US stocks were little changed at the open on Wednesday after the S&P 500 wrapped up another all-time high, as investors shrugged off sticky inflation data to focus on fresh economic updates ahead.
The S&P 500 and Dow Jones Industrial Average were narrowly higher at the open on the heels of Tuesday’s sharp across-the-board gains. The Nasdaq Composite was off about 0.2%.
Stocks rallied on Tuesday amid continued optimism that the Federal Reserve will start to cut interest rates within months despite February’s hotter-than-estimated reading on core consumer inflation.
That alone could prompt policymakers to stay cautious about easing up on borrowing costs when the Fed holds its monthly policy meeting next week. But with the US economy outstripping Wall Street’s forecasts, investors are keeping their hopes warm until they get wholesale inflation and retail sales data on Thursday.
On the crypto front, bitcoin was changing hands at around $72,571, continuing a rally that saw the token top $73,000 earlier before paring gains.
In corporates, DollarTree’s shares sank about 14% after the company swung to a quarterly loss. The discount retailer said it plans to close nearly 1,000 stores and will take a charge of over $1 billion.
Overall, the market remains cautiously optimistic as investors await further economic updates and data releases. Stay tuned for more updates as the day progresses.
