Market Shows Resilience Amid Economic Data Surprises

Equities saw modest gains on Wednesday, with the U.S. dollar strengthening as investors assessed recent economic data and awaited the Federal Reserve's impending policy announcement. This comes amid the Trump administration's announcement of a 25% tariff on U.S. imports from India, following stalled trade talks with China.

Despite an uptick in U.S. economic growth in Q2, driven largely by declining imports, domestic demand hit a 2.5-year low. Labor markets showed resilience, with private payrolls increasing by 104,000 jobs in July, surpassing economist forecasts. Investors are also closely watching corporate earnings from key players like Microsoft and Meta.

On Wall Street, market indices experienced minor changes. Oil prices increased amid geopolitical moves, while gold and copper dipped as expectations mount for a steady Federal Reserve interest rate. The dollar index rose as details from the Treasury's refunding plan unfolded.

(With inputs from agencies.)