as it teeters between inching ahead and pulling back, suggests that until there's a more definitive reading on the inflation front coupled with the Fed's thinking on further rate hikes in September, we can expect this bounce back and forth," Quincy Krosby, chief equity strategist for LPL Financial, said in an email. Treasury Secretary Janet Yellen told senators on Tuesday that she expected inflation to remain high and reaffirmed that she saw price increases as being driven by Russia's war in Ukraine, the pandemic-era shift to goods purchases, and ongoing supply chain issues. The Federal Reserve remains in a quiet period ahead of its forthcoming policy-setting meeting next week, which is overwhelmingly expected to set the stage for the central bank to roll out a second 50 basis-point interest rate hike.Īnd other policymakers also reaffirmed that cooling red-hot inflation pressures remains a key priority. stock indexes have remained choppy overall as investors weighed individual company warnings on inflation and the macroeconomic backdrop against policymakers' efforts to bring down elevated prices. Spotify ( SPOT) shares also gained over 6% after the company's investor day.ĭespite the early-week advances, the major U.S. Individual gainers on Wednesday included streaming company Roku ( ROKU), which gained over 9% following a report from Insider that suggested Netflix ( NFLX) could explore a bid for the company.
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Shares of Scott's Miracle-Gro Company ( SMG) sank after the company became one of the latest retailers to slash guidance after building more inventory than its end users were demanding. 10-year Treasury yield resumed its climb above 3%.
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West Texas intermediate crude oil prices ( CL=F) rose above $122 per barrel to reach the highest level since February, and the benchmark U.S.