US stocks mixed after Fed minutes
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Traders work on the floor at the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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NEW YORK - Wall Street stocks finished mixed on Feb 21 following Federal Reserve minutes that signalled slower interest rate cuts ahead.
Fed officials offered mixed views over the timing of cutting interest rates, but most members voiced concern about moving early.
The tone marked a shift from the Fed’s prior meeting, which made the minutes “appear to tilt hawkish because traders went into the January meeting anticipating a far more dovish Fed than was realistic to expect based on earlier Fed communication,” said FHN Financial’s Chris Low.
The Dow Jones Industrial Average finished 0.1 per cent higher at 38,612.24.
The broad-based S&P 500 gained 0.1 per cent to 4,981.80, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 15,580.87.
Analysts also cited unease about Nvidia earnings later on Feb 21 in light outsized expectations over artificial intelligence.
Nvidia shares dropped nearly 3 per cent.
Palo Alto Network sank nearly 30 per cent following a disappointing outlook, a forecast that also weighed on peer companies CrowdStrike (down 9.7 per cent) and Zscaler (down 14.1 per cent).
Among other stocks, Amazon rose 0.9 per cent after S&P Dow Jones Indices announced that the online shopping giant would join the prestigious Dow index, replacing Walgreens Boots Alliance, which fell 2.5 per cent. AFP
