- FOMC is expected to cut the policy rate by 25 basis points.
- The US GDP in the third quarter grew more than expected.
- Wall Street’s main indexes are likely to stay quiet while waiting for the Fed’s announcements.
Major equity indexes in the United States started the day on a calm note as investors are waiting for the Federal Reserve to announce its monetary policy decision later. As of writing, the Dow Jones Industrial Average was virtually unchanged on a daily basis while the S&P 500 and the Nasdaq Composite were down 0.15% and 0.07%, respectively.
The US Bureau of Economic Analysis’ first estimate on Wednesday showed that the economy is expected to expand by 1.9% in the third quarter, compared to analysts estimate of 1.6%, following the second quarter’s reading of 2%. Nevertheless, this data failed to trigger a significant reaction in the markets.
Among the 11 major S&P 500 sectors, the Utilites Index is up 0.52% in the early trade to lead the winners while the Materials Index and the Real Estate indexes are both down 0.5%.
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