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Markets & Stocks

Stocks mixed at open
Techs edge a bit higher, broader market is mixed as investors wait for Fed decision, statement.
June 30, 2004: 9:40 AM EDT

NEW YORK (CNN/Money) - U.S. stock markets were little changed early Wednesday, with investors reluctant to do much ahead of the conclusion of the Federal Reserve's policy-setting meeting.

After 10 minutes of trading, the Dow Jones industrial average (up 12.15 to 10,425.58, Charts) and the Standard & Poor's 500 (up 1.92 to 1,138.12, Charts) index were little changed and the Nasdaq composite (up 6.22 to 2,041.15, Charts) added a few points.

The central bank is widely expected to boost the fed funds rate by a quarter-percentage point, with a decision due around 2:15 p.m. ET. However, Wall Streeters remain concerned about what the Fed will say in its statement about the economy, and future rate hikes this year.

Ahead of that, the June reading on manufacturing in the Chicago area is due. While it's often a closely-watched indicator, it may end up getting overshadowed by the Fed news. Due shortly after the open, Chicago PMI is expected to have fallen to 64.0 from 68.0 in May.

Among early movers, Research in Motion (RIMM: unchanged at $59.38, Research, Estimates) gained after reporting earnings late Tuesday that rose from a year earlier and topped expectations, due to strong sales of its Blackberry wireless e-mail device. The company also said current-quarter and full-year earnings would surpass current estimates.

Treasury prices gained, pushing the 10-year note yield down to 4.66 percent from 4.68 percent late Tuesday. The dollar gained versus the yen and edged lower versus the euro.

Brent crude oil prices rose 17 cents to $33.45 a barrel in London, reacting to talk from Saudi Arabia that there won't be new production increases. Among other commodities, COMEX gold added $1.90 to $394.70 an ounce.

In global trade, Asian markets closed higher, while European markets were mixed at midday.  Top of page

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