US stocks rose slightly on Wednesday as the recent jump in returns.Bondholders took a break, allowing tech stocks to pick up.
The S&P "500 climbed 0.23% to close at 4,701.46, while the Nasdaq " Composite added 0.44% to end at 15,845.23. The Dow "Jones Industrial Average did not lose as 9.42 points and came in at 35,804.38.
The recent rate hike, which began around President Joe Biden's decision to re-appoint Jerome Powell as chairman of The Federal Reserve on Monday cooled slightly on Wednesday. The 10-year Treasury yield traded above 1.68% this week after ending Friday at 1.55%. benchmark had fallen to around 1.64% Wednesday afternoon.
Shares of Facebook-parent Meta increased by 1.1% to support the Nasdaq, while Roku and Peloton had a difficult start to the week to increase by over 2% each. The shares of computer hardware company HP increased by 10.1% after posting profits that outperformed the top and bottom and posting higher earnings guidance in the first quarter.
The rate move earlier this week pushed investors to shy away from technology and growth stocks, while stimulating certain bank stocks and energy stocks. The adobe market has left the Dow Jones in the green for the week so far, the S &P 500 only rose gradually and the Nasdaq Composite fell 1.3%, even with Wednesday's move.
"It is certainly a story of more spin, "said Rob Haworth, senior investment strategist at US Bank Wealth Management. "The market is now - with the renaming of Powell - thinking this is a reopening story, which puts aside any risks or concerns we might have about the rate hike. infection. "
Meetings of The latest Fed meeting, released on Wednesday, showed central bankers were ready to accelerate " the schedule to slow asset purchases and increase rate benchmarks if the Inflation remains high. Stocks fell after the minutes were released.
The market received some bullish news on the economic front. The "first unemployment claims for the previous week s stood at 199,000, the lowest level in more than 50 years. GDP growth for the third quarter was revised up slightly to 2.1%, although economists expected that 'It rises to 2.2%. Personal income and consumer spending both increased more than expected in October.
The data was not uniformly positive, however, as orders for goods durable showed an unexpected decline in October, according to the Census Bureau. "Basic personal consumption , the Fed's preferred measure of inflation, rose 4.1% year-on-year for October, corresponding estimates.
Following publication of this data, the Atlanta Fed 's GDPNow tracker for the growthFourth-quarter nce fell from 8.2% to 8.6%.
Profit reports generated some of the biggest individual moves on Wednesday, as traditional retail stocks were hit as a result of poor quarterly results. Gap has lost 24% and Nordstrom fell about 29%. Both companies reported lost profits for the most recent quarter.
"Strong and pent-up consumer demand was supposed to make It 'sa good holiday season for retail, but pressures on margins and wages are disrupting the outlook for many retailers, "said Ed Moya, senior market analyst at Oanda, in a note to customers.
Elsewhere, the software stock Autodesk fell 15.4% after the company released a disappointing fourth quarter forecast.
Rise in Covid cases in Europe continued to worry investors. Germany was considering containment "Covid .
US markets are closed Thursday for Thanksgiving and will close early Friday in a shortened session.