Stocks sink as Fed minutes reveal more hikes still on table: Stock market news today

Inventory losses accelerated into the shut on Wednesday after minutes from the Federal Reserve revealed “most” officers nonetheless see upside dangers to inflation, whereas a retail-heavy week continued with a depressing outlook from Goal (TGT).

The Dow Jones Industrial Common (^DJI) was roughly down about 0.5%, or 180 factors, whereas the S&P 500 (^GSPC) was down practically 0.8%. The tech-heavy Nasdaq Composite (^IXIC) was down greater than 1% for a second straight day.

Goal took middle stage Wednesday morning because the retailer slashed its full-year revenue outlook and issued a warning about normal financial malaise.

The corporate cited rising rates of interest and uncertainty from the restart of scholar mortgage repayments as components that will proceed to have an effect on its backside line. Nonetheless, the inventory jumped greater than 3% because it revealed a revenue soar.

Within the afternoon, minutes from the Fed’s assembly final month confirmed most officers nonetheless see upside dangers to inflation whereas a “couple” of officers did not need to elevate charges in July. The central financial institution raised rates of interest to their highest level since 2001 at that assembly.

Buyers have been searching for any clues as to what the Fed may do at its assembly subsequent month. At this level, in keeping with the CME Group’s FedWatch software, practically 90% of merchants anticipate the financial institution to carry charges regular, a slight dip from earlier than the discharge of the minutes.

WASHINGTON, DC - JULY 28: Federal Reserve Chairman Jerome Powell arrives for a meeting of the Financial Stability Oversight Council at the U.S. Treasury on July 28, 2023 in Washington, DC. The council met to deliver an update on the Council’s Climate-related Financial Risk Committee and spoke on the transition from LIBOR. (Photo by Kevin Dietsch/Getty Images)

WASHINGTON, DC – JULY 28: Federal Reserve Chairman Jerome Powell arrives for a gathering of the Monetary Stability Oversight Council on the U.S. Treasury on July 28, 2023 in Washington, DC. (Photograph by Kevin Dietsch/Getty Photos)

In different financial information, July housing begins for each new single- and multi-family items elevated to a seasonally adjusted annual fee of 1.452 million items, 5.9% greater from a 12 months in the past, in keeping with Census Bureau information out Wednesday. That tempo simply exceeded the 1.450 million items economists surveyed by Bloomberg projected.

Nonetheless, the newest builder sentiment dipped for the primary time in August, after seven consecutive months of will increase.

Trending tickers on Wednesday

Goal (TGT) led the Yahoo Finance trending tickers web page on Wednesday. Shares of the retailer gained greater than 2% after the corporate’s quarterly outcomes got here in largely higher than feared, together with improved gross margin and shrinking inventories. Nonetheless, the corporate slashed its full-year revenue outlook.

Shares of VinFast Auto (VFS) fell practically 20% after shares of the EV automaker surged following its Nasdaq buying and selling debut.

Cava (CAVA) inventory was up greater than 1% after the corporate reported its first worthwhile quarter. Income grew 62.4% in comparison with the prior quarter, leaping to $171.1 million from $105.3 million.

Coinbase (COIN) was close to flat after the crypto forex trade stated it obtained regulatory approval to supply US retail clients regulated crypto futures within the coming months.

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