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US stocks closed higher on Wednesday, May 25, after Fed's minutes from its last policy meeting showed that most members favored more aggressive interest rate increases to calm inflation.
The S&P 500 was up 0.95% to 3,978.73. The Dow Jones rose 0.60% to 32,120.28. The NASDAQ Composite increased by 1.51% to 11,434.74, and the small-cap Russell 2000 was up 1.95% to 1,799.16.
At the Fed’s two-day meeting early this month, most participants supported two consecutive 50-basis point hikes in interest rates in June and July, noting that it would be most appropriate even though demand may slow.
Meanwhile, the Commerce Department is expected to release the final first-quarter GDP data on Thursday. In its advanced estimates released in April, the Department predicted a 1.4% drop in US GDP for the quarter. Analysts now anticipate a slight decrease from its earlier estimate.
It is also expected to release the Personal Consumption Expenditures (PCE) data on Friday. The Department said on Wednesday that new orders for US durable goods rose 0.4% to US$265.3 billion in April, after climbing 0.6% in March, increasing for the sixth time in seven months.
The consumer discretionary, energy, and information technology sectors were the top movers in the S&P 500 index on Wednesday. Ten of the 11 sectors of the index stayed in the positive territory. The utility sector was the bottom mover.
Shares of Dick's Sporting Goods, Inc. (DKS) rallied 10.10% after it slashed the fiscal year profit guidance. CEO Lauren Hobart said that she is not seeing any major shifts in the business but expressed confidence in Dick's long-term business plans and profit targets.
Nordstrom, Inc. (JWN) stock rose 13.52% in intraday trading after the department store operator provided upbeat profit and revenue guidance for its current fiscal year.
Chipmaker NVIDIA Corp. (NVDA) stock jumped 5.21% ahead of its first-quarter fiscal 2023 quarterly earnings at the market close.
Shares of Toll Brothers, Inc. (TOL) rose 8.46% after the home building firm’s quarterly revenue and profit topped Wall Street estimates.
In the consumer discretionary sector, Amazon.com, Inc. (AMZN) increased by 2.57%, Tesla, Inc. (TSLA) gained 4.88%, and The Home Depot, Inc. (HD) rose 1.96%. Lowe's Companies, Inc. (LOW) and Booking Holdings inc. (BKNG) advanced 2.13% and 4.74%, respectively.
In energy stocks, Exxon Mobil Corporation (XOM) surged 2.01%, Chevron Corporation (CVX) jumped 1.60%, and TotalEnergies SE (TTE) soared 2.75%. ConocoPhillips (COP) and Equinor ASA (EQNR) ticked up 1.57% and 3.85%, respectively.
In the technology sector, Microsoft Corporation (MSFT) added 1.12%, Broadcom Inc. (AVGO) gained 1.42%, and Adobe Inc (ADBE) rose 1.03%. Oracle Corporation (ORCL) and Intel Corporation (INTC) jumped 1.16% and 1.27%, respectively.
In the crypto space, Bitcoin (BTC) increased by 0.86% while Ethereum (ETH) declined by 0.79%. The global crypto market cap rose 0.24% to US$1.27 trillion at 5:30 pm ET on May 25.
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Futures & Commodities
Gold futures were down 0.73% to US$1,851.84 per ounce. Silver decreased by 0.36% to US$21.983 per ounce, while copper fell 0.82% to US$4.2695.
Brent oil futures increased by 0.71% to US$111.48 per barrel and WTI crude was up 0.94% to US$110.80.
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Bond Market
The 30-year Treasury bond yields were up 0.12% to 2.976, while the 10-year bond yields fell 0.34% to 2.751.
US Dollar Futures Index increased by 0.27% to US$102.145.
