On Wednesday, the major U.S. stock averages were volatile as stocks struggled to find direction. FedEx (FDX) saw a post-earnings surge, boosting global economic sentiment, while Treasury sell-offs added to the market uncertainty.
The S&P (SP500) was up 0.06% to 5,472.48 points, the Dow (DJI) added 0.11% to 39,155.00 points, and the Nasdaq Composite (COMP:IND) climbed 0.38% to 17,784.83 points. However, six out of the 11 S&P sectors were in the red.
Despite a recent bull run, Wall Street has paused amid profit-taking and concerns over market breadth. Investors are uncertain about the Federal Reserve’s rate cut plans and the economy’s slowing growth. FedEx’s strong quarterly results boosted the benchmark index, while General Mills (GIS) saw a decline in quarterly organic net sales.
Investors are also awaiting Micron Technology’s (MU) earnings report, expected to show a significant jump in quarterly revenue. Treasury yields rose as traders sold bonds ahead of a $70B 5-year note auction. The fall in U.S. Treasurys followed a weakening Japanese yen, prompting hopes for currency intervention.
Rivian Automotive (RIVN) shares surged 24% after announcing a joint venture with Volkswagen (OTCPK:VLKAF), while Whirlpool (WHR) gained 14% on reports of potential interest from Bosch. The market remains cautious as investors navigate uncertain economic conditions and corporate earnings reports.