US close: Dow Jones snaps winning streak following Powell speech

(Sharecast News) - Wall Street stocks delivered a mixed performance on Wednesday as investors digested comments from Federal Reserve chairman Jerome Powell. At the close, the Dow Jones Industrial Average was up 0.12% at 34,112.27, while the S&P 500 advanced 0.10% to 4,382.78 and the Nasdaq Composite saw out the session 0.08% firmer at 13,650.41.

The Dow closed 40.33 points lower on Wednesday, snapping the blue-chip's recent winning streak. The S&P 500 and Nasdaq, on the other hand, extended their longest winning streak since November 2021 for another session.

Wednesday's primary focus was on a speech from Fed head Jerome Powell, who gave no hints at future monetary policy in an eagerly awaited speech in Washington, but did call on economists to be "flexible and dynamic" in their assessments of the economic outlook.

A week after the Fed kept interest rates unchanged, expectations have risen that the central bank may be done with further rate hikes in the current cycle, particularly with labour market conditions beginning to soften. However, Powell did not make any reference to current monetary policy, like many had hoped for. Instead, he urged the R&S division to be flexible in their methods for forecasting.

Elsewhere on the macro front, the Mortgage Bankers Association revealed mortgage applications had risen 2.5% in the week ended 3 November, putting a halt to three consecutive weeks of declines.

Finally, wholesale inventories were flat month-on-month in September, according to the Census Bureau, following a 0.1% drop in August and six months of falling inventories. On an annual basis, wholesale inventories fell 1.3%.

In the corporate space, Array Technologies tumbled after the solar tracker company issued some weak full-year guidance for earnings and revenue, while Spirit AeroSystems lost on the back of it revealing its intention to raise capital through stock and note offerings.

MGM Resorts announced it was launching a $2.0bn share buyback as its third-quarter revenues came in 16% higher year-on-year, and Walt Disney posted sharp quarterly profit growth.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Amgen Inc. (AMGN) $273.26 0.79% Microsoft Corp. (MSFT) $363.20 0.74% Apple Inc. (AAPL) $182.89 0.59% JP Morgan Chase & Co. (JPM) $144.72 0.49% Home Depot Inc. (HD) $295.92 0.39% Merck & Co. Inc. (MRK) $104.40 0.38% Boeing Co. (BA) $191.83 0.22% Goldman Sachs Group Inc. (GS) $324.56 0.19% Nike Inc. (NKE) $109.39 0.03% American Express Co. (AXP) $153.01 0.02%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $21.00 -3.00% Intel Corp. (INTC) $37.92 -2.19% Chevron Corp. (CVX) $142.40 -1.39% 3M Co. (MMM) $92.32 -0.89% Travelers Company Inc. (TRV) $168.59 -0.84% Walmart Inc. (WMT) $164.31 -0.81% International Business Machines Corporation (CDI) (IBM) $148.03 -0.54% Dow Chemical Co. (DOW) $48.30 -0.47% Verizon Communications Inc. (VZ) $35.78 -0.47% McDonald's Corp. (MCD) $267.49 -0.44%

S&P 500 - Risers

Extra Space Storage (EXR) $118.53 10.57% DaVita Inc (DVA) $84.81 5.89% Take-Two Interactive Software Inc. (TTWO) $143.47 5.21% Jack Henry & Associates Inc. (JKHY) $149.94 4.54% Under Armour, Inc. (UA) $7.00 4.48% Dish Network Corp. (DISH) $3.65 3.84% Fidelity National Information Services Inc. (FIS) $53.00 3.72% Eli Lilly and Company (LLY) $619.13 3.20% Ralph Lauren Corp (RL) $116.53 3.20% Oracle Corp. (ORCL) $112.33 3.06%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $0.50 -8.76% Macy's Inc. (M) $11.54 -7.01% Biogen Inc (BIIB) $231.69 -5.67% Newmont Corporation (NEM) $34.78 -5.13% Hanesbrands Inc. (HBI) $4.22 -4.31% Apache Corp. (APA) $36.71 -3.60% Gilead Sciences Inc. (GILD) $77.90 -3.36% Illumina Inc. (ILMN) $110.70 -3.32% Macerich Co (MAC) $10.22 -3.31% Foot Locker Inc. (FL) $20.93 -3.15%

Nasdaq 100 - Risers

Take-Two Interactive Software Inc. (TTWO) $143.47 5.21% Dish Network Corp. (DISH) $3.65 3.84% American Airlines Group (AAL) $12.01 2.21% Gen Digital Inc. (GEN) $19.31 2.01% Applied Materials Inc. (AMAT) $144.26 1.78% Intuit Inc. (INTU) $522.38 1.65% KLA-Tencor Corp. (KLAC) $511.16 1.60% Broadcom Inc. (AVGO) $911.13 1.48% Seagate Technology Plc (STX) $71.86 1.44% Automatic Data Processing Inc. (ADP) $225.44 1.44%

Nasdaq 100 - Fallers

Biogen Inc (BIIB) $231.69 -5.67% Qurate Retail Inc. (QRTEA) $0.63 -5.21% Gilead Sciences Inc. (GILD) $77.90 -3.36% Illumina Inc. (ILMN) $110.70 -3.32% Hasbro Inc (HAS) $44.04 -3.08% Walgreens Boots Alliance, Inc. (WBA) $21.00 -3.00% DENTSPLY Sirona Inc. (XRAY) $27.68 -2.54% Intel Corp. (INTC) $37.92 -2.19% eBay Inc. (EBAY) $39.95 -2.01% Align Technology Inc. (ALGN) $193.62 -1.97%