According to Thomson Reuters, S&P 500 company earnings are projected to rise 9.9% in the second quarter, compared to earlier expectations of an 8% gain at the start of the month, Reuters reports.
“The earnings season in general seems to be really quite strong and there haven’t been any significant surprises,” Paul Springmeyer, investment managing director at U.S. Bank Private Wealth Management, told Reuters. “It’s still a very much earnings-driven environment and that is continuing to boost stocks.”
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Traders were also waiting on the Federal Reserve‘s statement, which is scheduled to be released at the conclusion of its two-day meeting later Wednesday. While many don’t expect the Fed to hike rates this time around, it is expected to touch upon its monetary policy stance and the timing of the highly anticipated balance sheet reduction.
“We don’t really expect any changes coming out of today’s meeting and expect them to maintain status quo,” Springmeyer added. “We will be looking out for any details about the balance sheet reduction.”
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