U.S. stocks rose modestly early Wednesday following a broad-based sell-off to start the short week as investors await a readout of the Federal Reserve’s latest meeting minutes due out in the afternoon.
The S&P 500 (^GSPC) teetered up 0.1%, while the Dow Jones Industrial Average (^DJI) added about 50 points, or 0.2%. The technology-heavy Nasdaq Composite (^IXIC) gained 0.4%.
Coinbase (COIN) was among morning movers, rising 3.5% after the cryptocurrency exchange reported fourth-quarter results that beat Wall Street estimates and losses for the full year that were narrower than feared.
Elsewhere in specific names, Palo Alto Networks’ (PANW) stock jumped nearly 12% after the cybersecurity firm raised its annual profit outlook and said it was working on managing costs.
Chinese search engine Baidu (BIDU) reported better-than-expected fourth quarter results, boosted by strength in its cloud, advertising and artificial intelligence segments. Shares climbed 6%.
Meme stock darling AMC Entertainment (AMC) was on watch after the Allegheny County Employees’ Retirement System filed a class action lawsuit in Delaware alleging the movie theater company created preferred shares without their permission. The stock rose about 3.7% Wednesday morning.
In the bond market, Treasury yields were steady early into the day after rising sharply Tuesday to the highest levels since November.
The moves follow a steep sell-off Tuesday that saw the S&P 500 nosedive 2% below 4,000, the Dow wipe out 700 points and the Nasdaq plunge 2.5% — the moves coming as investors adjust their expectations to higher interest rates for longer.
Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 27, 2023. REUTERS/Andrew Kelly
St. Louis Fed President James Bullard in a televised interview with CNBC Wednesday morning said the U.S. central bank must bring the federal funds rate to a range of 5.25% to 5.5% in order to bring inflation back down to its 2% target.
New York Fed President John Williams is also slated to speak later in the day. In a speech earlier this…
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