Stock futures traded slightly on Wednesday after hawkish comments to Federal Reserve chairman Jerome Powell, who said the central bank had the tools and "decision" to curb inflation.
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Contracts linked to Dow Jones Industrial AverageDJIA + 1.34% decreased by 14 points, or 0.04%, to 32,567, futures S&P 500SPX + 2.02% decreased by 0.2% and futures for NasdaqCOMP + 2.76% decreased at 0.4%.
Shares finished with strong gains on Tuesday - the Dow gained 1.3%, the S&P 500 rose above 2% and Nasdaq jumped 2.8%. Raising confidence was the fourth straight monthly gains in U.S. retail sales in April, with signs that China might ease Covid closure.
Asian shares closed mixed on Wednesday, with Tokyo Nikkei 225NIK + 0.94% up 0.9%, and Shanghai CompositeSHCOMP -0.25% down 0.3%. European stocks traded on a high Wednesday.
U.S. stocks began to decline on Tuesday after Powell said there could be "significant pain" in the Fed's efforts to reduce the highest inflation in the US over the past 40 years. But they finished sharply at the top, led by technical shares.
Powell told a conference organized by the Wall Street Journal that the Federal Reserve would continue to raise interest rates until it saw inflation “fall sharply. Until we do, we will continue. ”
Jim Reid, a research strategist at Deutsche Bank, said that although Powell's sentiment was "not really new, his clear comment that neutral prices are 'not a stand-up' focused on Wall Street.
Here are some of the moving stocks on Wednesday:
Lowe's shares (tick: LOW) have declined 1.5% in market trading after reporting first-quarter earnings but sales of the same store missed forecasts. Home improvement competitor Home Depot (HD) finished with a profit of 1.7% on Tuesday after earnings exceeded analysts' expectations and boosted the 2022 target.
Target (TGT) fell 0.7% earlier in Wednesday. It reports wages on Wednesday. Seller shares fell 1.4% on Tuesday after Walmart (WMT) exceeded expectations for the first quarter of revenue and predicted a decline in earnings for the full year of each equity.
