S&P 500 rallies as FOMC minutes released
The S&P 500 rose to a record high on Wednesday, as markets anticipated the release of last month’s FOMC minutes.
In June, the Federal Reserve opted to keep interest rates unchanged, whilst announcing that the committee had also held discussions to reduce its asset purchasing program in upcoming months.
As inflation continues to rise in the United States, the Fed has been put under pressure to alter its monetary policy stance, as the economy begins to grow post-pandemic.
Markets will now wait to see what the Fed chooses to do in upcoming months, as the U.S. economy continues to re-open.
As of writing, the S&P 500 and Dow Jones were trading 0.39% and 0.30% higher.
Shares in Twitter and Facebook were marginally lower in today’s trading session, as it was announced that Donald Trump was suing the tech giants.
Wednesday’s lawsuit comes as the former President of the United States was banned from the social media companies, following January’s riots in Capitol Hill.
The lawsuit has been filed against Twitter, Facebook and Google, as well as the CEO’s of each company.
Many expect the suit to be dismissed, but it comes as the former President begins fundraising efforts in what many believe to be the beginning of his 2024 campaign run.
As of writing, Twitter shares were down 2.04%, with Facebook trading 0.72% lower.
Oil slips as OPEC+ spat worries traders
Oil prices continued to fall on Wednesday, as the recent cancellation of the OPEC+ meeting for July led to a fear based selloff.
Traders reacted to the news that OPEC and its allies had opted to halt proceedings, by liquidating positions leading to WTI crude having its worst week since March.
Wednesday’s move comes as the UAE and Saudi Arabia failed to reach a compromise on output goals, leading to fears that members of the cartel could now go rogue, leading to an increase in supply.
WTI crude fell to an intraday low of $71.07, after previously trading at a day’s high of $74.89.
Oil prices were as high as $77.01 prior to the news of the OPEC+ disagreements.
Quote of the day – “It’s ok to be wrong; it’s unforgivable to stay wrong.”– Martin Zweig