Stock Market

U.S. stocks steady as traders await Fed minutes

U.S. stock indexes are struggling to find direction on Wednesday as Wall Street struggles to maintain its latest rally with investors adopting a cautious stance ahead of the publication of the minutes of the Federal Reserve’s June policy meeting.

How are stock indexes trading
  • The Dow Jones Industrial Average
    DJIA,
    -0.09%

     gained 27 points, or 0.1%, to around 30,993;

  • The S&P 500
    SPX,
    -0.19%

     lost 5 points, or 0.1%, to around 3,827.

  • The Nasdaq Composite
    COMP,
    -0.17%

     lost 17 points, or 0.2%, to 11,301.

On Tuesday, the Dow Jones Industrial Average
DJIA,
-0.09%

fell 129 points, or 0.4%, to 30,968, the S&P 500
SPX,
-0.19%

rose 0.1% to 3,831 and the Nasdaq Composite
COMP,
-0.17%

rose 1.7% to 11,322.

What’s driving markets

The positive tone from the previous session’s sharp rebound was dissipating in Wednesday’s early trade.

In particular, falling Treasury bond yields of late are seen as a reason to move back into some of the high growth technology stocks that received such a shellacking over the past year or so. The popular, but recently battered ARK Innovation fund
ARKK,
-0.20%

run by investment manager Cathie Wood, jumped more than 9% on Tuesday.

With interest rates in mind, traders will be keeping an eye on the minutes of the Federal Reserve’s June meeting, due for release at 2 p.m. Eastern. Clues to the likely pace of Fed monetary policy tightening may also come from the S&P Global June purchasing managers service sector survey at 9.45 am ET and the Institute for Supply Management’s services index report for June, due 10 a.m. Eastern.

Earlier, Asia delivered a somewhat curmudgeonly response to Wall Street’s overnight recovery. Japan’s Nikkei 225
NIK,
-1.20%

lost 1.2% and China’s Shanghai Composite
SHCOMP,
-1.43%

shed 1.4% after it emerged Beijing was once again tacking COVID-19 outbreaks in several regions of the country.

The dollar index
DXY,
+0.33%

was holding hear 19-year highs as the euro
EURUSD,
-0.79%

eyed parity and sterling
GBPUSD,
-0.35%

traded sub $1.20 amid political worries in the UK, where Prime Minister Boris Johnson is again facing pressure to stand down.

Companies in focus
  • Kornit Digital Ltd.
    KRNT,
    -32.16%

    shares plunged 34% Wednesday after the company slashed its forecast for the second quarter Tuesday and suggested the third quarter isn’t expected to be much better.

Other markets
  • Crude prices were up after the previous session’s sharp drop. West Texas Intermediate crude oil futures
    CL.1,
    -1.38%

    CLQ22,
    -1.38%

    added 0.6% to $100.14 a barrel amid concerns that despite a slowing global economy the market remains tight.

  • Gold futures
    GC00,
    -0.12%

    were down 0.1% at $1,761.5 an ounce . The yellow metal sometimes struggles when the dollar rallies and it fell sharply on Tuesday, to leave it changing hands near an eight-month low.

  • Silver
    SI00,
    +0.70%

    tends to track gold and is up just 0.4% to $19.20 an ounce, near is cheapest since July 2020. The grey metal has also been suffering from concerns slowing economic activity will reduce demand from hi-tech hardware producers.

  • Bitcoin
    BTCUSD,
    -1.49%

    is off 2.3% to $19,979.

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