On Wednesday, all three key indices of Wall St. edged marginally higher after Federal Reserve had released viewpoints from its most recent meeting that had reaffirmed the US Central Bank’s stance to stay dovish instead hiking rates despite a higher inflation lurking over the horizon.
In point of fact, a slew of US stocks treaded water in the day’s Wall St. with investors being cautious ahead of Fed’s Minutes’ release, while benchmark S&P 500 shuttled between black and red for most part of the day in light of an upscaled chariness ahead of a quarterly earnings’ season which is expected to proffer a revenue surge of as much as 24.2 per cent in S&P compared to the same time a year earlier.
Besides, all three key indices of Wall St. had opened up the day in an ambivalent tenure with major sub-indices struggling to thread into an affirmative territory, though indices jumped slightly higher after the Fed Minutes had revealed that the Fed officials would likely to take “some time” before major policy changes.
Nonetheless, the gains were marginal and did not last long as many sceptics began to question the US Fed’s ability to hold on to a dovish stance amid an earlier-than-anticipated economic boom alongside progresses in employment.
Wall St. treads water as Fed Minutes feed dovish stance
Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow added 0.05 per cent to 33,447.81 and benchmark S&P 500 rose 0.15 per cent to 4,080.06, while Nasdaq shed 0.07 per cent to round up the session at 13,688.78.
Meanwhile, referring to investors’ disappointment over latest Federal Reserve Minutes ahead of a high-stake earnings’ season, a chief market strategist at National Securities in New York, Art Hogan said, “We thought we were going to get something new from the minutes of the Fed meeting, we were oddly mistaken on that one”.