Dow is flat in volatile trading as traders weigh Fed update, Microsoft's earnings
U.S. stocks fell in volatile trading Wednesday after Federal Reserve Chairman Jerome Powell suggested the central bank has plenty of room to raise interest rates before it would harm the economy.
Stocks came off their highs and Treasury yields jumped to their highs after Powell said at a press conference there was "quite a bit of room" to raise rates before it would hurt the labor market.
Shares of banks, which typically benefit from higher interest rates, got a lift from the Fed update and supported the market. Morgan Stanley and JPMorgan both rose around 2%. Technology shares gained following Microsoft's earnings report. Apple, Amazon, Netflix and Nvidia all traded higher. Tesla shares added 5.7%, with the electric vehicle marker slated to report earnings after the bell.for the first time since 2019, but it took a $3.5 billion pre-tax charge on its 787 Dreamliner program.The Dow ended Tuesday lower, but was down as much as 818.98 points on the session and briefly traded up by as much as 226.54 points.
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