Major US equity indices opened higher on Tuesday and were supported by a goodish recovery attempt by technology stocks.
After a widespread sell-off in the recent sessions, led by a high-profile misses in quarterly earnings reports from Facebook and Twitter, tech-heavy Nasdaq Composite Index, for now, seems to have snapped three days of losing streak.
This coupled with upbeat US macro data, showing that the US consumer spending rose solidly in June, remained supportive of the positive mood during the early hour of trade.
As investors continue to digest incoming earnings reports, focus shifts to a two-day FOMC meeting, where the central bank is universally expected to leave interest rates unchanged.
Hence, the key focus would be on the accompanying statement, which will be looked upon for fresh signals over the upcoming rate hikes and would eventually drive sentiment surrounding perceived riskier assets – like equities.
Nevertheless, all the three major indices remain on track to post monthly gains of anywhere between 1.5% to nearly 4.5% for the blue-chip Dow Jones Industrial Average.
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