On Wall Street, the S&P 500 ended slightly higher as gains in tech-related shares offset worries about a weakening outlook for earnings. Gains in Amazon.com, Facebook and Apple gave the biggest boost to the S&P 500 and Nasdaq, which ended Tuesday up 0.5 per cent. Netflix also rose, ending up 1 per cent, after Cowen and Co said the video streaming services provider would benefit from high viewership for the recently released third series of its original show Stranger Things.
Investors braced for remarks this week from Federal Reserve chairman Jerome Powell during his two-day testimony before the US Congress, which starts on Wednesday. Also due on Wednesday is the central bank’s June policy meeting minutes. Wall Street’s main indexes have retreated from their record closing highs after a robust June jobs report on Friday tempered expectations of an aggressive 50-basis-point interest rate cut by the Fed.
The Dow Jones Industrial Average on Tuesday fell 22.65 points, or 0.08 per cent, to 26,783.49; the S&P 500 gained 3.68 points, or 0.12 per cent, to 2,979.63; and the Nasdaq Composite added 43.35 points, or 0.54 per cent, to 8,141.73.Morning-Market-Note-Wednesday-10th-June