US Stock Market: DJIA, S&P500 and Nasdaq turns green in early trade on Wednesday

Wall Street stocks remained stable in morning trading on
Wednesday, as the market waits for a highly anticipated speech about interest
rates scheduled for the end of the week.

The S&P 500 rose 10.25 points or 0.25% to 4,138.98 as
of 10:23 am Eastern time. The Doe Jones Industrial Average was up 37.98 points
or .012% at 32,947.57. The Nasdaq Composite was 46.89 points or 0.38% higher at
12,428.19.

It is the second straight day of moderate moves for the
market, following some sharp swings up and down during the previous weeks.

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Stocks witnessed gains through the summer amid hopes that
inflation was near its peak and the Federal Reserve may increase interest rates
by less aggressive margins than earlier. However, recent statements by Fed
officials have cooled such expectations, while discouraging reports on the
economy have raised concerns over the recession.

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Wall Street is focused on Friday, when Fed Chair Jerome
Powell is scheduled to deliver a speech at an annual economic symposium in
Jackson Hole, Wyoming. Investors are looking for more insights into the Fed’s
upcoming policies on rate hikes. Also scheduled for Friday is the latest report
on the Federal Reserve’s preferred method of measuring inflation.

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Treasury yields have been surging recently amid
expectations that the Fed will continue to lean toward raising rates
aggressively to control the highest inflation in decades. The two-year yield,
which tends to track expectations for the Fed, rose to 3.33% from 3.30% late Tuesday.

The 10-year yield, which helps to determine rates for
mortgages and various kinds of loans, rose to 3.08% from 3.05% after a report
showed that US orders for long-lasting goods were flat in July. However, after
excluding transportation growth was stronger than economists expected.

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Crude oil prices were relatively stable after rising
earlier in the week.

Financial reports helped drive the movement for some
stocks, as the last companies of the reporting season released their quarterly
earnings for the second quarter.

Nordstrom plunged 17.1% after it slashed its full-year
outlook, though it reported a stronger profit in the latest quarter than
expected. The company said it is struggling to keep up with its customers’
changing shopping patterns.

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Advance Auto Parts tumbled 9.4% after reported lower than
expected quarterly results. Inflation and higher fuel costs had a negative
effect on its do-it-yourself business during the quarter, the auto parts
retailer said.

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Intuit, the parent company of TurboTax, rose 6.6% after
reporting higher-than-expected profits and revenue for the quarter. The
financial software provider also issued an upbeat forecast that topped some
analysts’ expectations.