Investing.com – Wall Street edged higher on Wednesday but continued to show muted trade ahead of key market risks, while oil tumbled around 4% as crude inventories stateside disappointed.
At 11:12AM ET (15:12GMT), the Dow Jones edged forward 16 points, or 0.07%, the S&P 500 advanced 3 points, or 0.11%, while the Nasdaq Composite gained 36 points, or 0.03%.
U.S. stocks have been trading sideways this week as market players show caution ahead of a trio of risk events set for Thursday.
Stateside, investors will keep their attention focused on former FBI director James Comey's testimony before the Senate Intelligence Committee on Thursday.
Investors are fearful that the Trump administration may be further damaged by any revelations that could emerge when Comey testifies about Russia’s alleged involvement in the U.S. election.
Traders were also wary ahead of Thursday's U.K. general election. While pollsters still expect British Prime Minister Theresa May will win the most seats in the election, a tight result could throw the country into political deadlock just days before formal Brexit talks with the European Union are due to begin on June 19.
Additionally, a European Central Bank policy meeting on Thursday is in focus. The ECB is preparing to cut its inflation forecast through 2019 because of weaker energy prices, according to officials familiar with the matter.
A downgrade to the inflation outlook would support the view of top policymakers, including President Mario Draghi, that they must be extremely cautious in communicating and implementing any exit from monetary stimulus.
In a session with no major U.S. economic data or earning reports, big moves came in oil prices as weekly U.S. crude inventories showed a surprise buildup.
U.S. crude futures tumbled 4.19% to $46.19 by 11:14AM ET (15:14GMT), while Brent oil sank 3.29% to $48.47.