BN:CC - Stocks Slide Ahead of Fed Minutes
The Dow Jones Industrial Average fell Wednesday as Wall Street resumed a holiday-shortened week and looked to Federal Reserve meeting minutes coming in the afternoon.
The 30-stock index fell 112.65 points to begin the first day of a short week at 34,305.82.
The S&P 500 dipped 3.03 points to 4,452.82.
The NASDAQ index surged 25.16 points to 13,841.93.
Minutes from the June 13-14 Fed meeting due Wednesday afternoon could provide more details on where monetary policy is heading. While the decision to hold interest rates steady was not a surprise, indications that members see at least two more hikes before the end of the year did catch the market off guard. Since then, Fed Chair Jerome Powell and other policymakers have provided further indications that they see more work ahead before inflation is brought back down to an acceptable level.
Data released Wednesday morning showed factory orders were weaker than expected in May. Later in the week, investors will watch for a batch of employment and wage data for insights into the strength of the labor market.
Investors are coming off a positive session Monday, which kicked off the start of a new month, quarter and half-year for traders. Markets closed early on Monday and were completely dark on Tuesday for the Fourth of July holiday.
Prices for the 10-year Treasury caved, raising yields to 3.89% from Monday's 3.82%. Treasury prices and yields move in opposite directions.
Oil prices added $1.72 to $71.51 U.S. a barrel.
Gold prices inched up a dime to $1,929.60 U.S. an ounce.