Stocks shook off yesterday's inflation concerns
The market saw a fairly muted session on Wednesday, with investors digesting the first day of Federal Reserve Chairman Jerome Powell's two-day testimony to Congress. Powell didn't state anything unexpected, noting that the central bank has no immediate plans to change its current monetary policies. The S&P 500 managed to eke out another intraday record before settling with a modest win. The Dow and Nasdaq, meanwhile, both hovered below their respective record highs, with the former logging a quiet 44-point pop, and the latter settling in the red. Bond yields continued their downward trend after the testimony, too, while another batch of financial earnings garnered attention.
Continue reading for more on today's market, including:
- Behind this bank stock's revenue miss.
- YETI could keep heating up this summer.
- Plus, fresh coverage for LULU; EBAY nears record highs; and PTON receives a downgrade.
The Dow Jones Average (DJI - 34,933.23) added 44.4 points, or 0.1%. Of the 30 Dow components, Apple (AAPL) saw the biggest jump, adding 2.4%, while Chevron (CVX) landed at the bottom of the list, shedding 1.9%.
Meanwhile, the S&P 500 Index (SPX - 4,374.30) gained 5.1 points, or 0.1%, and the Nasdaq Composite (IXIC - 14,644.95) lost 32.7 points, or 0.2%.
Lastly, the Cboe Volatility Index (VIX - 16.33) lost 0.8 point, or 4.6%.
- CEO Mark Zuckerberg announced that Facebook (FB) is developing a program in an attempt to lure more influencers and content creators to the site. (MarketWatch)
- In other tech news, Twitter (TWTR) will discontinue its Fleets feature on August 3, which it rolled out last year to compete with other social media apps. (CNBC)
- Analyst sees growth ahead for one popular athletic retailer.
- eBay stock got a leg up after inking a billion-dollar deal.
- PTON downgraded as demand concerns mount.
Gold Nears Monthly Highs
Oil prices fell today, after U.S. data showed an eighth-straight weekly decline in crude inventories, but also an implied decline in demand for motor gasoline. Investors also kept a close eye on the recent disagreement between Saudi Arabia and the United Arab Emirates over crude production levels, with some reports out today saying a compromise between the two nations has been reached, though no agreement has been announced with the Organization of Petroleum Exporting Countries and its allies (OPEC+). August-dated crude fell $2.12, or 2.8%, to settle at $73.13 a barrel.
Gold futures rose today following Powell's assertions before Congress that inflation levels will eventually even out. August-dated crude surged $15.10, or 0.8%, to settle at $1,825 an ounce, which is the highest settlement for the most-active contract since June 16.