US stocks slipped on Wednesday morning as investors eagerly awaited Federal Reserve Chair Jerome Powell’s upcoming speech for hints on interest rates. The S&P 500 fell 0.1%, while the Dow Jones teetered around the flatline and the Nasdaq was down 0.4%.
Investors have recently scaled back their expectations for rate cuts due to strong economic data. Additionally, the Atlanta Fed president is projecting the first rate cut to occur in the fourth quarter.
Powell’s speech, along with appearances by other Fed officials, will be closely monitored for any policy clues. The market is anxiously awaiting any indications of future interest rate moves.
In other news, the results of a shareholder vote in the Disney vs. activist investor Nelson Peltz proxy battle are expected to be announced on Wednesday. This closely watched battle has captivated investors and analysts alike.
On the corporate front, Intel shares fell 5% after posting operating losses, while TSMC halted chipmaking operations following an earthquake in Taiwan. Concerns have been raised about the impact on suppliers to major companies like Apple and Nvidia. As a result, TSMC’s US-listed shares saw a slight dip.
Overall, the market remains cautiously optimistic as investors brace for Powell’s speech and navigate through the latest corporate developments and market fluctuations.
