Stocks Opened Mixed ahead of Fed Speech

U.S. stocks opened mixed on Wednesday, as investors awaited a key speech by Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average lately fell 23.91 points, or 0.08%, to 28,224.53. The S&P 500 rose 2.98 points, or 0.09%, to 3,446.60. The Nasdaq Composite gained 49.15 points, or 0.43%, to 11,515.62.

Oil futures pulled back Wednesday, as Hurricane Laura forced the shutdown of most Gulf of Mexico crude output. West Texas Intermediate crude for October delivery was down 18 cents, or 0.4%, at $43.17 a barrel. October Brent crude fell 7 cents, or 0.2%, to $46.22 a barrel.

Powell will deliver a video address to the annual gathering on Thursday at the Jackson Hole economic symposium, which could include the next steps for monetary policy. “Powell may well say the Fed will keep its policy as accommodative as possible until inflation and employment has strengthened,” AJ Bell investment director Russ Mould said.

Orders for durable goods lasting at least three years surged 11.2% in July largely because of strong consumer demand for new cars and trucks, but business spending outside the auto industry was softer and investment grew more slowly. Orders for new cars and trucks jumped 22% last month after a nearly 24% gain in June.