. With the US central bank widely expected to keep rates unchanged, attention will turn to Chair Jerome Powell's press conference.

"The market is expecting a more cautious Fed with the possibility of a rate hike in the near term being ruled out," said London Capital Group analyst Jasper Lawler.

"As the US data starts to feed through following the US government shutdown, it points to slower growth. Not the environment for further hikes."

Oanda analyst Craig Erlam added: "Deteriorating Sino-US trade relations and an overly keen Federal Reserve were two of the most prominent causes of the sell-off in the final quarter of last year so it’s no surprise that so much attention will be on these events today."

In corporate news, Apple shares were up 5.12% at the bell following its results late on Tuesday.

David Cheetham, chief market analyst at XTB said the positive reaction in the stock was more down to the fact that expectations were low going into the event than a stellar report.

"Apple actually posted their first holiday-quarter decline in sales since 2001 but investors have seemingly looked through this to focus on slight beats on the expected earnings and revenues numbers and jumped in.

"Fears surrounding peak iPhone remain, with revenue from the handset tumbling by 15%, but CEO Tim Cook focused on a growing services business and rising sales of other devices to paint a more rosy picture. Mac revenue grew by 9%, while iPad sales climbed 17% as the smaller Wearables business, which includes the Apple Watch and AirPods, jumped by 50%."

Advanced Micro Devices recorded gains of 12% at the open after the chipmaker said it swung to a profit in the fourth quarter and issued an upbeat outlook for full-year revenue.

Elsewhere, eBay shares were up 1.26% after the online marketplace retailer said it would pay its first quarterly dividend and delivered record fourth-quarter earnings.

AT&T was 2.67% weaker at the opening bell as it undershot fourth-quarter phone subscriber estimates, while Tupperware tumbled 19.19% following the release of its fourth-quarter numbers.

Fast food behemoth McDonald's was 1.01% stronger in early trade after it reported better-than-expected earnings and revenues, boosted by solid international growth. However, same-store sales were weaker than expected in the United States.

Boeing flew 5.09% higher after its quarterly numbers far surpassed expectations and issued some upbeat guidance for 2019.

Numbers from the likes of Microsoft, Qualcomm, Tesla and Visa were scheduled for release after the close.

On the data front, private sector employment in the US rose more than expected in January despite the longest government shutdown in history, according to data released by the ADP on Wednesday.

Employers added 213,000 jobs this month versus expectations for a 178,000 increase. Meanwhile, December's rise was revised down to 263,000 from 271,000.

Small businesses with fewer than 50 employees added 63,000 jobs, while medium-sized businesses with between 50 and 499 employees created an extra 84,000 jobs. Large companies with 500 or more employees recruited an extra 66,000 people

Elsewhere, contracts to buy previously owned US homes fell last month, according to the National Association of Realtors.

The NAR's pending home sales index for December fell to 99.0 - down 2.2% after November’s reading was revised to 101.2 from 101.4 in yet another sign of weakness in the housing market.

Economists had pencilled in 0.5% increase in home sales for December.