Ovunc Kutlu
06 July 2022•Update: 06 July 2022
ANKARA
US stocks opened higher Wednesday before the release of the Federal Reserve's minutes from its June 15 meeting.
The Fed made a rate hike of 75 basis points during the meeting, its steepest in 28 years, while the central bank's aggressive monetary tightening caused turmoil in markets due to recession fears.
The minutes are expected to indicate how Federal Open Market Committee (FOMC) members view a recession as a possibility for the world's biggest economy, and whether members would support another hike of 75 basis points later this month.
The Dow was up 104 points, or 0.34% to 31,070 at 9.34 a.m. EDT (1334GMT). The S&P rose 15 points, or 0.4%, to 3,847.
The Nasdaq added 39 points, or 0.35%, to 11,362. The tech-heavy index later fell into negative territory with a 0.1% loss at 9.40 a.m. EDT (1340GMT).
The VIX volatility index, also known as the fear index, rose 0.2% to 27.60.
The dollar index increased 0.35% to 106.91 after soaring earlier to a new 20-year high of 107.15.
The 10-year US Treasury yield, on the other hand, fell 0.8% to 2.787%.
Precious metals were mixed with gold staying flat at $1,765 and silver adding 0.6% to $19.34.
After plummeting more than 8% Tuesday, crude prices were still in negative territory.
Global oil benchmark Brent crude was trading at $102.34 per barrel for a 0.4% loss, while US benchmark West Texas Intermediate (WTI) was at $98.50 -- down 1%. The benchmarks recorded their lowest level Tuesday since May 11.
