Wall Street Wavers Wednesday
NEW YORK (AP) -- Stocks wavered between small gains and losses on Wall Street Wednesday, leaving prospects uncertain for the market to break a four-day losing streak.
The S&P 500 fell 0.1% as of 10:14 a.m. Eastern. The Dow Jones Industrial Average rose 26 points, or 0.1%, to 33,627 and the tech-heavy Nasdaq fell 0.5%.
Every major index is on track for weekly losses.
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Treasury yields fell significantly. The yield on the 10-year Treasury slipped to 3.44% from 3.53% late Tuesday.
Investors have been dealing with a relative lack of news ahead of updates on inflation and consumer sentiment later this week and the Federal Reserve's meeting next week.
China rolled back more of its strict COVID-19 rules that have hindered that nation's economy and added more uncertainty to global supply chains.
Markets in Asia closed lower overnight and European markets were mostly lower.
Investors rewarded several companies for solid earnings reports. Campbell Soup rose 3.6% after reporting strong results.
Inflation, the Fed's aggressive interest rate increases and recession worries remain the big concerns for Wall Street. Economic updates later this week could give investors more insight into inflation's path ahead and how the Fed will continue fighting high prices.
The U.S. will release data on weekly unemployment claims on Thursday. The jobs market has been a strong area of the otherwise slowing economy and that has made it more difficult for the Fed to tame inflation.
The government will release a report on wholesale prices Friday that will provide more details on how inflation is affecting businesses. The University of Michigan will release a December survey on consumer sentiment on Friday.
The reports do not typically move markets but are receiving elevated attention as they are some of the final data dumps before the Fed meets next week.
The central bank is expected to raise interest rates by a half-percentage point at its meeting next week. It has raised its benchmark rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the benchmark rate to reach a peak range of 5% to 5.25% by the middle of 2023.