US stocks slightly higher as investors keenly await FOMC minutes

US stocks gained some traction for the fifth consecutive session, with all the three major indices opening with modest gains on Wednesday and inching closer to record high levels touched last week. 

The gains, however, were tepid amid subdued trading action as investors refrained from making fresh bets ahead of the crucial FOMC meeting minutes, which would be looked upon to reinforce June Fed rate-hike expectations. 

Investors’ sentiment was also weighed down after Moody’s downgraded China’s sovereign credit rating for the first time in nearly three decades on concerns over eroding financial strength and slowing growth. 

At the time of writing, the Dow Jones Industrial Average was up around 30-points to 20,969, while the broader S&P 500 Index added 3-points and reclaimed the 2,400 mark. Meanwhile, tech-heavy Nasdaq Composite climbed over 10-points to 6,150.

In absence of any important US macro data, today’s minutes from the Federal Reserve’s latest monetary policy meeting during early May, with key focus on clues over the timing of next rate-hike action, should now provide some fresh impetus to the markets.

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