Stocks traded modestly lower on Wednesday following earnings from Lowe’s and Best Buy and ahead of day 2 of Fed Chairman Jerome Powell’s testimony before congress.
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On Tuesday, Powell addressed the Senate Banking Committee and said that the central bank would remain “patient” in deciding on further interest rate hikes and that rising risks and recent soft data should not prevent solid growth for the economy this year.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25928.3 | -129.68 | -0.50% |
| SP500 | S&P 500 | 2784.25 | -9.65 | -0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7512.3274 | -36.97 | -0.49% |
Campbell Soup reported better-than-expected adjusted earnings, helped by its acquisitions of Snyder’s-Lance and Pacific Foods. Excluding items, the company earned 77 cents a share, beating the average analyst estimate of 70 cents.
Best Buy gave an upbeat profit forecast for the year while reporting better-than-expected holiday-quarter sales, as it benefited from higher demand for wearable devices, gaming consoles and appliances.
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Home improvement chain Lowe’s beat Wall Street earnings forecasts, but reported disappointing sales growth as it predicted more weakness in Canada following the closure of dozens of unprofitable stores.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| CPB | CAMPBELL SOUP CO. | 34.74 | +1.83 | +5.55% |
| BBY | BEST BUY | 69.35 | +9.04 | +14.99% |
| LOW | LOWE’S COMPANIES INC. | 106.86 | +1.83 | +1.74% |
The second summit between North Korean leader Kim Jong Un and Donald Trump is underway as the two leaders shook hands in Hanoi on Wednesday. Investors will be looking for developments there.
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In Asian markets on Wednesday. China’s Shanghai composite added 0.4 percent, Hong Kong’s Hang Seng slipped less than 0.1 percent and Japan’s Nikkei added 0.5 percent.
In Europe, London’s FTSE fell 0.7 percent, Germany’s DAX was off 0.3 percent and France’s CAC was off 0.2 percent.
