Dow, Nasdaq end lower, S&P ekes out gain as investors weigh Fed minutes
U.S. stock benchmarks largely recouped earlier losses Wednesday, after the release of the minutes of the Federal Reserve’s January meeting reiterated support for a faster pace of interest rate hikes and a significant reduction of the central bank’s near $9 trillion balance sheet.
What’s driving the markets? As expected, the minutes from the Fed’s meeting last month showed interest rate increases were likely soon, followed by potentially aggressive actions to reduce the central bank’s nearly $9 trillion balance as inflation sits near 40-year highs. “I think it’s a rethinking of the geopolitical situation,” said Peter Cardillo, chief market economist at Spartan Capital Securities, in a phone interview.
The session also saw some upbeat U.S. economic data. Sales for U.S. retailers jumped 3.8% in January, the largest since last March, when Americans spent a good chunk of their stimulus money from the government. Economists polled by The Wall Street Journal had forecast after retail sales fell a revised 2.5% in December. Households bought more goods in early 2022 after paring back in the final month of last year.
Separately, import prices for January rose 2% and 1.4%, excluding fuel costs and a reading of industrial capacity in use rose 77.6% in January, compared with 76.6% in December.
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