A mixed start for the US market was seen on Wednesday, with the Dow Jones Industrial Average declining over 32 points or about 0.08%, just after the opening bell. The tech-heavy Nasdaq Composite increased 0.5%, gaining about 111 points.
The S&P 500 gained 0.2% to trade above 6,000 points. Among major companies, shares of Nvidia, Yum! Brands were trading over 2% higher. Names like Fedex and Tesla were also over 2% down.
Wall Street had opened higher on Tuesday amid global cues. Investors are set to closely watch Fed Chair Jerome Powell's Senate testimony on Wednesday, after his remarks to House lawmakers on Tuesday.
Soft consumer data paired with a plunge in oil have fuelled expectations for a quicker pace of rate cuts in 2025. While the Fed chair largely maintained his call for patience as the economy absorbs the impact of trade tariffs, he said that lower inflation and weaker labour hiring could lead to an earlier reduction, according to Bloomberg.
Bloomberg Dollar Spot index rose 0.2% and Bitcoin rose 1.5% to $107,764.26. The 10-Year Treasury yield advanced three basis points to 4.32%.
West Texas Intermediate Crude rose to 0.7% to $64.83 per barrel. Spot Gold fell 0.2% to $3,315.58 an ounce.
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