by Pauline Foret

(Reuters) – The New York Stock Exchange opened slightly higher on Wednesday as investors prepared to see the minutes of the Federal Reserve’s July policy meeting and final U.S. labor market data.

In early trading, the Dow Jones index gained 98.56 points, or 0.24%, to 40,933.53 points. The broader Standard & Poor’s 500 also gained 0.19% to 5,607.81 points.

The Nasdaq Composite gained 0.13%, or 22.91 points, to 17,839.85 points.

Markets are clinging to hope that the minutes from the Federal Reserve’s July meeting may give them more clues about the future of U.S. monetary policy.

The minutes of the meeting could reassure investors about the possibility of a “soft landing”, cushioned by a less aggressive cut in key rates than previously expected.

Futures contracts have already priced in the possibility of a 25 basis point rate cut next month, while analysts had previously expected a 50 basis point cut. A cut of nearly 100 basis points is expected this year, followed by another 100 basis points next year.

Meanwhile, preliminary revisions to the labor market figures are expected to be released just after the opening. The figures are expected to be revised downwards, which could strengthen the case for a rate cut.

In values, Target gained 16.3% after raising its profit forecast for 2024.

Ford rose 2.34% after announcing a shift in its electric vehicle plans to accommodate slower-than-expected growth in the sector.

Macy’s fell 12.18% after lowering its annual net sales forecast.

U.S.-listed shares of JD.COM fell 7.20% after Walmart said it plans to sell all of its stake in the company, according to Bloomberg.

TJX Cos. advances 5.58% after raising its annual profit forecast.

Keysight Technologies jumped 11.02% after reporting revenue that beat consensus.

Arch Resources climbed 5.73% after indicating it was close to a merger agreement with Consol Energy.

(Written by Pauline Foret, edited by Kate Entringer)

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