Wall Street stocks searched for direction at the open on Thursday, as investors kept an eye on Federal Reserve policymakers for more clues to interest rate strategy.
The S&P 500 (^GSPC) wavered on both sides of the flatline after the benchmark narrowly notched its eighth straight day of gains on Wednesday — the index’s longest in two years. The Dow Jones Industrial Average (^DJI) and Nasdaq Composite (^IXIC) were also largely unchanged.
The market will watch for Jerome Powell to let slip any clues to the chance of a rate cut when he speaks later, after the Fed chair stayed quiet on monetary policy at his appearance Wednesday.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
A fresh clutch of corporate reports lies ahead as earnings season winds down. Disney (DIS) shares rose after its after-hours quarterly earnings beat estimates, though they were also likely boosted by a tentative deal between Hollywood studios and striking actors. Other media stocks rallied after the news.
Meanwhile, shares in Arm (ARM) slid as investors digested its first post-IPO results, as well as the $6.2 billion quarterly loss posted by the chip designer’s backer SoftBank.
In commodities, oil clawed back some losses after plunging to a three-month low on concerns about global consumption. West Texas Intermediate crude futures (CL=F) and Brent crude futures (BZ=F) added about 0.5% to trade at around $76 and almost $80 a barrel, respectively.
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Stocks waver at market open
Wall Street stocks searched for direction at the open on Thursday, as investors kept an eye on Federal Reserve policymakers for more clues to their interest rate strategy.
The S&P 500 (^GSPC) wavered on both sides of the flatline after the benchmark narrowly notched its eighth straight day of gains on Wednesday — the index’s longest in two years. The Dow Jones Industrial Average (^DJI) and Nasdaq Composite (^IXIC) were also largely unchanged.
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Stock futures mixed as Wall Street waits for Powell again
The major US stock gauges were broadly unchanged on Thursday as investors assessed a range of policy messages from Federal Reserve officials and waited to see whether Chair Jerome Powell would shed more light in his comments later, in his second appearance this week.
Futures on the Dow Jones Industrial Average (^DJI) were up 0.10%, or 37 points, while S&P 500 (^GSPC) futures added 0.07%. Contracts on the tech-heavy Nasdaq 100 (^NDX) fell 0.10%.
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