Wall Street drifts higher ahead of Fed announcement

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Wall Street drifts higher ahead of Fed announcement
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Stocks open tentatively higher on Wall Street ahead of a busy day of potentially market-moving news. Technology stocks were among the biggest early winners and chip maker AMD jumped 12% after reporting results that easily bested analysts’ forecasts.

A woman wearing face masks walks past a bank's electronic board showing the Hong Kong share index in Hong Kong Wednesday, July 29, 2020. Asian shares were mixed Wednesday as reports of dismal company earnings add to pessimism over the widespread economic fallout from the coronavirus pandemic.

Despite the modest moves, big events are crashing through the market, even beyond the tremendous pain created by rising coronavirus counts across much of the United States. The Fed is wrapping up a Advanced Micro Devices jumped 12.7% for one of the market’s biggest gains after it reported an even bigger jump in profit from April through June than Wall Street expected. It also raised its forecast for revenue through 2020. It’s notable because many companies have been pulling their forecasts and declining to offer any given all the uncertainty in the economy created by the pandemic.

Their stocks have grown so valuable that they can sway the S&P 500 and other indexes almost by themselves. Those four, plus Microsoft, account for nearly 22% of the S&P 500’s total value.

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