US open: Stocks little changed ahead of Fed rate decision
By Iain Gilbert
Date: Wednesday 22 Mar 2023
(Sharecast News) - Wall Street stocks were little changed early on Wednesday as investors patiently awaited the outcome of the Federal Reserve's two-day policy meeting.
As of 1530 GMT, the Dow Jones Industrial Average was down 0.15% at 32,510.58, while the S&P 500 slipped 0.02% to 4,001.89 and the Nasdaq Composite came out the gate 0.08% firmer at 11,869.83.
The Dow opened 50.02 points lower on Wednesday, taking only a small bite out of solid gains recorded in the previous session amid hopes that recent chaos in the banking sector may have finally been stifled.
Wednesday's primary focus will be on the Fed, with traders waiting to find out just what the central bank's next move will be in its battle against rampant inflation. The Federal Reserve will reveal its latest decision at 1800 GMT, with a press conference to discuss set to follow at 1830 GMT. Traders expect to see a 0.25% interest rate hike and a pledge to stay committed to its tightening efforts.
Elsewhere on the macro front, mortgage applications rose 3% in the week ended 17 March for a third consecutive weekly increase, according to the Mortgage Bankers Association of America. Applications to refinance a home loan increased 4.9% and applications to purchase a home rose 2.2% as borrowing costs hit their lowest level in almost a month after turmoil in the banking sector sent Treasury yields lower.
In the corporate space, meme stock favourite Game Stop delivered earnings per share of $0.16 in its fiscal fourth quarter, a marked improvement on the $0.47 loss recorded at the same time a year earlier, while revenues beat estimates by £150.0m to come in at £2.23bn.
Nike also reported its latest set of quarterly earnings, with the shoemaker posting earnings of $0.79 per share, well above consensus estimates for a reading of $0.55, but also warned that it had experienced a 3.3-point fall in gross margins to 43.3% due to markdowns and promotions used to liquidate its inventory.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Dow Chemical Co. (DOW) $52.56 0.97%
Microsoft Corp. (MSFT) $276.17 0.87%
Coca-Cola Co. (KO) $60.67 0.58%
Apple Inc. (AAPL) $160.18 0.57%
Procter & Gamble Co. (PG) $144.87 0.55%
Verizon Communications Inc. (VZ) $37.94 0.53%
Intel Corp. (INTC) $28.59 0.46%
Goldman Sachs Group Inc. (GS) $318.28 0.32%
Unitedhealth Group Inc. (UNH) $481.61 0.31%
Amgen Inc. (AMGN) $233.62 0.29%
Dow Jones - Fallers
Boeing Co. (BA) $200.28 -2.16%
Nike Inc. (NKE) $124.28 -1.06%
JP Morgan Chase & Co. (JPM) $129.40 -0.88%
Cisco Systems Inc. (CSCO) $50.44 -0.46%
Johnson & Johnson (JNJ) $153.23 -0.43%
Chevron Corp. (CVX) $158.68 -0.40%
Walgreens Boots Alliance, Inc. (WBA) $33.44 -0.31%
Travelers Company Inc. (TRV) $171.25 -0.29%
Caterpillar Inc. (CAT) $224.41 -0.23%
American Express Co. (AXP) $164.27 -0.18%
S&P 500 - Risers
Under Armour Inc. Class A (UAA) $9.06 2.95%
Nvidia Corp. (NVDA) $269.02 2.68%
CenturyLink Inc. (LUMN) $2.58 2.38%
PerkinElmer Inc. (PKI) $128.22 2.13%
Under Armour, Inc. (UA) $8.02 2.10%
HF Sinclair Corporation (DINO) $50.18 2.01%
Valero Energy Corp. (VLO) $134.70 1.89%
Arconic Inc. (ARNC) $27.70 1.64%
Nordstrom Inc. (JWN) $16.70 1.61%
Kroger Co. (KR) $48.48 1.51%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.81 -6.85%
Foot Locker Inc. (FL) $40.83 -4.33%
Comerica Inc. (CMA) $47.28 -2.78%
Lincoln National Corp. (LNC) $21.91 -2.75%
Helmerich & Payne Inc. (HP) $35.40 -2.75%
Sl Green Realty Corp. (SLG) $23.42 -2.70%
Dish Network Corp. (DISH) $9.33 -2.61%
National Oilwell Varco Inc. (NOV) $17.88 -2.59%
Sba Communications Corp. (SBAC) $248.43 -2.51%
Boston Properties Inc. (BXP) $52.26 -2.48%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $269.02 2.68%
Texas Instruments Inc (TXN) $180.92 1.41%
Hasbro Inc (HAS) $50.24 1.03%
Asml Holdings N.V. (ASML) $648.18 0.94%
Lam Research Corp. (LRCX) $512.12 0.94%
Illumina Inc. (ILMN) $223.63 0.91%
Microsoft Corp. (MSFT) $276.17 0.87%
Analog Devices Inc. (ADI) $189.77 0.73%
Microchip Technology Inc. (MCHP) $82.86 0.69%
KLA-Tencor Corp. (KLAC) $387.64 0.67%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $0.92 -4.36%
Dish Network Corp. (DISH) $9.33 -2.61%
Workday, Inc. (WDAY) $186.30 -2.30%
Take-Two Interactive Software Inc. (TTWO) $116.06 -2.13%
Netflix Inc. (NFLX) $300.79 -1.64%
Autodesk Inc. (ADSK) $203.95 -1.54%
Paypal Holdings Inc (PYPL) $75.63 -1.42%
Charter Communications Inc. (CHTR) $347.48 -1.37%
Sirius XM Holdings Inc (SIRI) $3.75 -1.32%
Align Technology Inc. (ALGN) $323.42 -1.29%
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