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US stocks falter; Spread, Nordstrom sinks in weak results ::




Shares turned mixed on Wall Street on Wednesday as the market continues a volatile trading period ahead of the Thanksgiving holiday in the United States

The S&P 500 was up less than 0.1% at 11:47 a.m. Eastern time. The Dow Jones Industrial Average lost 81 points, or 0.2%, to 35,731 and the Nasdaq was up 0.2%.

Tech stocks came out of an early decline and were mixed. This has helped stabilize the market at large. Computer maker HP rose 9.2% after posting strong financial results. Autodesk fell 16.6% after the design software company warned investors the pace of its recovery was affected by supply chain issues and inflation pressure.

A mix of retailers that depend on direct consumer spending has also become volatile. The Etsy online craft market grew 5.4%. The gap plunged 22.1% after the clothing chain said supply chain issues reduced profits and revenue in the third quarter. Department store operator Nordstrom plunged 28.8% after reporting weak third-quarter profits.

Energy stocks advanced as crude oil prices remained relatively stable and natural gas prices edged up. Chevron rose 1.1%.

Bond yields have fallen. The 10-year Treasury yield slipped to 1.64% from 1.67% on Tuesday night. This has taken a toll on banks, which rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase fell 1%.

Supply chain issues and the pressure of inflation have been major concerns for a wide range of industries. Many companies have warned that they are struggling to keep up with demand and face higher costs for raw materials. These higher costs are passed on to consumers, who pay more for everything from food and other basic items to a wide range of retail items.

You have an environment where the persistence of supply chain issues is starting to take a toll on people, said Eric Freedman, chief investment officer at US Bank Wealth Management.

Consumers have so far absorbed the higher costs, but analysts are watching closely to see if there will be a possible decline in spending, especially with the start of the key holiday shopping season.

The latest update on consumer spending shows a rebound in October with an increase of 1.3%, according to the Commerce Department. This is a little more than double the gain in September.

It has been an otherwise uneventful and short week for investors. Markets will be closed Thursday for the Thanksgiving holiday and close early Friday.

Investors received several optimistic economic updates on Wednesday.

The Commerce Department reported that the US economy slowed to a modest 2.1% annual growth rate in the October-December quarter, slightly better than its first estimate. But economists are predicting a strong rebound in the current quarter as long as rising inflation and a recent spike in COVID cases don’t derail activity.

The Labor Department reported that the number of Americans claiming unemployment benefits fell last week to the lowest level in more than half a century, another sign that the U.S. labor market is rebounding rapidly from the last year’s coronavirus recession.

The Federal Reserve will issue a report later today from its October policy meeting, potentially giving investors more details on central banks’ plan to start cutting bond purchases that have helped keep rates down. ‘low interest.




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