Stock Traders Hold Back on Big Bets Before Powell: Markets Wrap
- S&P 500’s swing capped within 1% for second consecutive day
- Such stretch of intraday calm occurred 3 other times in 2022
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Stock traders remained hesitant to make any huge wagers ahead of Jerome Powell’s speech on Friday, which may provide clues on how hawkish the Federal Reserve will be in the face of mounting economic challenges.
After wandering aimlessly earlier Wednesday, the S&P 500 notched a small gain. For a second day in a row, its swing was capped within 1%. Such a stretch of intraday calm occurred only three other times in 2022. Tesla Inc., which is getting ready to trade on a split-adjusted basis Aug. 25, pared most of its rally. Treasury 10-year yields remained above 3% on bets the Fed will continue to lean toward tighter policy.