S&P 500 Jumps as Investors Mull Fed Minutes By Investing.com

News



© Reuters

By Yasin Ebrahim

Investing.com — The S&P 500 jumped Wednesday, powered by tech as the Federal Reserve’s June reaffirmed the central bank’s commitment to stop inflation becoming entrenched.   

The rose 0.6%, the gained 0.4%, or 134 points, the was up 0.7%

The Fed’s minutes show members were in favor of “moving to a restrictive stance of policy, and they recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist.” 

Tech stocks did most of the heavy lifting, picking from where they left off a day earlier, to help steady the broader market.

Meta Platforms Inc (NASDAQ:), Apple (NASDAQ:), Alphabet (NASDAQ:), and Amazon.com (NASDAQ:) were in the green, with the latter up more than 1%.

Amazon said it had taken a stake in Grubhub to provide Amazon Prime subscribers with food-delivery perks including food-delivery fee waivers. Uber (NYSE:) and DoorDash (NYSE:) fell sharply, down more than 4% and 7% respectively.

For a second-straight day, energy stocks were a major drag on the broader market as oil prices deepened their losses from a more than 9% slump a day earlier, pressured by concerns that a recession will severely hurt demand.

Citigroup warned earlier this week that oil prices could plummet to $65 a barrel by the end of this year and fall to about $45 by the end of 2023 if the economy falls into recession.

A key part of the Treasury yield curve, the , remained inverted – a key recession indicator, though steepened slightly from a day earlier following better-than-expected economic data.

was better-than-expected in June, while beat economists’ estimates, pointing to a labor market that is likely running too hot, which isn’t good news for bets on inflation peaking.

“While employment growth is slowing gradually, that slowdown is more driven by supply constraints rather than demand weakness, which creates continued upside for wages,” Jefferies said in a note.

In other news, Rivian Automotive (NASDAQ:) said it delivered more than 4,000 vehicles in the second quarter, keeping it on track to deliver 25,000 vehicles this year, sending its shares 11% higher.

Leave a Comment

Leading the way

Let's build a better world together

Project planning
Design expertise
Great qualifications

Nullam vestibulum finibus sapien, id consequat mauris tempus auctor.

Locations

90 Newport St., Natick, MA 01760

83 Taylor Street, Kings Mountain, NC 28086

22 Birch Hill St., Villa Rica, GA 30180

Support requests

support@construction.com

Nullam scelerisque leo felis, quis congue mauris tristique in. Suspendisse pulvinar, felis eu facilisis mattis, turpis odio luctus nisi, et ultrices velit enim quis lacus.

Request a quote

[Insert your contact form here]

Construction

Vivamus vehicula dictum elit at bibendum. Etiam finibus eros ut urna auctor ullamcorper. Sed at erat eget nisl rutrum ultrices sed eu ex.

Newsletter

Sign up to receive the latest news and trends from our company.

More questions? Get in touch