Traders wearing masks work inside posts, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.
Brendan McDermid | Reuters
This is a live blog. Please check back for updates.
9:31 am: S&P 500 opens slightly higher, tech leads Nasdaq to another record
The S&P 500 started Wednesday's session in the green, gaining about 0.2%. The Nasdaq Composite rose 0.2% to another all-time high as megacap tech built on its strong momentum. The Dow Jones Industrial Average was flat at the open as a drop in Boeing shares weighed on the benchmark --Li
9:20 am: Inflation dipped slightly in May
The consumer price index fell 0.1% in May, marking the third straight month of declines, Labor Department data showed Friday. The slight dip came after a 0.8% plunge in April amid the pandemic, which was the largest decline since December 2008. Excluding the volatile food and energy components, the so-called core CPI fell 0.1% in May after dropping 0.4% in April, the largest decline since the series started in 1957. "I still believe that with screwed up supply chains and a lot of capacity taken off line, as demand rebounds over the next 6-12 months, along with an extraordinary amount of monetary tinder, inflation will come our way," Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note. --Li
8:20 am: Fed to release economic projections after meeting
Federal Reserve officials will indicate where they see GDP, unemployment and inflation heading as the U.S. begins its recovery from the coronavirus pandemic. As the Federal Open Market Committee wraps up its two-day meeting Wednesday, markets are expecting little in the way of policy changes, but will get to see how policymakers see the recovery unfolding. In addition, the Fed will release its "dot plot" of individual members' projections for interest rates. While there likely won't be any shifts soon, the plot will give an indication on whether members see negative rates as a possibility. Chairman Jerome Powell will hold a news conference afterwards. –Cox
8:17 am: Bank of America raises price target on Alphabet, Facebook
Tech has been leading the market higher, and Bank of America believes these names will continue to outperform. On Wednesday the firm raised its target on Alphabet to $1,610 from $1,420 based on ad revenue and monetization trends. The new target is about 11% above where the stock currently trades. When it comes to Facebook, the firm believes the company "has strong ability to capitalize on the surge in usage seen during shelter in place orders." The firm's new $265 target represents 11% upside. Bank of America also raised its target on Pinterest to $24 to $22, and on Snap from $20 to $24. –Stevens
8:14 am: Tesla rises on report of scaling Semi truck production
7:52 am: Tech stocks rising again
Major tech stocks moved higher in premarket trading, continuing a strong rally for the sector that pushed the Nasdaq Composite above 10,000 briefly on Tuesday. Facebook, Amazon and Apple rose more than 1% in premarket trading, while Alphabet and Netflix posted smaller gains. —Pound
7:35 am: United and JetBlue downgraded at JPMorgan, rally can't last 'much longer'
7:30 am: Dow futures dip ahead of Fed announcement, but Nasdaq set for more gains
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Stock market live updates: Dow flat, Fed ahead, tech leads Nasdaq to another record - CNBC
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