Wall Street mixed with Nasdaq boosted by tech
Nasdaq modestly green, S&P 500 ~flat, Dow dips
Tech is biggest S&P 500 sector gainer; Energy off most
Euro STOXX 600 index off ~0.2%
Dollar, gold up slightly; bitcoin down; crude down >1%
U.S. 10-Year Treasury yield rises to ~3.78%
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WALL STREET MIXED WITH NASDAQ BOOSTED BY TECH
Wall Street's major indexes are a mixed bag on Wednesday with the Dow .DJI in the red, the S&P 500 .SPX around flat, and the Nasdaq Composite .IXIC, boosted by technology stocks, higher. This, after some mixed economic news.
Data from the Mortgage Bankers Association showed that the interest rate for the most popular U.S. home loan ticked down to 6.13% last week, the lowest in about two years, and refinancing activity jumped.
However U.S. August single-family home sales fell 4.7% from the previous month after increasing 10.3% in July.
Elsewhere a survey by Adobe looked at expectations for online holiday shopping this year saying that it sees a 2024 U.S. online holiday spend of $240.8 bln, up 8.4%.
At a conference on Wednesday, Bank of America BAC.N CFO Alastair Borthwick said the Federal Reserve seems to be winning the U.S. inflation battle, days after the central bank cut interest rates for the first time in more than four years.
However the easing cycle has rekindled inflation worries in the U.S. bond market with some investors saying they fear looser financial conditions that could re-ignite price pressures. Yields on longer-dated Treasuries, most sensitive to the inflation outlook, have risen to the highest since early September.
Back to equities, among the S&P 500's 11 major industry sectors, technology .SPLRCT is the biggest gainer, while energy is the biggest loser, as oil prices are lower.
In technology, big percentage gainers included Hewlett Packard Enterprise HPE.N and Intel INTC.O, both adding more than 5%. Also heavyweight Nvidia Corp NVDA.O is up 3%.
General Motors GM.N, down >5% and Ford Motors F.N, down >4%, are the biggest decliners in the consumer discretionary sector .SPLRCD, after Morgan Stanley downgraded its rating on both.
Here is your snapshot from around 10:25 a.m ET/ 1425 GMT
(Sinéad Carew)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
NASDAQ COMPOSITE: LINED UP AT THE VELVET ROPE - CLICK HERE
A FRUITFUL WINTER FOR AIRLINES? - CLICK HERE
WATCH OUT FOR A EURO ZONE ECONOMIC BOUNCEBACK - CLICK HERE
IS THE TIDE TURNING ON EUROPEAN CYCLICALS? - CLICK HERE
STOXX OFF TO MUTED START, SAP HIT - CLICK HERE
CHINA BOOST SET TO FADE IN EUROPE - CLICK HERE
AFTER CHINA'S STIMULUS SUGAR RUSH - CLICK HERE
Nasdaq out front on Wall Street https://tmsnrt.rs/4gGIV9N
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