U.S. Stocks Up On Improved Chinese Markets; Rate Hike Next Focus

The stock market yo yo-ing continues.

U.S. shares opened higher today following Monday’s plunge, which was spurred by an 8.5 percent drop in China’s Shanghai Composite market. Now, Wall Street has shifted its focus to the U.S. Federal Reserve’s next Federal Open Market Committee (FOMC) meeting — a two-day event scheduled for July 28-29.

Market watchers are said to be waiting with bated breath for clues on the timing of the first rate hike by the Fed. Those hints, many say, may come during the two-day policy meeting.

At 10:18 a.m. EDT Tuesday, the Dow was up 40.29 points, or 0.23 percent, to 17,480.88; the Nasdaq was down slightly, losing 1.08 points, or 0.02 percent, to 5,038.70; and the S&P 500 had seen a gain of 5.06 points, or 0.24 percent, to 2,072.70.

The volatility of China’s stock market, which has been having a ripple effect across global markets, also saw some improvement on Tuesday. The Shanghai Composite Index was down 62.56 points, or 1.68 percent, to 3,663.00 at 10:18 a.m. EDT.

A substantial number of footwear stocks have also returned to positive after declining in unison with the markets on Monday.

At 10:38 a.m. EDT, Nike Inc.’s stock was up 1.68 percent, Skechers USA Inc. had gained 0.48 percent, Wolverine World Wide was up 0.32 percent and VF Corp.’s shares had increased 0.68 percent.

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