Stocks Opened Slightly Higher ahead of Fed Decision

U.S. stocks opened slightly higher on Wednesday, as investors awaited the Federal Reserve’s latest monetary policy decision. The Dow Jones Industrial Average lately gained 61.23 points, or 0.23%, to 26,526.77. The S&P 500 rose 2.47 points, or 0.08%, to 2,920.22. The Nasdaq Composite was down 4.85 points, or 0.06%, to 7,949.03.

Oil futures prices slipped Wednesday, as a snapshot of U.S. supply data showed a drawdown in stockpiles that was smaller than bullish investors had expected. West Texas Intermediate crude for July delivery fell 8 cents, or 0.2%, to $53.83 a barrel. August Brent crude fell 51 cents, or 0.8% to $61.63 a barrel.

The Federal Open Market Committee (FOMC) will release a statement detailing its latest monetary policy decision and assessment of the economy at 2 p.m. ET Wednesday. Fed Chair Jerome Powell will give a press conference thereafter.