Investors seem to be in a holding pattern as Wall Street waits to hear from policymakers at the Federal Reserve later this week when they meet in Jackson Hole, Wyoming for their annual convention.
Associated Press
August 25, 2021 / 08:35 PM IST
Source: Reuters
Stocks were edging higher in early trading Wednesday, as the market continues to float near record levels with earnings season winding down and investors waiting to hear from the Federal Reserve.
The S&P 500 index was up 0.1% as of 10:10 a.m. Eastern. The Dow Jones Industrial Average was up 0.2% and the Nasdaq was little changed.
Investors seem to be in a holding pattern as Wall Street waits to hear from policymakers at the Federal Reserve later this week when they meet in Jackson Hole, Wyoming for their annual convention.
Traders are betting that Fed officials will continue to remain in “wait and see” mode regarding inflation, since most policymakers believe any inflation earlier this year would be temporary. There are other Fed officials that say the U.S. central bank needs to start winding down bond purchases to combat inflation.
Fed Chair Jerome Powell will speak Friday at the gathering.
With little else to go on, and with the August slowdown in full effect, stocks are not likely to move much in the next few days.
TurboTax maker Intuit rose 2.6% after posting strong results for its most recent quarter. Technology giant Salesforce will report its results after the closing bell.
Bond yields rose. The yield on the 10-year Treasury note rose to 1.33% from 1.28% the day before.
