US open: Stocks mixed as traders digest Powell comments

(Sharecast News) - Wall Street trading got off to a mixed start on Wednesday as investors digested comments from Federal Reserve chairman Jerome Powell. As of 1525 GMT, the Dow Jones Industrial Average was up 0.10% at 34,187.26, while the S&P 500 advanced 0.03% to 4,379.90 and the Nasdaq Composite came out the gate 0.11% weaker at 13,624.88.

The Dow opened 34.66 points higher on Wednesday, putting the blue-chip on track to extend its recent winning run to another session. The S&P 500 and Nasdaq also chalked up their longest winning streak since November 2021.

Wednesday's primary focus will be 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 on 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 11.8% after the solar tracker company issued some weak full-year guidance for earnings and revenue, while Spirit AeroSystems lost 14% on the back of it revealed its intention to raise capital through stock and note offerings.

MGM Resorts, Walt Disney, and Take-Two Interactive will all report earnings after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Caterpillar Inc. (CAT) $237.02 0.89% Amgen Inc. (AMGN) $273.49 0.88% Nike Inc. (NKE) $110.21 0.78% Home Depot Inc. (HD) $297.00 0.76% Merck & Co. Inc. (MRK) $104.65 0.63% Apple Inc. (AAPL) $182.92 0.60% Goldman Sachs Group Inc. (GS) $325.52 0.48% Microsoft Corp. (MSFT) $362.21 0.47% International Business Machines Corporation (CDI) (IBM) $149.51 0.46% Cisco Systems Inc. (CSCO) $53.35 0.42%

Dow Jones - Fallers

Intel Corp. (INTC) $38.40 -0.97% Chevron Corp. (CVX) $143.10 -0.91% Walgreens Boots Alliance, Inc. (WBA) $21.47 -0.85% Travelers Company Inc. (TRV) $168.88 -0.65% 3M Co. (MMM) $92.58 -0.61% Walmart Inc. (WMT) $164.84 -0.49% Verizon Communications Inc. (VZ) $35.79 -0.42% Procter & Gamble Co. (PG) $150.27 -0.21% Salesforce.Com Inc. (CRM) $211.44 -0.19% Visa Inc. (V) $244.41 -0.15%

S&P 500 - Risers

Extra Space Storage (EXR) $115.43 7.67% DaVita Inc (DVA) $85.93 7.29% Take-Two Interactive Software Inc. (TTWO) $145.13 6.43% Under Armour, Inc. (UA) $7.03 4.95% American Airlines Group (AAL) $12.24 4.17% Jack Henry & Associates Inc. (JKHY) $149.37 4.14% Under Armour Inc. Class A (UAA) $7.49 3.95% United Airlines Holdings Inc (UAL) $38.49 3.94% Coty Inc. Class A (COTY) $10.30 3.88% Delta Airlines Inc. (DAL) $34.66 3.65%

S&P 500 - Fallers

Gilead Sciences Inc. (GILD) $75.71 -6.08% eBay Inc. (EBAY) $38.53 -5.51% Biogen Inc (BIIB) $237.15 -3.44% Newmont Corporation (NEM) $35.62 -2.84% H&R Block Inc. (HRB) $40.35 -2.67% Macy's Inc. (M) $12.09 -2.58% Devon Energy Corp. (DVN) $44.27 -2.25% Apache Corp. (APA) $37.24 -2.22% NextEra Energy Inc. (NEE) $57.17 -2.21% Eversource Energy (ES) $55.14 -2.15%

Nasdaq 100 - Risers

Take-Two Interactive Software Inc. (TTWO) $145.13 6.43% American Airlines Group (AAL) $12.24 4.17% Dish Network Corp. (DISH) $3.61 2.70% Qurate Retail Inc. (QRTEA) $0.68 2.24% Gen Digital Inc. (GEN) $19.28 1.85% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $401.42 1.48% Automatic Data Processing Inc. (ADP) $225.37 1.40% Idexx Laboratories Inc. (IDXX) $428.29 1.38% Henry Schein Inc. (HSIC) $63.81 1.35% Synopsys Inc. (SNPS) $505.05 1.21%

Nasdaq 100 - Fallers

Gilead Sciences Inc. (GILD) $75.71 -6.08% eBay Inc. (EBAY) $38.53 -5.51% Biogen Inc (BIIB) $237.15 -3.44% Regeneron Pharmaceuticals Inc. (REGN) $820.87 -1.19% Illumina Inc. (ILMN) $113.21 -1.13% Tesla Inc (TSLA) $219.79 -1.08% Vodafone Group Plc ADS (VOD) $9.51 -1.04% Align Technology Inc. (ALGN) $195.48 -1.03% Incyte Corp. (INCY) $54.16 -1.02% Intel Corp. (INTC) $38.40 -0.97%