NEW YORK: Wall Street’s major indexes mostly pulled back early Wednesday as investors assessed key retail earnings while awaiting the minutes of the central bank’s most recent policy meeting.
About 15 minutes into trading, the Dow Jones Industrial Average added 0.1 percent to 44,984.72, but the broad-based S&P 500 Index dropped 0.3 percent to 6,390.30.
The tech-focused Nasdaq Composite Index lost 0.9 percent to 21,120.54.
These came as US retailer Target topped earnings expectations Wednesday, even as its sales slipped, while home improvement firm Lowe’s similarly beat expectations too.
But Target’s shares were down 8.7 percent in early trading after the results, and as it named a new chief executive. Lowe’s shares, meanwhile, rose 1.0 percent.
Wall Street falls on Jackson Hole jitters
The tech sector meanwhile remained under pressure, said Art Hogan of B. Riley Wealth Management.
US tech shares slipped on Tuesday amid warnings that excitement surrounding artificial intelligence could be inflated.
The main focus this week, however, is really Federal Reserve Chair Jerome Powell’s speech Friday morning at an annual central bankers’ gathering in Jackson Hole, Wyoming, Hogan said.
Markets will be closely watching Powell’s remarks for signs of whether the Fed is likely to cut interest rates in September, as officials balance between inflation risks and weakness in the jobs market.
But Hogan warned that Powell has tended to be “reticent to predict what the Fed does at any upcoming meetings,” meaning investors could be disappointed.
In the meantime, observers will be keeping an eye on the Fed’s meeting minutes due Wednesday afternoon.
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