US open: Stocks mixed as Fed speakers eyed
US stocks were mixed on Thursday as investors awaited further hints on interest rate hikes from Federal Reserve speakers.
At 1452 BST, the Dow Jones Industrial Average fell 0.12% to 18,515.14 points, the S&P 500 dropped 0.07% to 2,184.93 points but the Nasdaq rose 0.03% to 5,277.63 points.
At the same time oil prices fell with West Texas Intermediate crude down 0.04% to $44.79 per barrel and Brent down 0.19% to $47.17 per barrel.
Traders are looking ahead to testimonies from Richmond Fed President Jeffrey Lacker and Kansas City Fed President Esther George at the House Financial Services Panel on ‘Governance, Monetary Policy and Economic Performance’ during the session.
San Francisco Federal Reserve President John Williams late on Tuesday said it “makes sense” to raise interest rates at a gradual pace, “preferably sooner rather than later”.
Meanwhile, Apple’s product announcement in San Francisco at 1800 BST will be closely monitored as many expect the tech giant to unveil an update on its next iPhone release.
Also of interest, the Fed’s Beige Book is due to be published at 1900 BST.
The Labor Department revealed the number of job openings rose by 228,000 to 5.9 million on the last business day of July. The number of separations, which includes people quitting and getting laid off, was little changed from June. The number of hires was also broadly unchanged.
Elsewhere, Chipotle Mexican Grill shares rose after Bill Ackman’s Pershing Square Capital Management said late on Tuesday that it has bought a 9.9% stake in the company.
On the downside, Advanced Micro Devices slid after it announced plans to raise more than $1bn in a stock and debt offering.