The Daily Times Newspaper

Wall Street Down Ahead of Fed Policy Meeting Minutes

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Stock markets in New York opened lower on Wednesday. Concerns about the impact of the Delta variant on the economic recovery from the corona crisis continue to hang over the market.

 

In addition, investors on Wall Street are awaiting the minutes of the most recent policy meeting of the Federal Reserve, and data came from, among others, DIY chain Lowe’s and retail company Target. Investors hope to find more clues about the Fed’s future interest rate policy in the notes of the US central bank. The focus will be on signals about when the Fed may begin phasing out its monthly bond-buying programs.

Shortly after the start, the leading Dow-Jones index recorded a minus of 0.4 percent at 35,207 points. The broad-based S&P 500 fell 0.3 percent to 4,436 points, and technology gauge Nasdaq lost 0.1 percent to 14,647 points.

Lowe’s gained more than 5 percent thanks to better-than-expected quarterly results and increased expectations for the entire year. A day earlier, the share had to give up considerable ground in the wake of industry peer Home Depot. It then came up with results and then went down.

Target was down 3 percent despite a quarterly performance that beat analysts’ expectations. Donut chain Krispy Kreme also opened the books about the past period, the share fell 1 percent.

Telecom group T-Mobile US was 0.3 percent in the red. According to the American subsidiary of Deutsche Telekom, in the hack that came to light at the end of last week at T-Mobile US, the personal data of more than 40 million people were stolen.

It will be pretty busy after the market with figures from the network equipment manufacturer Cisco Systems (down 0.4 percent), chip manufacturer Nvidia (up 0.4 percent) and investment app Robinhood Markets (up 3 percent). Robinhood went public in New York late last month.

A barrel of American oil became 0.7 percent more expensive at $67.02. Brent oil cost 0.9 percent more at $69.64 a barrel.

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