The benchmark slipped back to little changed, while the Nasdaq held on to a mild advance after trimming earlier gains

International News via Reuters:

The S&P 500 briefly topped 7,000 points for the first time on Wednesday only to pull back, with volatility picking up as traders awaited the Federal Reserve’s rate decision and a wave of Big Tech earnings.

The benchmark slipped back to little changed, while the Nasdaq held on to a mild advance after trimming earlier gains.

“These big round numbers can be difficult psychological tests for the market, but we think it’s a very positive sign,” said Jeff Buchbinder, chief equity strategist for LPL Financial. 

The Fed convenes later in the day for its rate decision, with policymakers widely expected to keep it unchanged at 3.5%–3.75%. Traders will be alert for the Fed’s statement and Chair Jerome Powell’s remarks, for clues on the future rate trajectory.

The U.S. central bank, which recently started receiving real-time data on the economy’s health after a partial government shutdown last year, is navigating policy while peering through an increasingly politicized fog.

This meeting arrives in the backdrop of a Justice Department inquiry launched earlier this month involving Powell as well as Trump’s hints that a successor will be named “soon”. 

The markets currently expect the first rate cut to come in June, according to CME’s FedWatch tool.

At 11:31 a.m. ET, the Dow Jones Industrial Average rose 49.62 points, or 0.10%, to 49,053.03, the S&P 500 gained 1.23 points, or 0.03%, to 6,980.50 and the Nasdaq Composite gained 20.74 points, or 0.09%, to 23,839.44.

Nvidia climbed 1.5%, Intel jumped 11.3%, and Micron and Microchip Technology each gained over 5%. SK Hynix, a key Nvidia supplier, reported a record quarterly profit and ASML booked its highest ever fourth-quarter orders, igniting a tech rally from Europe to Asia.

The Philadelphia SE Semiconductor index rose 1.8%. 

“MAG 7” KICKS OFF EARNINGS

Meta, Microsoft and Tesla report after market close, kicking off the so-called “Magnificent Seven” earnings that have driven the AI trade, powering markets to record levels.

Apple, whose results are due on Thursday, fell over 1%. 

With lofty valuations driving rotation into undervalued areas of the market, the group’s capital plans will be closely watched as investors question whether AI spending will drive returns.

Meta and Microsoft slipped over 0.3% while Tesla gained 0.8%. Bellwether IBM, also due to report after the market closes, was flat.     

“We’re still in the early innings. The last phase of it is end users adopting and we’re still in the early phases of business adoption,” said Glenn Dorsey, head of client portfolio management at Clark Capital. 

“You’re starting to see a point where their growth rate is slowing somewhat. It creates a potential normal volatility year.”

Among earnings-driven moves, Texas Instruments surged 8% after the analog chipmaker forecast first-quarter revenue and profit above Wall Street estimates. Starbucks rose 1.8% after posting a bigger-than-expected increase in first-quarter comparable sales. AT&T climbed 5.2% after the U.S. carrier projected annual profit above market expectations.

In industrials, Textron fell 8.4% after guiding fiscal profit below estimates, while Otis dropped 3% after its fourth-quarter revenue missed expectations.

Seagate Technology jumped 20.3% after it forecast third-quarter revenue and profit above Wall Street expectations. Rival Western Digital rose 10%.

Reporting by Pranav Kashyap and Twesha Dikshit in Bengaluru; Editing by Krishna Chandra Eluri

EU countries gave their final sign-off this week to the bloc’s legally-binding plan to phase out Russian gas imports by late 2027, allowing it to pass into law

International News via Reuters:

The European Union will exempt gas from key suppliers including the U.S. and Qatar from extra checks under its upcoming Russian gas ban, a draft European Commission document seen by Reuters showed.

EU countries gave their final sign-off this week to the bloc’s legally-binding plan to phase out Russian gas imports by late 2027, allowing it to pass into law.

To enforce the ban, the EU will subject shipments of gas and liquefied natural gas from non-Russian countries to “prior authorisation” – meaning that companies must provide European customs authorities with proof of the gas’s production country five days before it arrives in the EU.

However, that requirement will be waived for major existing suppliers and for countries where the EU deems the risk of Russian gas entering their exports to be low – based on factors such as whether the country has itself banned Russian gas or lacks import infrastructure that could allow Russian supplies into its network.

The countries granted this exemption will be the U.S., Norway, Qatar, Britain, Algeria and Nigeria, according to the draft document.

A European Commission spokesperson declined to comment on the draft, which could still change before it is published in the coming days.

Norway was the EU’s top gas supplier in 2025, followed by the U.S. and then Russia, according to pipeline gas and LNG import data from the Institute for Energy Economics and Financial Analysis.

Norway supplied 89 billion cubic metres to the EU in 2025, versus 81 bcm from the U.S. and 37 bcm from Russia, the IEEFA said.

For comparison, former top supplier Russia sent 151 bcm of gas to the EU in 2021, the year before its full-scale invasion of Ukraine.

Reporting by Kate Abnett. Editing by Mark Potter

It will launch new flights to Ecuador’s capital, Quito, from its Toronto and Montréal hubs starting in December this year, using a Boeing 787 Dreamliner

International News via Reuters:

Air Canada on Wednesday said it expanded its winter network to Europe and Latin America, betting on growing demand for premium international travel.

It will launch new flights to Ecuador’s capital, Quito, from its Toronto and Montréal hubs starting in December this year, using a Boeing 787 Dreamliner.

Airlines in North America are increasingly relying on premium cabins, corporate travel and loyalty programs to drive bottom-line growth.

“We are continuing our strategic expansion into Latin America, taking advantage of continued demand strength and cargo opportunities, while leveraging a new Airbus A321 XLR base at our Toronto-Pearson global hub to enable year-round service to Copenhagen and Manchester,” said Mark Galardo, president of cargo at Air Canada.

Last week, Air Canada said it was expanding its route with non-stop flights to Sapporo, beginning in December 2026.

Separately, Unifor, which represents 6,000 members working at the carrier, said it had opened collective bargaining for airport and customer service staff ahead of a February 28, 2026 contract expiration.

Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid

Retail sales were 0.4% lower in December than November, and 0.8% lower if motor traders are excluded

International News via Reuters:

Irish retail sales volumes fell 0.1% year-on-year in December, the first annual decline in nine months and a dramatic drop from revised annual growth of 2.1% the previous month, Central Statistics Office data showed on Wednesday.

Retail sales were 0.4% lower in December than November, and 0.8% lower if motor traders are excluded.

Writing by Conor Humphries; Editing by Padraic Halpin