US markets end mixed after Fed chief's comments
Wall Street stocks finished mixed on Wednesday following a choppy session as the Federal Reserve chief hinted that more interest rates are likely. Appearing at a central bank conference in Portugal, Fed Chair Jerome Powell suggested the central bank could still enact consecutive interest rate hikes at upcoming meetings. "We believe there's more restriction coming," Powell said. The Dow Jones Industrial Average finished down 0.2 percent at 33,852. The S&P 500 slipped less than 0.1 percent to 4,376, while the Nasdaq Composite advanced 0.3 percent to 13,591. Major US indices added more than one percent on Tuesday following surprisingly buoyant US economic data, including a solid reading of consumer confidence. But Wednesday's session had fewer economic headlines, besides Powell's comments. Briefing.com said the indecisive movements of stocks reflected "lingering sense the market is still due for some consolidation." Shares of semiconductor firm Nvidia dropped 1.8 percent following a Wall Street Journal article that said President Joe Biden's administration was weighing export restrictions on chips used for cutting-edge artificial intelligence. Consumer foods manufacturer General Mills shed 5.2 percent as it reported weaker-than-expected quarterly sales. Analysts said the results suggested greater consumer pushback after a series of price hikes. Among other stocks, Netflix rose 3.1 percent while Home Depot fell 2.3 percent. (AFP)