AGL 5.27 Decreased By ▼ -0.13 (-2.41%)
ANL 8.75 Decreased By ▼ -0.04 (-0.46%)
AVN 76.62 Increased By ▲ 0.37 (0.49%)
BOP 5.22 Increased By ▲ 0.03 (0.58%)
CNERGY 4.44 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.32 Increased By ▲ 0.22 (0.27%)
EPCL 49.39 Increased By ▲ 0.38 (0.78%)
FCCL 12.80 Increased By ▲ 0.10 (0.79%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.90 Decreased By ▼ -0.03 (-0.43%)
FNEL 4.67 Increased By ▲ 0.02 (0.43%)
GGGL 8.64 Increased By ▲ 0.04 (0.47%)
GGL 14.21 Increased By ▲ 0.06 (0.42%)
HUMNL 5.54 Increased By ▲ 0.05 (0.91%)
KEL 2.63 Increased By ▲ 0.04 (1.54%)
LOTCHEM 28.04 Increased By ▲ 0.33 (1.19%)
MLCF 24.05 Increased By ▲ 0.45 (1.91%)
OGDC 71.13 Decreased By ▼ -0.44 (-0.61%)
PAEL 15.34 Increased By ▲ 0.14 (0.92%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 16.08 Increased By ▲ 0.25 (1.58%)
SILK 1.13 Increased By ▲ 0.08 (7.62%)
TELE 9.07 Increased By ▲ 0.08 (0.89%)
TPL 7.09 Decreased By ▼ -0.07 (-0.98%)
TPLP 19.09 Decreased By ▼ -0.09 (-0.47%)
TREET 21.20 Increased By ▲ 0.06 (0.28%)
TRG 139.80 Increased By ▲ 3.30 (2.42%)
UNITY 16.77 Increased By ▲ 0.01 (0.06%)
WAVES 9.41 Increased By ▲ 0.26 (2.84%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 4,186 Increased By 30.5 (0.73%)
BR30 15,467 Increased By 131.3 (0.86%)
KSE100 41,819 Increased By 279.4 (0.67%)
KSE30 15,448 Increased By 82.9 (0.54%)
Follow us

NEW YORK: US stocks, which have been choppy so far this week, started trading Wednesday flat on weak data, although the focus remains firmly fixed on the US central bank chief’s speech in Wyoming this week.

New data showed mortgage applications fell again last week, dropping to a 22-year low due to rising borrowing costs, while orders for big-ticket manufactured goods were flat.

But amid the Federal Reserve’s aggressive campaign to cool the highest inflation in four decades with steep interest rate hikes, Fed Chair Jerome Powell’s speech on Friday in Jackson Hole is the week’s main event.

Investors are poised for more hawkish commentary – but hoping for signs that policymakers might be ready to pull back soon.

Briefing.com analyst Patrick J O’Hare said there is a “mountain of expectations building” for the speech, which Powell is due to deliver at the annual central banking symposium.

“Those expectations range from fear of a resolutely hawkish speech to hope of a tempered rate-hike outlook,” he said.

Wall Street shares open flat ahead of Jackson Hole

Markets have largely tuned out repeated comments from Fed officials saying rate hikes are not done, but O’Hare said, “Frankly, though, the only view that really matters this week is the one Fed Chair Powell expresses.”

About 20 minutes into the trading day, the Dow Jones Industrial Average was barely changed at 32,917.63.

The broad-based S&P 500 likewise was flat at 4,127.82, while the tech-rich Nasdaq Composite Index edged up 0.1 percent to 4,127.82.

Meme stock Bed Bath and Beyond soared more than 26 percent after The Wall Street Journal reported that the home goods chain secured financing to shore up its cash stock.

Traditional department store Nordstrom fell more than 14 percent despite a positive earnings surprise, after lowering its full-year profit guidance.

Comments

Comments are closed.

Wall Street opens mostly flat amid disappointing data

Finance Minister Dar briefs President Alvi on country’s economic situation

Arshad Sharif murder case: Supreme Court orders formation of new JIT

Rupee registers marginal decline, settles at 224.16 against US dollar

President for improving Pakistan’s IT ecosystem to facilitate growth

ECP supports use of electronic voting machines: Chief Election Commissioner

China announces nationwide loosening of Covid restrictions

UNGA adopts Pakistan-piloted resolution to bolster UN’s relief system

Japan announces additional $38.9mn for flood victims

One killed as Bangladesh police fire at opposition rally

Oil dips, hits lowest since January as U.S. data fans fuel demand fears