US stocks mixed as Fed chairman alludes to more rate hikes
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Traders work on the floor of the New York Stock Exchange in New York City.
PHOTO: AFP
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NEW YORK - Wall Street stocks finished mixed on Wednesday following a choppy session as the United States Federal Reserve chief hinted that more interest rate hikes are likely.
Appearing at a central bank conference in Portugal, Fed chair Jerome Powell suggested the central bank could still enact consecutive interest rate hikes
“We believe there’s more restriction coming,” Mr Powell said.
The Dow Jones Industrial Average finished down 0.2 per cent at 33,852.66.
The broad-based S&P 500 slipped less than 0.1 per cent to 4,376.86, while the tech-rich Nasdaq Composite advanced 0.3 per cent to 13,591.75.
Major US indexes added more than 1 per cent on Tuesday following surprisingly buoyant US economic data, including a solid reading of consumer confidence.
But Wednesday’s session had fewer economic headlines, besides Mr Powell’s comments.
Briefing.com said the indecisive movements of stocks reflected a “lingering sense the market is still due for some consolidation”.
Shares of semiconductor company Nvidia dropped 1.8 per cent following a Wall Street Journal article that said US President Joe Biden’s administration was weighing export restrictions on chips used for cutting-edge artificial intelligence.
Consumer foods manufacturer General Mills shed 5.2 per cent as it reported weaker-than-expected quarterly sales. Analysts said the results suggested greater consumer pushback after a series of price hikes.
Among other stocks, streaming giant Netflix rose 3.1 per cent while home improvement retailer Home Depot fell 2.3 per cent. AFP
