NEW YORK (AP) 鈥 Stocks are opening higher on Wall Street as China steps up measures to shore up its economy and agrees to trade talks with the U.S. The S&P 500 index rose 0.3% in early trading Wednesday. The Dow Jones Industrial Average rose 170 points, or 0.4%, and the Nasdaq composite rose 0.2%. The Walt Disney Co. soared after easilily beating analysts鈥 profit targets, raising its profit forecast and adding more than a million streaming subscribers. Super Micro Computer sank after reporting results that fell short of forecasts. The Federal Reserve announces its latest decision on interest rates later in the day.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
Wall Street is poised to open with gains as the Federal Reserve where it will despite pleas from President Donald Trump for a rate cut as he pursues a
Futures for the S&P 500 and the Nasdaq composite rose 0.6% before the bell Wednesday. Futures for the Dow Jones Industrial Average rose 0.7%.
Walt Disney Co. jumped more than 6% in premarket after the entertainment behemoth for the second quarter. Disney's revenue rose 7% from the same quarter a year ago as it added another 2.5 million Disney+ and Hulu subscribers.
Disney's results come just days after of 鈥渟tealing the movie-making capabilities鈥 of the U.S. and said that he had authorized government agencies to immediately begin the process of implementing this new import tax on all foreign-made films.
Video game company Electronic Arts climbed more than 5% after it announced preliminary results for its most recent quarter, which also easily beat analysts' sales and profit targets.
Some companies say they鈥檙e already seeing impacts to their business from the uncertainty created by tariffs, causing them to . Some have even offered two sets of forecasts 鈥 one contingent on tariffs and one without the additional costs factored in.
Chair Jerome Powell and other Fed officials have that they want to see how the duties 鈥 including 145% on all imports from China 鈥 impact consumer prices and the economy.
Uncertainty around tariffs has also made about the economy and could affect their long-term plans for purchases. That anxiety has helped fuel a surge in imports ahead of potentially more severe tariffs ahead.
The U.S. trade deficit in March as consumers and businesses alike tried to get ahead of tariffs that went into effect in April and others that have been postponed until July. Last week, the government reported the annual pace during the first quarter of the year because of a surge in imports.
At midday in Europe, Germany's DAX was virtually unchanged, while the CAC 40 in Paris slipped 0.6% and Britain's FTSE 100 shed 0.4%.
In Asia, shares advanced after the U.S. and China said they plan to hold in Switzerland later this week.
Hong Kong鈥檚 benchmark briefly jumped more than 2% after officials in Beijing rolled out interest rate cuts and other moves to help support the and markets as higher tariffs ordered by Trump hit the country's exports.
But the markets' reaction to both developments was relatively restrained.
Tokyo's Nikkei 225 edged 0.1% lower to 36,779.66.
The Hang Seng in Hong Kong gained only 0.1% by the end of trading, closing at 22,691.88. The Shanghai Composite index rose 0.8% to 3,342.67.
The trade talks may account for the decision to announce the economic rescue package, Lynne Song of ING Economics said in a report.
鈥淭his way, the easing won鈥檛 be seen as a knee-jerk reaction to tariffs. Policymakers are likely now privy to some of the early data on how the economy is being impacted by the tariff shock,鈥 Song said.
But analysts said the muted response to the policies announced Wednesday also may reflect disappointment over the lack of major government spending increases that many economists say may be needed to wrest the Chinese economy out of its doldrums.
鈥淭hese will help to shore up growth at the margin. But any boost to credit demand will be modest and today鈥檚 moves are no substitute for an expansion in fiscal support," Julian Evans-Pritchard of Capital Economics said in a report.
Australia's S&P/ASX 200 picked up 0.3% to 8,178.30, while the Kospi in South Korea gained 0.6% to 2,573,80.
U.S. benchmark crude oil gained 48 cents to $59.57 per barrel. Brent crude, the international standard, gained 40 cents to $62.55 per barrel.
The dollar rose to 143.34 Japanese yen from 142.41 yen. The euro ticked down to $1.1365 from $1.1369.
