(Reuters) – The New York Stock Exchange opened mixed on Wednesday, buoyed by technology and artificial intelligence stocks as investors awaited Federal Reserve Chairman Jerome Powell’s speech to the House of Representatives.
In early trading, the Dow Jones index lost 9.71 points, or 0.02%, to 39,282.26 points, while the broader Standard & Poor’s 500 gained 0.25% to 5,590.80 points.
The Nasdaq Composite gained 0.45%, or 83.18 points, to 18,512.47 points and is at a historic level.
Investors are particularly awaiting a new speech from Fed Chairman Jerome Powell, who is due to address the House Financial Services Committee on Wednesday starting at 14:00 GMT.
On Tuesday, markets welcomed the statement by the head of the US central bank that the world’s largest economy was no longer overheating, which revived hopes of an interest rate cut in September, even though he did not give a specific timetable for such a decision.
“We believe Powell is content to keep markets relatively calm at this stage as some data starts to point in the right direction, we read a still modest ‘dovish’ bias into Powell’s testimony as he continued to emphasize the risks of an excessive weakening in activity and employment,” ING analysts wrote in a note.
Comments from Fed officials Austan Goolsbee, Michelle Bowman and Lisa Cook are also expected later in the day.
Attention is also focused on U.S. inflation data, due on Thursday, as well as the producer price index, which will be released on Friday.
In terms of values, Nvidia is up another 1.2% after reaching a nearly three-week high in the previous session.
US tech giants such as Meta, Apple and Alphabet are all in the green, helped by falling Treasury yields.
Visa and Mastercard fell between 1% and 2% after BofA Global Research lowered its recommendation on both groups to “neutral” from “buy.”
Illumina is up 3.6% after the maker of genetic sequencing equipment announced late Tuesday that it is acquiring Fluent BioSciences for an undisclosed price.
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(Written by Diana Mandiá, edited by Kate Entringer)
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