US stocks edge higher as investors eye Treasury plans and await Fed decision

• US stocks traded mixed as investors took in the US Treasury's refunding plans and awaited an update from the Fed.
• The Treasury said it will issue $776 billion of government bonds this quarter.

US stocks inched higher on Wednesday as investors took in the US Treasury's refunding plans and awaited the Federal Reserve's next interest rate decision.

Major indexes were green following Tuesday's gains. October ended with the stock market's third consecutive monthly loss.

The US Treasury delivered its quarterly refunding statement, wherein the department detailed its plans to issue a mix a short- and long-term government bonds. The department will issue $776 billion of US Treasurys this quarter and $816 billion in the fist three months of 2024.

It will auction $112 billion of debt next week to refinance about $102 billion of bonds maturing this month. The department said it plans to increase the auction size of two, three, five, and seven-year notes.

The plans come shortly after the yield on the 10-year Treasury note notched a 16-year-high last month. The 10-year yield ticked slightly lower on Wednesday, trading around 4.867%.

Meanwhile, investors are awaiting for the Fed's policy decision this afternoon. Central bankers are expected to keep interest rates level as they continue to monitor inflation and the tightness of the labor market. Markets have priced in a 99% chance the Fed will leave the fed funds rate unchanged, per the CME FedWatch tool.

"The Fed won't raise its rate target (5.25%) and will reassert its 'high for long' narrative," Macquarie strategist Thierry Wizman said in a note. "We'll look to see if Jay Powell drops "dovish" hints of deteriorating financial conditions, or of inflation being lower than expected — but those may not come."

Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:

• S&P 500: 4,201.12, up 0.17%

• Dow Jones Industrial Average: 33,056.92, up 0.02% (+5.30 points)

• Nasdaq Composite: 12,890.33, up 0.3%

Here's what else happened today:

• The US economy is surging – but problems elsewhere could still torpedo profits for big companies like Apple and Tesla
• Charlie Munger says he dislikes fashion stocks like Nike - but he'd buy Hermès stock if it was cheap enough
• Here's the 'most important metric' as Wall Street gears up for Apple's upcoming earnings report
• WeWork commanded a $47 billion valuation at its peak. It's crashed over 99% since then - and could now file for bankruptcy, reports say

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil jumped 2.32% to $82.90 a barrel. Brent crude, the international benchmark, rose 2.13% to $86.81 a barrel.
• Gold slid 0.2% to $1,990.20 per ounce.
• The 10-year Treasury slipped two basis points to 4.854%.
• Bitcoin jumped 1.63% to $34,889.