Stock Market News – Wall Street ends little changed, S&P adds just 6 points to record high close
The major indices teetered around the flatline, and the S&P 500 ended up on the right side of it
4:05pm: Big tech does well but not enough to lift the Nasdaq
The Dow hovered around the flatline Wednesday, closing up 16 points at 33,447. The Nasdaq Composite swung farther, finishing almost 10 points down at 13,689, while the S&P 500 added 6 points to 4,080.
12:40pm: Cruise companies continue to make gains
The Dow sank over the course of the morning from positive territory to 64 points down, 0.2%, at 33,366 at midday. The Nasdaq, which opened lower and briefly hopped into the green, was down 22 points, 0.2%, at 13,676, and the S&P 500 ticked down 3 points to 4,071.
Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) and & plc () both continued their strong weeks as traders jumped into reopening plays. Shares of both were up more than 1.4%.
10:40am: Proactive North America headlines:
BioHarvest Sciences Inc () () (FRA:8MV) delivers record 1Q sales for its flagship functional food product VINIA in Israel
(NYSEAMERICAN:AIM) reports no serious adverse events in dosing of Cohort 1 in Phase 1 study of Ampligen drug’s safety as an intranasal therapy
Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) reveals promising new open pit drill results from its Tucano gold operation in Brazil
Ltd () (OTCQX:OGGFF) () expands its Hand-Picked Partner program to include baked goods and sushi
Inc () () (FRA:1O2) touts C$48M war chest to advance Coil Driver commercialization in 2020 results
Renforth Resources’ Inc () (OTCPINK:RFHRF) (FRA:9RR) latest drill results from 2020 program at Parbec expected to positively impact resource estimate
() () (FRA:0YL) set to launch its plant-based products in the US northeast
Inc () () (FRA:SL4A) strengthens Spanish presence with launch of ORYX Gaming on Casumo
Empower Clinics Inc () (FRA:8EC) () sees patient numbers soar year-over-year in Q1 treatment data
Versus Systems Inc (NASDAQ:VS) () (FRA:BMVB) adds new functionality to prizing platform for the UK market
Loop Insights Inc () () completes its integration with Vend’s Billing API
Talon Metals Corp () (OTCMKTS:TLOFF) (FRA:TAO) seeing promising nickel mineralization at previously undrilled target on the Tamarack nickel project
OTC Markets Group Inc () says Tiger Broker, a leading online stock brokerage in Asia has become a new distributor of its Real-Time Level 2+ Quotes
CytoDyn Inc () inks exclusive supply and distribution agreement for leronlimab in Brazil with Biomm SA
() () (FRA:1XMA) further expands footprint in Greenwood camp as it acquires royalty on Sidley gold-Dayton copper properties
9.35am: Wall Street opens on a softer note
Wall Street opened on a softer note on Wednesday, with the main indices trading mixed in the first minutes of the session.
Investors appear to be awaiting for the latest batch of Fed minutes before making a decision on which direction to take, particularly with yields in US Treasuries having caused some headaches for equities markets in previous weeks.
8:00am: Wall Street to see muted start
The main indices on Wall Street are expected to open fairly flat on Wednesday as investors await the minutes from the last Federal Reserve meeting on March 17. The statement from the Fed’s open market committee at the time included a revised growth forecast but suggested no interest rate rises until 2023.
Sophie Griffiths, market analyst at OANDA, said: “Looking ahead to the US open, futures are pointing to a muted open ahead of the minutes from the latest FOMC meeting… Whilst US treasury yields are trending lower today, any sense of a more hawkish Fed could reignite the bond market rout which dominated in the first three months of the year.”
Neil Wilson at Markets.com said: “The minutes could help explain how the Fed plans to communicate future policy decisions and shed light on how some policymakers could change their view on monetary policy if inflation and growth does accelerate as expected this summer.
“Whilst [Fed chair] Jay Powell has kept market speculation at bay, the minutes could allow participants to focus on when the Fed will tighten. As detailed after the meeting statement, it looks as though the Fed is happy to let the economy run hot and won’t intervene to cool it down. Even with growth in excess of 6.5% this year, 3% in 2022 and 2% in 2023; it still sees no need to tighten policy within the next almost three years…
“It also doesn’t really think the sharp bounce back this year is sustainable, meaning now is not the time to remove the punchbowl. US 10-year yields have retreated to under 1.64% – given the pullback from the recent highs there is a risk the market sees something in the minutes which signals it could tighten policy sooner than it is currently guiding.”
Four things to watch for on Wednesday:
- Companies in the earnings diary for mid-week include coating and sealants maker RPM International Inc (), frozen french fries maker Lamb Weston Holdings Inc (NYSE:LW) and steelmaker Schnitzer Steel Industries Inc ()
- Shares in Amazon Inc () may draw some attention after its founder and world’s richest man Jeff Bezos backed an increase in corporate tax rates
- Meanwhile, (), run by world’s second richest man Elon Musk, could also be in focus after it emerged that Musk’s brother Kimbal pocketed more than US$7mln from stock trades in the electric car maker using options
- On the macro front, aside from the Fed minutes, investors will be keeping an eye on US trade balance data