Midday on Wall Street held steady on Wednesday as investors hit pause—waiting for clues from the Federal Reserve’s July meeting minutes, expected to drop later today. The Dow Jones inched up roughly 0.1%, while the S&P 500 eased down about 0.2%, and the Nasdaq lost around 0.5%. Bond yields held near 4.3%, and crude oil prices stayed in the ballpark of $62.50 a barrel.
Retail results diverged sharply: Target saw a double-digit tumble, falling 11% even after beating earnings projections and revealing a new CEO appointment. Meanwhile, Lowe’s emerged a bright spot, rising 3% after delivering robust earnings and announcing an eye-catching $8.8 billion acquisition. TJX also gained ground with a 4% uptick, while homebuilder Toll Brothers fell modestly by about 1.6%.
With eyes still fixed on the Federal Reserve, all attention is now turning toward Chair Powell’s Jackson Hole address later this week. The market currently prices in a strong 83% chance of a rate cut on September 17—a signal that many see as pivotal for the rest of the year.
In the stock-specific action, Analog Devices sparked gains with a 3.7% rally, and Palo Alto Networks added 1.6%. However, semiconductor names struggled—Intel plunged over 4%, and Micron Technology dropped 3.6%. Market giants such as Amazon, Apple, and Walmart all slipped between 0.5% and 0.6%. Palantir continued its slump with another 3% decline.
No comments:
Post a Comment