U.S. stocks opened higher Wednesday as investors await the Federal Reserve decision on interest rates. It’s widely expected the FOMC will not move interest rates at this meeting but the Fed comments may give clues on an interest rate hike later this year. FedEx (FDX) reported revenue and adjusted profit that came in shy of Wall Street expectations for its May quarter, as the shipping giant was stung by currency and fuel impacts and revenue fell in its biggest segment. In March, the company had warned that the strong dollar and higher fuel costs could hamper results for the quarter. For those of us keeping score at home, the Paris Air Show is turning once again into a nail-biter. Boeing (BA) and European rival Airbus Group announced more than 200 new orders — some firm, some not — on the first day of the show. Boeing announced that it signed a memorandum of understanding for 20 of its 747-8 cargo jets from Russian carrier Volga-Dnepr Group. The deal is worth about $7.4 billion at list prices.
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