Stock Market Today: Dow ends higher as dip-buyers emerge into close
Investing.com-- The Dow closed higher Wednesday, amid dip-buying into the close as investors shrugged the release of the minutes of the Federal Reserve's January meeting showing members were concerned about cutting interest rates too soon.
At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 47 points, or 0.1%, the S&P 500 index rose 0.1% and the NASDAQ Composite fell 0.3%, with the latter down more than 1% intraday.
Federal Reserve policymakers signaled no urgency to pivot to rate cuts as concerns of «upside risks» to inflation begin to emerge, according to the minutes of the Federal Reserve’s Jan.30-31 meeting released Wednesday.
In a further sign that the Fed isn't leaning toward a sooner rate cut, the minutes showed that Fed members had expressed «uncertainty associated with how long a restrictive monetary policy stance would need to be maintained.»
Treasury yields remained near session highs following the release of the minutes, with the rate-sensitive 2-year Treasury yield up 4 basis points to 4.655%.
Nvidia (NASDAQ:NVDA) closed 2% lower, though that was well above session lows as jitters persist ahead of the the chipmaking heavyweight quarterly results.
The company is expected to clock EPS of $4.58 on a revenue of $20.37 billion — both up substantially from the same period a year ago.
But doubts over Nvidia’s outlook and stretched price-to-earnings ratio have spurred some profit-taking in the chipmaker, which had raced to record highs in recent sessions.
Palo Alto Networks (NASDAQ:PANW) fell more than 28% after cutting its full-year guidance as the cybersecurity company changed its strategy by increasing free product offers — expected to weigh on billings growth for 12-to-18 months — to
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