Wall Street ends red after late session choppiness
Main U.S. indexes close down with Dow falling most, off ~0.5%
Energy weakest S&P 500 sector; Healthcare leads gainers
Dollar rises, bitcoin ~flat; crude, gold both down >1%
U.S. 10-Year Treasury yield edges up to ~4.43%
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WALL STREET ENDS RED AFTER LATE SESSION CHOPPINESS
After doing very little until shortly after 1 p.m. ET (1700 GMT), the S&P 500 .SPX then started to lose ground and fell further after the 2 p.m release of the minutes from the last Federal Open Market Committee (FOMC) meeting.
The benchmark index chopped around until ultimately closing not far from where it was around the release of the minutes.
Following some mixed messages from the meeting notes, traders reduced bets the U.S. Federal Reserve would cut interest rates more than once this year.
Even as they acknowledged disappointment over recent inflation readings, according to the minutes of the U.S. central bank's April 30-May 1 session, Fed officials indicated that they still had faith price pressures would ease, if only slowly.
While the minutes showed discussion of possible further rate hikes if appropriate, officials largely viewed the data from the start of the year as a temporary setback.
But the minutes showed that the decision at the time to moderate the pace of the balance sheet drawdown was not unanimous.
Meanwhile Goldman Sachs GS.N CEO David Solomon told a Boston College event on Wednesday that he does not expect the Fed to cut interest rates at all this year.
And while digesting the Fed minutes investors were also waiting anxiously for earnings from megacap Nvidia NVDA.O, currently the most high-profile U.S. chipmaker due to recent runaway demand related to artificial intelligence (AI).
Among the S&P 500's 11 industry sectors only three advanced. Energy .SPNY was the biggest loser falling 1.8% while the biggest gainer was healthcare .SPXHC, which rose 0.2%.
The healthcare sector's biggest boost came from vaccine maker Moderna MRNA.O, which added 13.7%, marking its 8th consecutive advance as analysts watch the progression of avian flu and suggested the potential need for related accelerated vaccine programs. Rival vaccine maker Pfizer PFE.N added 3.7%.
Here is your closing snapshot:
(Sinéad Carew)
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FOR WEDNESDAY'S EARLIER LIVE MARKER POSTS:
GROWTH TO GET MORE FOCUS IN ANNUAL RUSSELL REJIG - UBS - CLICK HERE
CHIPS MAY BE HOT, BUT TRANSPORTS ARE EXPERIENCED - CLICK HERE
UPSIDE FOR GLOBAL EQUITIES BOTH IN A GOLDILOCKS AND A MINI STAGFLATION SCENARIO - HSBC - CLICK HERE
HOUSING DATA DOUBLE-DIP: EXISTING HOME SALES, MORTGAGE DEMAND - CLICK HERE
NAIL BITING AHEAD OF NVIDIA'S NUMBERS - CLICK HERE
WALL STREET INDEXES STAY CLOSE TO UNCHANGED - CLICK HERE
BENCHMARK TREASURY YIELD PUSHES HIGHER AHEAD OF FED MINUTES - CLICK HERE
SERVICES TO BLAME AS UK INFLATION STAYS HOT - CLICK HERE
UTILITIES: WHAT A DIFFERENCE A MONTH MAKES! - CLICK HERE
BANKS: WHEN RATE CUTS COME, SO WILL PROFIT-TAKING - CLICK HERE
WHY US YIELDS CAN GO BACK TO RECENT HIGHS... OR BEYOND - CLICK HERE
STOXX STUMBLES AS AUTOS DRAG - CLICK HERE
STOXX FUTURES FLAT AS FTSE LAGS POST-CPI - CLICK HERE
NVIDIA VIGIL ALMOST OVER - CLICK HERE
Closer05222024 https://tmsnrt.rs/4dKHvKd
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