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U.S. stocks opened down but then ticked higher on Wednesday ahead of the release of the Federal Reserve’s minutes from its most recent meeting as weak retail earnings reports continued to affect consumer sentiment.
At 9:47 AM ET the Dow Jones Industrial Average rose 31 points, or 0.1%, while the S&P 500 rose 0.1% and the NASDAQ Composite rose 0.2%.
Later Wednesday, the Federal Reserve will release the minutes of its last meeting, when it raised interest rates by a half percentage point in order to combat inflation. The central bank is expected to make a similar move at its meeting next month, though investors will be looking to the minutes today to see if there’s any hint it might consider slowing down its rate hike plans. Some investors are worried the Fed’s aggressive stance toward beating back inflation could stall out the economy and tip it into recession. A giant slowdown in new home sales and comments on consumer shopping trends by retailers in recent days have reinforced this view.
Shares of retailer Dick’s Sporting Goods Inc (NYSE:DKS) fell 6% after it reported a weaker-than-expected 2022 outlook because of the challenging economic conditions. It did beat expectations for sales and profit in the most recent quarter. On the other hand, Nordstrom Inc (NYSE:JWN) shares rose 7.2% after it raised its forecast for the second time this year as its affluent customers shopped for the return of in-person social and work events.
Shares of burger chain The Wendy’s Co (NASDAQ:WEN) jumped more than 9% after activist fund Trian Fund Management disclosed that it has approached the company’s board about a transaction such as an acquisition, merger, or tender offer.
NVIDIA Corporation (NASDAQ:NVDA) shares rose 2.3% ahead of the chipmaker’s earnings after the closing bell this evening.
Oil ticked higher. Crude Oil WTI Futures rose 0.7%, to $110.56 a barrel and Brent Oil Futures rose 0.7% to $111.56 a barrel. Gold Futures fell 0.8% to $1,850 an ounce.
