Wall Street stocks edged lower in early trading on Wednesday, as technology companies fell and once again dragged down major stock indexes.
As of 10:17 am Eastern time, the Standard & Poor’s 500 Index fell 0.1%. The Nasdaq index, which is dominated by technology stocks, fell 0.6%. The Dow Jones Industrial Average rose 33 points, or 0.1%, to 36,832 points, slightly higher than the record high set the day before.
Approximately 60% of the stocks in the benchmark S&P 500 index rose, but technology companies have great influence in driving the index due to their size. Technology companies led the gains on Monday, but then pulled the market down on Tuesday.
Microsoft fell 2%, and software maker Adobe fell 3.8%.
US crude oil prices rose by 1.4%, pushing energy companies to rise steadily. Exxon Mobil rose 2.4%.
The combination of financial and healthcare companies also made gains.
Bond yields are relatively stable. The 10-year U.S. Treasury bond yield fell slightly from 1.66% to 1.65%.
European markets were higher, and Asian markets closed mostly lower overnight.
Investors are busy dealing with various economic data in the first week of the new year. As Wall Street continues to measure the potential impact of rising inflation and the latest wave of COVID-19 cases on the economy, the latest reports on different economic sectors and the job market are released.
Later on Wednesday, the Fed will release the minutes of its latest policy meeting in December, which may further clarify how the central bank will change policy in the face of rising inflation. The Fed has stated that it plans to speed up its withdrawal from the bond purchase program, which will help keep interest rates low. Investors are looking for any signals as to when the benchmark interest rate will eventually be raised.
On Thursday, the Institute for Supply Management will release its December Service Industry Index to give Wall Street a better understanding of how the economy’s largest sector is dealing with the latest surge in COVID-19 cases caused by the highly contagious variant of omicron.
On Friday, the Department of Labor will release its December monthly employment report.
Copyright © 2022 The Washington Times, LLC.