U.S. Stocks Mixed as Investors Await Fed Confab
2022.08.25 17:05
By Liz Moyer
Investing.com — U.S. stocks opened mixed after snapping a three-day losing streak on Wednesday as investors looked to the Federal Reserve’s meeting in Jackson Hole, Wyo., later today.
At 9:38 ET (13:38 GMT) the Dow Jones Industrial Average was down 38 points or 0.1% while the S&P 500 rose 0.3% and the NASDAQ Composite was up 0.5%.
Fed officials including Chair Jerome Powell are expected to speak this weekend and likely will reaffirm the central bank’s commitment to lowering inflation, though investors will be parsing the words for any hints about the Fed’s next move on interest rates.
Many expect the Fed will raise rates again in September by a half point rather than the 0.75 percentage point increases it made in June and July.
Reuters reported that Kansas City Federal Reserve President Esther George said it was too soon to predict how much the Fed will hike rates because data on inflation and the labor market will come out before the meeting.
Gross domestic product shrank at a 0.6% annual rate in the second quarter, the Commerce Department said, publishing its second estimate. A previous estimate had second quarter GDP falling at a 0.9%.
Tesla Inc (NASDAQ:TSLA) shares dipped 0.5% after they began trading after splitting 3 for 1 Wednesday evening.
NVIDIA Corporation (NASDAQ:NVDA), which makes chips that are popular with videogamers, fell 0.6% after it forecast a sharp drop in revenue for the current quarter on declining sales.
Oil rose. Crude Oil WTI Futures was up 0.2% to $95.03 a barrel, and Brent Oil Futures crude was up 0.5% to $101.77 a barrel. Gold Futures rose 0.5% to $1770.
