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U.S. Stocks Wobble as Investors Await Fed Minutes from June

Published 07/06/2022, 09:51 AM
Updated 07/06/2022, 09:55 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks wobbled on Wednesday as investors awaited the minutes from the Federal Reserve’s latest policy meeting in June, which could reveal its thoughts for the trajectory of interest rates.

At 10:25 AM ET, the Dow Jones Industrial Average was flat after gaining in earlier trading. The S&P 500 was also flat and the NASDAQ Composite was down 0.1%.

Investors are increasingly worried about a recession, sentiment that sent the oil market into a free-fall on Tuesday on worries about demand destruction. Jobs data this week – job openings later this morning and the full nonfarm jobs report for June on Friday – could be a barometer of economic health despite high prices.

Earnings reporting season starts later in July, and the outlook from corporate executives could also provide some insight on the direction of the economy. The Fed, which raised rates 0.75-percentage-point in June, is expected to make a similar move this month, though it is not guaranteed if the central bankers see evidence inflation is past its peak and is abating.

Shares of Uber Technologies, Inc. (NYSE:UBER) fell 4.6% and DoorDash, Inc. (NYSE:DASH) fell 9.8% after Amazon.com, Inc. (NASDAQ:AMZN) announced a deal to offer Grubhub for free to its Prime members.

Shares of electric vehicle maker Rivian Automotive, Inc. (NASDAQ:RIVN) jumped 10% after it affirmed 2022 production guidance of 25,000 vehicles.

Energy stocks continued their fall as the commodity market continued its slide. Exxon Mobil Corp. (NYSE:XOM) shares fell 2.6%, Chevron Corp. (NYSE:CVX) fell 2.4%. Marathon Oil Corporation (NYSE:MRO) fell 3%.

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Oil continued to fall. Crude Oil WTI Futures lost 3%, to $96.41 a barrel while Brent Oil Futures crude lost 2.8% to $99.89. Gold Futures lost 0.5%, to $1,754.

Latest comments

Maybe the US markets are waiting for the minutes release to start big rallies, giving the Fed some face-saving power or something.
Europe markets jump higher big thanks to oil and gas prices falling like rocks. US markets are still waiting the irrelevant Fed's minutes. Congress should force Fed to release the minutes immediately after each meeting. There is no justifiable reason to delay the release in modern days. Fed is basically outdated and should be replaced by a computer program mandated by Congress for the people , by the people, of the people.
Amen. A very simple algorithm would so the trick!
Written by...
Even though awaring everything of FED, pretend as nothing in hands to say.
They say one reason for Biden still weighing China tariff options is unions requesting to keep the tariffs. The US should be the US, the fundamental base for free markets.
Biden is past his prime. I don't expect him to tackle this situation effectively at all. He may go down as one of the worst Presidents in history -- at least among the top ten. What is he doing about the Ukrainian war?He is just fanning the fires.
Biden is past his prime. I don't expect him to tackle this situation effectively at all. He may go down as one of the worst Presidents in history -- at least among the top ten. What is he doing about the Ukrainian war?He is just fanning the fires.
  Biden is not the one sending in troops to commit war crimes nor praising Putin.
too fast too dangerous
Does anyone else have the feeling that someone is trying to drive down oil prices ahead of the Fed's meeting in order to make it politically infeasible for them to increase rates?
The key reason for massive falling of oil prices might be some peace deal in Ukraina war imminent.
If the minutes were dovish, thanks. Otherwise, it is irrelevant because massive falling of oil prices was not considered in the minutes.
As oil prices keep falling like rocks, there is no sound basis for Fed to raise interest rate. If they do, it should be interpreted as political. Powell looked guilty of something.
The decision will be more political, and hence the rate hike
The miracles continue to flow in the laughingstock of the financial world.  The fraud and criminal manipulation is taken up another notch, as the FED flat out refuses to let things correct.
why everyday is so negative ? can the world keep spinning
as long as the Trump Tariff Taxes are in play yes!
why everyday is so negative ? can the world keep spinning 😳
US market are driverless with no direction
Fed's June minutes might be etremely dovish.
Fed's independence seems false. Fed might be most political, disguised.
US market is still waiting at Biden's Hamlet moment on cutting china tariffs
They created the recession panic themselves and now they will become hero by coming up with some made up good views
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