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U.S. Stocks Swinging Between Gains And Losses In Cautious Trade
(RTTNews) - U.S. stocks are swinging between gains and losses on Tuesday with investors digesting some speeches from Fed officials including Chairman Jerome Powell, and making largely cautious moves.
Although China's decision to reopen its businesses has raised some optimism about the growth prospects for the country's economy, reports showing a surge in Covid cases in Henan, the country's third-most populous province, has fueled concerns about the dreaded infection.
The major averages are all hovering around their previous closing levels. The Dow is at 33,531.19, gaining 13.54 points or 0.04 percent. The S&P 500 is up less than a point at 3,892.85, while the Nasdaq is gaining 16.76 points or 0.16 percent at 19,652.41.
San Francisco Fed president Mary Daly said she expects interest rates to rise beyond 5 percent this year. Atlanta Fed president Raphael Bostic also said interest rates need to be raised above 5 percent.
Meanwhile, Fed Chair Powell emphasized the need for the central bank to be free of political influence while it tackles high inflation. Powell noted in a speech delivered to Sweden's Riksbank that stabilizing prices requires making tough decisions that can be unpopular politically.
Amgen is gaining nearly 1.5 percent. Travelers Companies, JP Morgan, Goldman Sachs, Visa and Cisco Systems are up 0.5 to 1 percent.
Microsoft rallied nearly 1.5 percent on reports the company was in talks to invest $10 billion in ChatGPT creator OpenAI.
J&J, Apple, Coca-Cola, Chevron, Walmart and Boeing are down in negative territory with moderate losses.
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