Wall Street Live: US stocks mixed as investors eye more comments from Jerome Powell | Stock Market News
US stock indices were mixed on Wednesday amidfragile ceasefirebetween Israel and Iran, and investors awaited more comments from Federal Reserve Chair Jerome Powell.
At 10:15 AM ET, the Dow Jones Industrial Average fell 45.39 points, or 0.11%, to 43,043.63, the S&P 500 gained 6.94 points, or 0.11%, to 6,099.12 and the Nasdaq Composite gained 72.26 points, or 0.36%, to 19,984.48.
At the opening bell, the Dow Jones Industrial Average rose 41.3 points, or 0.10%, to 43,130.33. The S&P 500 rose 12.0 points, or 0.20%, to 6,104.23, while the Nasdaq Composite rose 101.4 points, or 0.51%, to 20,013.947.
Powell in his congressional testimony on Tuesday emphasized the Fed’s wait-and-watch approach to interest rates as tariff-led price pressures kick in. However, he also said a lower-than-expected inflation data or weakness in the labor market would push the central bank to cut sooner.
Market participants’ focus was also on a NATO summit that signed off on a sharp increase to military spending by the United States and its allies.
In the bond market, the yield on the 10-year Treasury rose to 4.32% from 4.30% late on Tuesday.
Gainers and Losers
Cryptocurrency stocks jumped as the bitcoin price continued to gain. Coinbase Global rose 7% and Robinhood Markets added 4%.
Shares of FedEx dropped 2.9% after the delivery company forecast quarterly profit below expectations.
Among megacap stocks, Tesla shed 4.3% as its European sales declined for the fifth month. Nvidia surged 2.6%.
General Mills stock lost nearly 3% after the packaged food company forecast annual profit below estimates.
Bullion
Gold prices fell on Wednesday as a truce between Iran and Israel reduced safe-haven demand.
Spot gold edged down 0.3% at $3,314.45 per ounce at 0934 AM EDT (1334 GMT). US gold futures fell 0.2% to $3,328.10.
Spot silver shed 0.3% to $35.79, platinum lost 0.8% to $1,305.74, while palladium dropped 1.8% to $1,046.73.
Crude oil
Oil prices rebounded on Wednesdayas traders assessed whether the Israel-Iran ceasefire would endure.
Brent North Sea Crude rose 0.6% at $66.58 per barrel. West Texas Intermediate added 0.9% at $64.92 per barrel.
