Stocks Turning In Mixed Performance Ahead Of Fed MinutesJuly 13, 2022
U.S. stocks are swinging between gains and losses on Wednesday with investors looking for direction and making largely cautious moves.
The Russia-Ukraine conflict, worries about slowing global growth and a possible recession continue to weigh on sentiment.
Investors are looking ahead to the release of the Federal Reserve’s minutes from the latest monetary policy meeting for clues about the central bank’s move in the coming months.
Technology stocks found some support after a brief spell in negative territory, but retreated subsequently due to lack of support at higher levels.
The major averages are currently moving around the flat line. The Dow is down 103.01 points or 0.33 percent at 30,864.81, after climbing to a high of 31,090.20 earlier in the session.
The S&P 500 is down 5.97 points or 0.16 percent at 3,825.42, while the Nasdaq is up marginally at 11,324.57.
On the economic front, Markit Economics said the S&P Global US Composite PMI was revised higher to 52.3 in June from a preliminary reading of 51.2, down from 53.6 in May.
The S&P Global US Services PMI was revised higher to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May, pointing to the weakest rise in activity in six months.
Caterpillar, Chevron, Boeing, Walgreens Boots Alliance and Goldman Sachs are down 1.5 to 2.1 percent. JP Morgan Chase, American Express, Home Depot and McDonalds are also weak.
United Health, Cisco Systems, Microsoft, P&G, Intel, Merck, Apple, Travelers Companies and Walmart are up in positive territory, gaining 0.5 to 1.3 percent.
In overseas trading, Asian stocks ended lower on Wednesday as recession worries weighed, and investors awaited an update from the FOMC meeting minutes due later in the day.
Chinese shares tumbled as another wave of COVID infections across Shanghai raised the specter of another lockdown. The benchmark Shanghai Composite index fell 1.43 percent. Hong Kong’s Hang Seng closed 1.22 percent lower.
The major European markets ended on buoyant note with stocks moving higher on bargain hunting and some encouraging economic data. Investors also reacted positively to news that Norwegian oil and gas workers called off a strike.
The pan European Stoxx 600 climbed 1.66 percent. The U.K.’s FTSE 100 gained 1.17 percent, Germany’s DAX surged 1.56 percent, and France’s CAC 40 jumped 2.03 percent.
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