Level 2

US open: Stocks little changed ahead of FOMC minutes

By Iain Gilbert

Date: Wednesday 25 May 2022

US open: Stocks little changed ahead of FOMC minutes

(Sharecast News) - Wall Street stocks were little changed early on Wednesday as market participants awaited the publication of minutes from the Federal Reserve's latest policy meeting.
As of 1520 BST, the Dow Jones Industrial Average was up 0.08% at 31,953.21, while the S&P 500 was 0.06% firmer at 3,943.84, and the Nasdaq Composite came out the gate 0.02% stronger at 11,266.89.

The Dow opened 24.59 points higher on Wednesday, narrowly extending gains recorded in the previous session as the blue-chip index staged a late rally amid a decline in the yield of the benchmark 10-year Treasury note.

Wednesday's primary focus will be minutes from the FOMC's meeting on 4 May, scheduled for release at 1900 BST, with investors looking to gain greater insight into the central bank's thought process as it hiked rates by half a percentage point.

Chairman Jerome Powell said that inflation was "much too high" and that the Fed understood "the hardship" it has caused. "We're moving expeditiously to bring it back down," he said.

Elsewhere on the macro front, US mortgage applications declined 1.2% in the week ended 20 May, according to the Mortgage Bankers Association of America, as heightened prices and elevated rates continued to weigh on affordability. The drop follows an 11% drop in the previous week.

Finally, US durable goods orders rose 0.4% month-on-month to $265.3bn in April, according to the Census Bureau, following a downwardly revised 0.6% increase in March and short of forecasts for a reading of 0.6%.

In the corporate space, Nordstrom shares traded higher after the retailer beat sales expectations and upped its full-year guidance amid a surge in demand, while homebuilder Toll Brothers posted quarterly results overnight that came in ahead of analysts' expectations.

As far as Wednesday's earnings go, Dick's Sporting Goods shares were in the red after the retailer lowered full-year guidance following a 7.5% first-quarter sales decline.

Still to come, Box, Universal, Nvidia, Guess, and Williams-Sonoma will all report after the close.



Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Chevron Corp. (CVX) $175.90 1.89%
Salesforce.Com Inc. (CRM) $159.66 1.74%
American Express Co. (AXP) $158.03 1.54%
Boeing Co. (BA) $120.27 0.73%
Amgen Inc. (AMGN) $253.70 0.72%
Home Depot Inc. (HD) $289.83 0.66%
Caterpillar Inc. (CAT) $206.85 0.58%
Walgreens Boots Alliance, Inc. (WBA) $42.27 0.45%
Walt Disney Co. (DIS) $101.88 0.28%
Intel Corp. (INTC) $41.78 0.26%

Dow Jones - Fallers

Procter & Gamble Co. (PG) $145.46 -1.47%
Nike Inc. (NKE) $105.82 -1.37%
Apple Inc. (AAPL) $139.33 -0.73%
JP Morgan Chase & Co. (JPM) $125.58 -0.61%
Goldman Sachs Group Inc. (GS) $312.14 -0.57%
McDonald's Corp. (MCD) $243.13 -0.57%
3M Co. (MMM) $145.13 -0.43%
International Business Machines Corporation (CDI) (IBM) $133.24 -0.42%
Verizon Communications Inc. (VZ) $50.56 -0.23%
Unitedhealth Group Inc. (UNH) $496.45 -0.22%

S&P 500 - Risers

Nordstrom Inc. (JWN) $22.22 7.45%
Intuit Inc. (INTU) $378.34 5.40%
Gap Inc. (GPS) $9.87 4.22%
Marathon Oil Corp. (MRO) $29.15 3.79%
Lennar Corp. Class A (LEN) $74.65 3.69%
Valero Energy Corp. (VLO) $128.76 3.66%
Foot Locker Inc. (FL) $31.18 3.62%
D. R. Horton Inc. (DHI) $67.99 3.60%
PulteGroup Inc. (PHM) $42.40 3.59%
Bath & Body Works, Inc. (BBWI) $37.38 3.42%

S&P 500 - Fallers

Raymond James Fin Corp. (RJF) $89.65 -3.73%
Take-Two Interactive Software Inc. (TTWO) $118.80 -3.17%
FedEx Corp. (FDX) $199.65 -2.73%
H&R Block Inc. (HRB) $33.79 -2.28%
Estee Lauder Co. Inc. (EL) $226.78 -2.28%
Extra Space Storage (EXR) $171.97 -1.83%
Centene Corp. (CNC) $85.68 -1.75%
Albemarle Corp. (ALB) $239.01 -1.70%
Dover Corp. (DOV) $128.71 -1.64%
Thermo Fisher Scientific Inc. (TMO) $540.16 -1.58%

Nasdaq 100 - Risers

Intuit Inc. (INTU) $378.34 5.40%
Ross Stores Inc. (ROST) $80.04 3.13%
Expedia Group Inc. (EXPE) $120.29 3.02%
Qurate Retail Inc. (QRTEA) $3.33 2.46%
Liberty Global plc Series A (LBTYA) $23.97 2.44%
Dollar Tree Inc (DLTR) $133.11 2.24%
Autodesk Inc. (ADSK) $183.49 2.19%
Liberty Global plc Series C (LBTYK) $24.87 2.14%
Booking Holdings Inc. (BKNG) $2,093.15 2.10%
NetEase Inc. Ads (NTES) $97.40 2.09%

Nasdaq 100 - Fallers

Take-Two Interactive Software Inc. (TTWO) $118.80 -3.17%
Alphabet Inc. Class A (GOOGL) $2,095.26 -1.14%
Paypal Holdings Inc (PYPL) $77.85 -1.02%
Mondelez International Inc. (MDLZ) $62.49 -0.82%
Hologic Inc. (HOLX) $77.79 -0.77%
Costco Wholesale Corp. (COST) $434.38 -0.76%
Apple Inc. (AAPL) $139.33 -0.73%
Alphabet Inc. Class C (GOOG) $2,103.40 -0.71%
Meta Platforms Inc. (FB) $180.19 -0.60%
Fastenal Co. (FAST) $51.69 -0.58%

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page