4.10pm Nasdaq closes at record high once again
Wall Street as a whole ended mixed on Wednesday but the Nasdaq saw another record high as tech stocks outperformed.
The tech-powered exchange finished 18 points higher to close at 14,271 points. However, the Dow sank 71 points on the day to end at 33,874, while the S&P 500 also fell 5 points to finish at 4,282.
12.15pm: US stocks mixed at midday
US benchmarks were mixed at mid-session as investors took a more cautious approach to risk.
The Dow Jones Industrial Average shed nearly 11 points at 33,924, while the S&P 500 added around three at 4,249 and is close to a record high. The Nasdaq exchange gained around 26 points at 14,279.
"The rebound in risk appetite continues to fizzle out, with equity indices mostly unimpressed by the ongoing high PMI readings that signal a continued economic rebound," noted Chris Beauchamp, the chief market analyst at trading group IG.
"Good data is still perhaps to be viewed as bad news, since it pushes central banks towards gradually tightening policy, while the swings and roundabouts of Fed pronouncements over the past week have left markets dazed and confused.
"While the Dow continues to lag, the S&P 500 sits close to a record high, but without the momentum to carry it much higher, while European markets have seen more marked losses that have put Monday’s gains at risk of being given back entirely."
In London, FTSE 100 closed down nearly 16 points at 7,074.
9.42am: Proactive North America headlines:
Else Nutrition Holdings Inc (CVE:BABY) (OTCMTKS:BABYF) (FRA:0YL) achieving high market penetration and rapid growth in online and retail sales in US
Genprex Inc (NASDAQ:GNPX) (FRA:2DE) gears up for patient enrollment in its Acclaim-1 REQORSA trial after FDA feedback
HighGold Mining Inc (CVE:HIGH) (OTCQX:HGGOF) expands drill area for Johnson Tract in Alaska
Australis Capital Inc (CSE:AUSA) (OTCMKTS:AUSAF) says Audacious Brands gets foothold in Massachusetts market in partnership with Belle Fleur and Rapper Weed
Delta 9 Cannabis Inc (TSE:DN) (OTCQX:DLTNF) (FRA:V5D1) sees its 2Q revenue climbing as much as 33% to C$17.3M
Binovi Technologies Corp (CVE:VISN) (OTCQB:BNVIF) introduces web-based Binovi Touch to the more than 800,000 Babe Ruth League families
Amarillo Gold Corp (CVE:AGC) (OTCQB:AGCBF) (FRA:72A) hits gold beginning at surface at its Lavras do Sul project, Brazil
Versus Systems Inc (NASDAQ:VS) (FRA:BMVB) powers fan engagement at 2021 Bassmaster Classic in Texas
Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF) secures order from California county government in competitive bid
Bioasis Technologies Inc (CVE:BTI) (OTCQB:BIOAF) (FRA:107) strikes convertible security funding agreement for institutional investment of up to C$10M
Benchmark Metals Inc (CVE:BNCH) (OTCQX:BNCHF) granted new work permit to advance Lawyers gold-silver project
Los Andes Copper Ltd (CVE:LA) (OTCMKTS:LSANF) (FRA:L41A) says PFS metallurgical testing at Chile project has underscored its significant potential
9.39am: Wall Street opens in green
The main indices on Wall Street opened in the green on Wednesday morning as fears of inflation began to ease across global markets.
In the first minutes of trading, the Dow Jones Industrial Average was up 0.1% at 33,980 while the S&P 500 climbed 0.09% to 4,250 and the Nasdaq rose 0.23% to 14,286.
Meanwhile, over in the crypto markets, Bitcoin was continuing its rebound after yesterday’s brief slide below US$30,000, rising 16.6% in the last 24 hours to US$34,594.
7:40am: Wall Street set to open higher
Wall Street is set for a positive start after Federal Reserve chair Jerome Powell played down fears of inflation, easing concerns about the central bank tapering its support programme and planning interest rate rises.
The Dow Jones Industrial Average is expected to open 0.2% or 69 points higher, while the S&P 500 is forecast to climb 0.5%. The Nasdaq Composite, which hit a new record on Tuesday, is indicated 0.8% higher.
Sophie Griffiths, market analyst at Oanda, said: " Comments from the Fed's head honcho appear to be calming the rattled market stateside. Moreover, the downplaying of the risk of an early move to tighten monetary policy has lifted sentiment, with the tech-heavy Nasdaq the clear winner."
Later comes the latest snapshot of the US economy with the purchasing manager reports for June.
Among the movers in premarket trading, pharmaceutical group Biogen is 1.5% better after the US Food and Drug Administration approved its Alzheimer's drug.
Three things to watch for on Wednesday:
- Firms in the mid-week earnings calendar include information firm IHS Markit Ltd (NYSE:INFO), business services group Concentrix Corp (NASDAQ:CNXC) and housebuilder KB Home (NYSE:KBH)
- Crypto markets will be back in focus after Bitcoin and other digital currencies mounted a recovery following Tuesday’s flash crash
- In macro news, aside from the flash PMI readings, US mortgage application data may provide some clarity on the state of the housing market