© Reuters. FILE PHOTO: A trader passes by a screen that displays the trading info for Intercontinental Exchange Inc. (ICE) on the floor of the New York Stock Exchange (NYSE) March 1, 2016. REUTERS/Brendan McDermid
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By Amruta Khandekar and Shristi Achar A
(Reuters) – U.S. stocks struggled for direction on Thursday as uncertainty about when the Federal Reserve will start easing financial conditions kept investors on edge as they awaited further policy cues from central bank officials.
Softer-than-expected monthly jobs data and easing of the Fed’s hawkish stance at its last meeting pulled U.S. Treasury yields down from multi-year highs, helping equities stage a stellar comeback from their October lows.
However, the rally lost steam as several Fed policymakers this week pushed back against market expectations that the central bank will begin cutting interest rates soon.
The benchmark S&P 500 and the Nasdaq eked out marginal gains on Wednesday, but managed to extend their recent winning streak.
“The market is coming back more towards the Nasdaq over the last several days, versus the Dow and the more cyclical and value oriented components,” said Thomas Martin, senior portfolio manager at GLOBALT Investments.
“There’s a back and forth with these things and particularly with regard to the economy and whether you’re hard or soft in terms of the landing.”
A majority of traders are betting that the Fed will keep interest rates unchanged this year, with odds of a cut of at least 25 basis points in May standing at nearly 45%, according to the CME Group’s (NASDAQ:CME) FedWatch tool.
Among the Fed speakers on tap, Chair Jerome Powell is scheduled to speak at an International Monetary Fund (IMF) conference at 2 p.m. ET (1900 GMT). He had refused to comment on monetary policy at another conference on Wednesday.
Richmond Fed President Thomas Barkin is expected to discuss the outlook for the U.S. economy later in the day.
Meanwhile, a Labor Department report showed weekly jobless claims stood at 217,000 in the week ended Nov. 4, lesser than the 218,000 claims forecast by economists.
The yield on the benchmark ten-year Treasury note edged up to 4.5412%.
Among major movers, Nvidia (NASDAQ:NVDA) shares rose 1.8% as local media reported the chip designer is planning to release three new chips for China. Other megacap growth stocks were mixed.
Walt Disney (NYSE:DIS) rose 5.7% after the entertainment company’s quarterly profit exceeded Wall Street estimates.
Other media companies including Warner Bros Discovery (NASDAQ:WBD) and Paramount Global added 2.9% and 3.4% respectively as Hollywood actors reached a tentative agreement with major studios to resolve their strikes.
Six out of 11 major S&P 500 sectors rose, with communication services leading gains.
At 9:43 a.m. ET, the Dow Jones Industrial Average was up 8.38 points, or 0.02%, at 34,120.65, the S&P 500 was up 2.31 points, or 0.05%, at 4,385.09, and the Nasdaq Composite was up 7.59 points, or 0.06%, at 13,658.01.
Among other stocks, Arm Holdings (NASDAQ:ARM) dropped 8.0% as the semiconductor firm’s third-quarter sales forecast fell short of estimates.
Advancing issues outnumbered decliners by a 1.87-to-1 ratio on the NYSE and by a 1.12-to-1 ratio on the Nasdaq.
The S&P index recorded seven new 52-week highs and three new lows, while the Nasdaq recorded 18 new highs and 86 new lows.
Source: Investing.com
