LIVE MARKETS-US stocks chop around ahead of Warsh's first Fed decision

Trump Media & Technology Group Corp. DJT	0.00	0.00%
Dow Jones Industrial Average DJI	0.00	0.00%
CBOE Volatility Index	0.00	0.00%
American Century Mid Cap Growth Impact ETF MID	0.00	0.00%
NASDAQ IXIC	0.00	0.00%

Dow gains ~0.5%, Nasdaq, S&P 500 both ~flat

May pending home sales change MM 3.8% vs 0.8% estimate

Euro STOXX 600 index up ~0.3%

Dollar, gold rise slightly; US crude up >1%; bitcoin off ~1%

US 10-year Treasury yield flat at ~4.43%

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US STOCKS CHOP AROUND AHEAD OF WARSH'S FIRST FED DECISION

The main U.S. indexes are modestly higher early on Wednesday, as chip stocks rebound ahead of the first interest-rate decision under new Federal Reserve Chair Kevin Warsh.

Policymakers are widely expected to hold interest rates unchanged in the 3.50%-3.75% range as they wrestle with inflation pressures from higher oil prices fueled by the conflict in the Middle East. Interest-rate probabilities are pricing in just over 18 basis points of hikes through December of this year.

Investors will also keep a close watch on the new Fed chair's first press conference for his views on inflation, unemployment and the economic outlook.

Meanwhile, oil prices are rising more than 1% after U.S. President Donald Trump threatened to resume bombing Iran if it didn't "behave," but remained near three-month lows as the International Energy Agency warned of excess supply next year.

A majority of S&P 500 .SPX sectors are lower with communication services .SPLRCL, down more than 1.5%, the weakest group. Industrials .SPLRCI and financials .SPSY, both up about 1%, are the leading gainers.

Under the surface, chips .SOX, big banks, gold/silver miners .XAU and biotech .NBI are among outperformers. Transports .DJT are on the weak side.

Among indexes on track for record closing highs are the Dow .DJI, mid caps .MID, the S&P 500 Industrial Sector .SPLRCI and the S&P 500 Banks Index .SPXBK.

Here is a snapshot of where markets stood around 10:05 a.m. ET.

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

BENCHMARK TREASURY YIELD STEADIES AHEAD OF FED, BIGGER MOVE STILL BREWING CLICK HERE

NO QUICK FIX FOR IT SERVICES' AI HEADACHE CLICK HERE

BOE RATE HIKES? WHAT FOR? CLICK HERE

TECH NOW ACCOUNTS FOR 20% OF GLOBAL EQUITY POSITIONING, BNY SAYS CLICK HERE

STEADY ON (CLICK HERE)

EUROPE BEFORE THE BELL: TAKING STOCK (CLICK HERE)

ALL EYES ON HOW WARSH WALKS THE LINE (CLICK HERE)

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