Wall Street’s latest winning month is heading toward a quiet finish, the Associated Press reports. The S&P 500 was 0.2% higher in morning trading, continuing its run of modest moves since hitting an all-time high last week. The Dow Jones Industrial Average was down 40 points, or 0.1%, and the Nasdaq composite was 0.5% higher — again near its record set in 2021.
The bond market was also calm, with yields easing, after a closely followed inflation report showed prices across the country rose pretty much as expected last month. The yield on the 10-year Treasury fell to 4.22% from 4.27% late Wednesday, and the two-year yield, which more closely tracks expectations for the Fed, dipped to 4.61% from 4.65%. It had been near 4.70% shortly before the morning’s release of the inflation data.
Salesforce.com became one of the latest companies to report better profit for the latest quarter than analysts expected on Wednesday evening.
Best Buy gained 4.5% after it reported better profit and revenue than expected, and Hormel Foods likewise reported stronger profit and revenue than expected. They helped offset a 4.8% drop for Bath & Body Works.
Even though it nearly doubled analysts’ fourth-quarter profit projections, the cloud-computing company Snowflake tumbled 19.6% after a surprise announcement that CEO Frank Slootman was retiring, effective immediately.
Chemours tumbled 38% after it put its chief executive and chief financial officers on administrative leave, while the audit committee of its board conducts a review.
