{"id":15699,"date":"2026-06-17T14:01:34","date_gmt":"2026-06-17T14:01:34","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=15699"},"modified":"2026-06-17T14:01:34","modified_gmt":"2026-06-17T14:01:34","slug":"us-stocks-drift-ahead-of-the-feds-announcement-on-interest-rates","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=15699","title":{"rendered":"US stocks drift ahead of the Fed\u2019s announcement on interest rates"},"content":{"rendered":"
\n

By STAN CHOE, AP Business Writer<\/strong><\/p>\n

NEW YORK (AP) \u2014 The U.S. stock market is drifting Wednesday as Wall Street waits to hear from\u00a0the Federal Reserve\u00a0in the afternoon about where it sees interest rates going.<\/p>\n

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The S&P 500 added 0.1%, coming off\u00a0a mixed day\u00a0where falling tech stocks weighed on the index. The Dow Jones Industrial Average was up 40 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.3% higher.<\/p>\n

Stocks involved in the\u00a0artificial-intelligence\u00a0business headed back up their roller-coaster ride, supporting the market. Jabil jumped 12.4% after reporting stronger results for the latest quarter than analysts expected, as CEO Mike Dastoor said that \u201cAI infrastructure demand remains extremely strong.\u201d<\/p>\n

Broadcom rose 2.3%, and Micron Technology climbed 2.3%.<\/p>\n

Such AI stocks have veered\u00a0up\u00a0and\u00a0down\u00a0in recent weeks and yanked the rest of the market behind them on worries that their prices shot too high because of the mania around AI. SpaceX, meanwhile, rose 2.8% and was on track for a fourth straight gain since\u00a0its big debut on the U.S. stock market.<\/p>\n

Outside of tech, La-Z-Boy jumped 26.3% after reporting stronger profit and revenue for the latest quarter than analysts expected. It benefited from revenue made at newly opened stores, though Chief Financial Officer Taylor Luebke said the company continues to have \u201ca measured view\u201d of the broad sales environment.<\/p>\n

A report released Wednesday said\u00a0retailers across the country saw their revenue grow\u00a0at a faster pace in May than economists expected, offering hope that solid spending by consumers can support the economy. But high inflation has also made U.S. shoppers feel more discouraged about their finances.<\/p>\n

\n<\/div>\n

The day\u2019s main event will come in the afternoon, when the Fed will announce its latest decision on what to do with interest rates. The widespread expectation is that it will leave its main interest rate alone, as it has throughout this year.<\/p>\n

Investors are more interested in the projections that Fed officials will give about where they see interest rates heading in upcoming years and what\u00a0Kevin Warsh\u00a0will say after his first meeting as the Fed\u2019s chair.<\/p>\n

Traders had been building bets that the Fed may have to raise its federal funds rate this year in order to keep a lid on inflation, which has accelerated because of expensive oil caused by the war with Iran. But oil prices have pulled back below $80 per barrel after the United States and Iran reached a tentative agreement on their war.<\/p>\n

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Iran is set to immediately take steps\u00a0to reopen the Strait of Hormuz once the deal is signed, and that would allow oil tankers to exit the Persian Gulf once again and deliver crude to customers worldwide. The hope is that will take pressure off inflation.<\/p>\n

\n<\/div>\n

As a result, traders are split on where the Fed could take interest rates through the end of the year. Some are betting on a cut to rates, which is something that President Donald Trump has angrily been calling for. But the most popular bet is for no move on rates, while some traders still see a hike as the most likely outcome, according to data from CME Group.<\/p>\n

Oil prices ticked higher Wednesday following their sharp slides on optimism about the tentative U.S.-Iran deal to get the global flow of oil going again. The price for a barrel of Brent crude oil rose 1.1% to $79.82. It\u2019s still above its roughly $70 price from before the war, but it\u2019s well below its $100-plus price from a few weeks ago.<\/p>\n

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury remained at 4.43%, where it was late Tuesday.<\/p>\n

High yields in bond markets worldwide\u00a0caused by worries about inflation have been threatening to slow economies and undercut prices for all kinds of investments.<\/p>\n

In stock markets abroad, indexes were mixed across Europe and Asia.<\/p>\n

London\u2019s FTSE 100 slipped 0.2% after a report showed U.K. inflation remained at 2.8% in May.<\/p>\n

South Korea\u2019s Kospi jumped 1.6%, and Hong Kong\u2019s Hang Seng fell 0.7% for two of the world\u2019s bigger moves.<\/p>\n

AP Business Writers Chan Ho-him, Matt Ott and Elaine Kurtenbach contributed to this report.<\/em><\/p>\n

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The stock market is drifting as Wall Street waits to hear from the Federal Reserve about where it sees interest rates going.<\/p>\n","protected":false},"author":1,"featured_media":15698,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,2],"tags":[],"class_list":["post-15699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-based-on-facts-either-observed-and-verified-directly-by-the-reporter-or-reported-and-verified-from-knowledgeable-sources","category-news"],"yoast_head":"\nUS stocks drift ahead of the Fed\u2019s announcement on interest rates - Silicon Valley Moving Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/siliconvalleymovingpost.com\/?p=15699\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US stocks drift ahead of the Fed\u2019s announcement on interest rates - 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