Investors Cautiously Pore Over Earnings Ahead of Fed Word - InvestingChannel

Investors Cautiously Pore Over Earnings Ahead of Fed Word

The S&P 500 traded barely higher Wednesday as traders awaited the release of the minutes from the Federal Reserve’s July meeting. Wall Street was coming off a losing session that marked the latest leg down in an August slump.

The blue-chip remained in positive territory 77.1 points to break for lunch Wednesday at 35,023.49.

The much-broader index edged past breakeven 0.44 points to 4,438.30.

The NASDAQ index settled 40.35 points to 13,590.70.

Energy shares rebounded Wednesday after declining more than 2% Wednesday. Marathon Oil, Phillips 66 and APA led the sector gains.

Meanwhile, the backend of the corporate earnings season rolled on. Target shares popped close to 4.8% even after the retailer cut its full-year outlook. Insurance company Progressive jumped 9%, also on the back of its earnings report.

The Fed is slated to post the minutes from its July meeting at 2 p.m. ET. Back then, the central bank raised rates to their highest levels in more than 22 years.

Prices for the 10-year Treasury staggered, raising yields to 4.23% from Tuesday’s 4.22%. Treasury prices and yields move in opposite directions.

Oil prices slipped two cents to $80.97 U.S. a barrel.

Gold prices slipped $1.50 to $1,933.70 U.S. an ounce.

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