(RTTNews) – US stocks swung between gains and losses on Wednesday as investors sought direction and made largely cautious moves.
The Russian-Ukrainian conflict, concerns about slowing global growth and a possible recession continue to weigh on sentiment.
Investors are eagerly awaiting the release of the Federal Reserve’s minutes from the latest monetary policy meeting for clues on the central bank’s decision in the months ahead.
Tech stocks found some support after a brief spell in negative territory, but then pulled back due to a lack of support at higher levels.
The major averages are currently moving around the flatline. The Dow is down 103.01 points or 0.33% at 30,864.81, after hitting a high of 31,090.20 earlier in the session.
The S&P 500 is down 5.97 points or 0.16% at 3,825.42, while the Nasdaq is up slightly at 11,324.57.
On the economic front, Markit Economics said the S&P Global US Composite PMI was revised up to 52.3 in June from a preliminary reading of 51.2, from 53.6 in May.
The S&P Global US Services PMI was revised up to 52.7 in June from a preliminary score of 51.6, and down from 53.4 in May, indicating the weakest rise in activity in six month.
Caterpillar, Chevron, Boeing, Walgreens Boots Alliance and Goldman Sachs are down 1.5-2.1%. JP Morgan Chase, American Express, Home Depot and McDonalds are also weak.
United Health, Cisco Systems, Microsoft, P&G, Intel, Merck, Apple, Travelers Companies and Walmart are up in positive territory, gaining 0.5-1.3%.
In overseas trading, Asian stocks ended lower on Wednesday as recession worries weighed, and investors awaited an update on the minutes of the FOMC meeting scheduled for later in the day.
Chinese stocks fell as another wave of COVID infections in Shanghai raised the specter of another lockdown. The benchmark Shanghai Composite fell 1.43%. The Hong Kong Hang Seng closed down 1.22%.
Major European markets ended on a strong note with stocks rising on bargain hunting and encouraging economic data. Investors also reacted positively to the news that Norwegian oil and gas workers called off a strike.
The pan-European Stoxx 600 index climbed 1.66%. Britain’s FTSE 100 gained 1.17%, Germany’s DAX jumped 1.56% and France’s CAC 40 jumped 2.03%.
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