Markets Edge Higher at Midday Ahead of This Week's Fed Meeting

U.S. equities climbed at midday ahead of this week’s decision by the Federal Reserve on the future of interest rate hikes. The Dow, S&P 500, and Nasdaq posted small gains.

Shares of Apple (AAPL) were up after Morgan Stanley said lead time and preorders for the new iPhone 15 were encouraging. Valero Energy Corporation (VLO) shares advanced as the gas station operator and petroleum refiner boosted its stock buyback plan by up to $2.5 billion.

Shares of Ralph Lauren (RL) also gained after Guggenheim predicted the high-end clothing retailer had significant growth potential and upgraded the stock. Lennar (LEN) shares rose after RBC Capital Markets raised the price target following the home builder’s better-than-expected quarterly results.

Moderna (MRNA) led losses on the S&P 500 and Pfizer (PFE) shares fell as well after Pfizer CFO David Denton said his company anticipates a 24% COVID-19 vaccination rate in the U.S. this year.

Tesla (TSLA) shares dropped as Goldman Sachs indicated the electric vehicle maker’s earnings will be hurt by price cuts. Shares of drugmaker Incyte (INCY) slipped after the Food and Drug Administration (FDA) approved GSK’s (GSK) competing treatment for blood cancer. 

Oil futures rose. The yield on the 10-year Treasury note was up slightly. The U.S. dollar lost ground to the euro, pound, and yen. Major cryptocurrencies traded in the green.