The S&P 500 closed flat after volatile trading Wednesday as investors surveyed the latest update from the Federal Reserve and the status of Russia’s military build-up near Ukraine.
The Dow Jones Industrials came off their lows of the day, but still were negative 54.57 points to 34,934.27.
The S&P 500 came out of hiding and actually nosed higher 3.94 points to 4,475.01.
The NASDAQ dipped 15.66 points to 14,125.09.
The major averages cut some losses following the release of the minutes from the Federal Reserve’s January meeting.
Traders were perhaps a bit relieved the release did not indicate the Fed would move any faster than already expected in hiking interest rates.
ViacomCBS was the biggest loser in the S&P 500 on Wednesday, with shares falling more than 17% after the company said it is rebranding itself as Paramount Global to focus on streaming. The company also reported lower-than-expected quarterly earnings.
Facebook parent Meta Platforms shares fell 2% after the tech giant reportedly rolled out a new set of corporate values in its latest attempt to manage its demoralized employees.
NATO officials on Wednesday accused Russia of amassing troops at the Ukrainian border. U.S. and Russian aircraft in the Mediterranean Sea flew close to each other over the weekend, The Wall Street Journal reported Wednesday.
Energy prices, which have been sensitive to the news, moved higher Wednesday. Natural gas rose more than 7%. Oil futures settled 1.7% higher at $93.66 per barrel.
Devon Energy, Schlumberger and Baker Hughes were among the top gainers on the S&P 500 on Wednesday.
On the data front, retail sales surged 3.8% in January, the Census Bureau reported Wednesday. Economists expected the report to show sales rose 2.1% in January after a 1.9% decline in December.
As inflation runs hot, Wall Street is looking ahead to the minutes from the Federal Reserve’s January meeting, which will be released Wednesday at 2 p.m. ET.
Prices for 10-year Treasurys eked up, lowering yields to 2.03%, from Tuesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices fell back $1.49 to $90.58 U.S. a barrel.
Gold prices added $13.90 to $1,870.10 U.S. an ounce.