As investors shifted their attention back to the most recent round of company earnings, U.S. equities fell on Wednesday. Wall Street kept considering the prospects for upcoming Federal Reserve policy changes.
By 31 points, or 0.1%, the Dow Jones Industrial Average decreased. The S&P 500
Both and Nasdaq Composite fell 0.2%.
After its most recent results disappointed on both the top and bottom lines, Chipotle’s stock fell more than 4%. In the interim, CVS and Uber
grew by more than 2% and 6%, respectively, as a result of results that exceeded Wall Street expectations.
Investors are waiting for post-bell earnings from businesses like Walt Disney and Robinhood to learn more about how business in America has responded to recent interest rate increases.
After a tumultuous session of trading on Tuesday, primarily fueled by comments made by Fed Chair Jerome Powell that inflation had begun to drop, stocks ended close to session highs. Investor expectations that the central bank may soon pause or change its course on interest rate hikes have been further boosted by his statements, which echoed those made at his news conference last week.
On CNBC’s “Closing Bell: Overtime” on Tuesday, Virtus Investment Partners’ Joseph Terranova said, “We have a Federal Reserve that no longer wants to be hostile.” “And given that they’ve had two chances to be hostile in the past week, one could say that they aren’t any longer. It wasn’t done by them.
At 10 a.m. ET, wholesale inventories are scheduled to be released. According to Dow Jones, analysts anticipate a 0.1% increase in economic activity in December.