Wall Street advances modestly while awaiting Fed minutes

Later today, the minutes from the Federal Reserve’s most recent meeting will be released. These minutes will be crucial for understanding the reasoning behind the Fed’s decision to keep interest rates unchanged, especially given speculation about a possible rate cut in September.

Wall Street’s three main indices opened the session with positive performances. Investors are hoping that the Fed’s minutes will provide more insights into the central bank’s future decisions.

The Dow Jones, which tracks 30 major companies, is up 0.08% to 40,865.97. The S&P 500, composed of 500 stocks, has risen 0.28% to 5,612.79. The Nasdaq, known for its tech-heavy listings, is up 0.35% to 17,878.58.

The Fed’s minutes will be particularly important as they come ahead of the Jackson Hole central bankers’ meeting later this week, where Fed Chair Jerome Powell is expected to provide further clarity on interest rate policies.

In corporate news, Ford’s shares are rising after the company adjusted its electric vehicle strategy, canceling plans for a fully electric three-row vehicle, which suggests a reduction in investment.

Walmart’s stock is up nearly 1% following its sale of nearly 10% of its stake in Chinese company JD.com in a single transaction. Walmart stated that this move will allow it to focus more on its operations in China and Sam’s Club.

Sector-wise, consumer discretionary stocks are leading with a 1.16% increase, followed by consumer staples at 0.57%. Within the Dow Jones, Amazon is making significant gains of 1.77%, and Intel is up 0.79%.