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US stocks recouped in the closing hours after trading lower for most of the session on Wednesday, July 6, as Fed’s minutes from its last meeting re-endorsed its stance to step up monetary tightening, boosting investors’ confidence in the bank’s assertive policy to stop skyrocketing inflation.
The S&P 500 rose 0.36% to 3,845.08. The Dow Jones was up 0.23% to 31,037.68. The NASDAQ Composite gained 0.35% to 11,361.85, and the small-cap Russell 2000 was down 0.79% to 1,727.55.
Last month, the central bank raised the interest rates by a third of a percentage point to calm the soaring US inflation, stressing that it will keep up the tempo until the rising prices cool off.
The minutes will be closely scrutinized for signs of any progress in the inflation fight and to measure the general direction of the economy. US economic growth and consumer sentiments have weakened due to rising inflation and the bank's consequent tougher monetary policy for fiscal prudence.
Oil prices dropped further on Wednesday after their biggest plunge the day before since March. International benchmark Brent crude fell 2% to US$100.69 a barrel, while the US standard WTI crude dropped a further 2.9% to US$96.65 a barrel after falling below US$100 on Tuesday.
Eight of the 11 S&P 500 sectors closed in the positive territory. Utilities, real estate, and technology were the top movers, while energy, financials, and consumer cyclicals were the bottom runners.
Amazon.com, Inc (AMZN) stock rose 0.70% in intraday trading after announcing a 2% stake in Grubhub. Its parent Just Eat Takeaway has struggled to keep the US food delivery company afloat.
Shares of Resolute Forest Products Inc. (RFP) surged more than 63% on the acquisition by Domtar Corporation, a wholly-owned subsidiary of the Paper Excellence Group. Domtar has offered US$20.50 a share and one CVR for Resolute. The deal is expected to close in the first half of 2023.
Apple Inc (AAPL) shares rose 0.62% in intraday trading after announcing a new security feature for iPhone, iPad, and Mac devices to prevent hacking attacks.
The new "Lockdown Mode" feature will combat spyware like those sold by Israeli firm NSO Group, the developer of the "Pegasus" software that can carry out such cyberattacks.
Sector Summary
In the utility sector, NextEra Energy, Inc. (NEE) gained o.79%, Duke Energy Corporation (DUK) increased 1.29%, and The Southern Company (SO) rose 0.95%.
In the Technology sector, Apple Inc. (AAPL) jumped 0.85%, Microsoft Corporation (MSFT) climbed 1.01%, and NVIDIA Corporation (NVDA) increased 0.58%.
In the Financial sector, Berkshire Hathaway Inc. (BRK-A) fell 0.03%, JPMorgan Chase & Co. (JPM) tanked 0.68%, and Mastercard Incorporated (MA) gained 0.23%.
In the energy sector, Exxon Mobil Corporation (XOM) fell 1.98%, Chevron Corporation (CVX) dropped 1.44%, and Shell plc (SHEL) tumbled 1.22%.
In the crypto market, Bitcoin and Ethereum declined by 1.44% and 0.52%, respectively. The global crypto market fell 0.68% to US$912.35 billion.
Futures and commodities
Gold futures were down 1.52% to US$1,737.05 per ounce. Silver increased by 0.14% to US$19.142 per ounce, while copper rose 0.73% to US$3.4398.
Brent oil futures decreased by 2.71% to US$99.99 per barrel and WTI crude was down 1.57% to US$97.94.
Bond Market
The 30-year Treasury bond yields jumped 2.91% to 3.121, while the 10-year bond yields rose 4.16% to 2.928.
US Dollar Futures Index increased by 0.53% to US$106.882.
