US stocks are drifting as Wall Street’s wild recent moves calm a bit.
The S&P 500 was flat in late trade in its first trading after careening from months of sharp losses to its best week of the year. The Dow Jones was down 0.1 per cent and the Nasdaq composite was 0.1 per cent lower. More stocks were falling on Wall Street than rising.
This upcoming week looks to have fewer big events on the calendar that could shake markets. It’s a slower week for corporate profit reports, with roughly 50 companies in the S&P 500 set to say how much they earned during the summer. That’s down from about 150 a week before.Constellation Energy rose 6.7 per cent after it also reported better results for the latest quarter than analysts expected.
Trading of WeWork’s stock was halted amid speculation about its financial health. It’s plunged 98.5 per cent this year to less than $US1. Perhaps more importantly for markets, Fed Chair Jerome Powell also hinted that a swift rise in Treasury yields and related tumult in financial markets could act as substitutes for further hikes to rates if they remain “persistent.” That raised hope that the Fed may be done hiking interest rates, and it also pushed traders to bet the central bank could begin cutting rates in the summer.
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