S&P 500, Nasdaq close slightly up after soft services sector data; Fed comments

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The S&P 500 and Nasdaq ended slightly up on Wednesday after data showing the U.S. services industry growth slowed further in March, while comments by Federal Reserve Chair Jerome Powell that focused on the need for more debate and data before interest rates are cut limited the advance. Most of the major S&P 500 sectors advanced, led by materials and energy. Powell reaffirmed in a speech on Wednesday that the Fed will stick to its wait-and-see approach as it considers when to start cutting rates given the continued strength of the U.S. economy and recent higher-than-expected inflation data. Earlier on Wednesday, data from the Institute for Supply Management showed that non-manufacturing PMI declined for the second straight month to 51.4 in March, down from 52.6 in February, and weaker than analysts had expected, according to a Reuters poll. According to preliminary data, the S&P 500 gained 7.31 points, or 0.14%, to end at 5,213.12 points, while the Nasdaq Composite gained 37.27 points, or 0.23%, to 16,277.46. The Dow Jones Industrial Average fell 34.39 points, or 0.09%, to 39,135.85.

#S&p500 #Nasdaq #UsServicesIndustry #FederalReserve

https://finance.yahoo.com/news/futures-ease-investors-seek-clues-102557969.html