U.S. equities finished mixed Wednesday as investors digested central bank news and trade uncertainty. The Dow gained 92 points, to hit a fresh all-time high, while the S&P 500 ticked up 0.1% to also reach a new record level. The Nasdaq Composite lost less than 0.1%.
In central bank news, Fed Chair Jerome Powell reiterated that the current state of monetary policy is likely to remain unchanged, contingent on the economy’s ability to sustain growth. However, investor sentiment was dented by reports that U.S.-China trade talks hit a roadblock over agricultural purchases, intellectual property, and tariff roll backs.
Treasuries advanced, with the yield on the 10-year note losing three basis points to 1.88%. On the data front, consumer prices rose 0.4% last month, jumping the highest level in seven months. Core CPI (excluding food and energy) gained 2.3% year-over-year in October, slowing slightly from the previous 2.4% pace. In commodities, WTI crude rose 0.8% to $57.25/barrel, while COMEX gold gained 0.8% to $1,464.50/ounce despite the U.S. dollar climbing to the highest point in a month.
Six of 11 S&P 500 sectors ended the session in positive territory with Utilities and Real Estate outperforming. Shares of Walt Disney Co. jumped to record levels, gaining 7.5% after its new streaming service Disney+ topped 10 million subscribers. In earnings, Skyworks Solutions lost 0.4% despite the chipmaker exceeding Wall Street earnings and revenue expectations. Energizer Holdings rallied more than 14% following its top and bottom line beat. Canada Goose slipped more than 10% after releasing warnings of lower wholesale revenues.