Font size

(Photo by Spencer Platt / Getty Images)
Getty Images
Stock futures traded lower on Wednesday after Federal Reserve Chairman Jerome Powell, who said the central bank had “tools and determination” to keep inflation in check.
Agreement attached
Dow Jones Industrial Average
81 points or 0.3% lower at 32,500
S&P 500
The futures were down 0.2% and
Nasdaq
Futures are down 0.4%.
Stocks ended with strong gains on Tuesday – the Dow rose 1.3%, the S&P 500 rose more than 2% and the Nasdaq rose 2.8%. Increased optimism was the fourth consecutive monthly gain for retail sales in the U.S. in April, and signs that China could ease cowardly lockdowns.
Asian shares closed mixed on Wednesday, with Tokyo
Nikkei 225
Increasing 0.9%, and
Shanghai Composite
Decreasing by 0.3%. European stock prices rose on Wednesday.
U.S. stocks initially declined on Tuesday when Powell said there could be “some pain involved” in the Fed’s efforts to bring down the highest inflation in the United States in 40 years. But they ended up being sharply higher, led by technology shares.
Powell told a news conference hosted by The Wall Street Journal that the Federal Reserve would continue to raise interest rates until inflation was “coming down in a credible way.” Until we do, we will continue. “
Jim Reid, a research strategist at Deutsche Bank, said that while Powell’s sentiment was “not necessarily new, he made it clear that neutral rates were the focus on Wall Street, not ‘stopping points’.”
There are some stocks running here on Wednesday:
Shares of
Loyer
(Ticker: Low) was 1.2% lower in pre-market trading when it reported first-quarter earnings beat but missed the same-store sales forecast. Home improvement competitors
Home Depot
(HD) ended with a 1.7% gain on Tuesday after earnings exceeded analysts ’expectations and extended the guidelines for 2022.
Target
The TGT fell 22% early Wednesday after retailers reported lower-than-expected earnings. Follows Target’s report
Walmart
(WMT), which missed first-quarter earnings expectations on Tuesday and forecast a year-on-year decline in earnings per share.
Write to Joe Welfel at [email protected]