Stock Market News: Dow Rises, Oil Prices Fall. Trump Hasn't Ruled Anything Out on Iran.
The major stock market indexes were holding onto modest gains with just under an hour to go until the Federal Open Market Committee releases its June interest-rate decision.
The Dow was up 120 points, or 0.3%. The S&P 500 was up 0.3%. The Nasdaq Composite was up 0.5%.
The yield on the 2-year Treasury note was down to 3.94%. The 10-year yield was down to 4.37%.
Worries about an escalation in the conflict between Israel and Iran have moved to the background, and oil prices retreated 0.5% to $74.45. Instead, the focus is back on the Fed, which will likely prompt the bond market’s next move with the release of the latest Summary of Economic Projections.
Chairman Jerome Powell’s press conference at 2:30 p.m. ET will also be watched closely by markets.
“Fed today has the potential to surprise the markets,” writes Andrew Brenner, head of international fixed income at NatAlliance Securities. “The statement will be dominated by the hawks of the Fed… But the presser remains the domain of Powell.”