Stocks ended Wednesday's session mixed, with the S&P 500 closing near the flatline, as Federal Reserve Chairman Jerome Powell said more economic improvement is needed for the Fed to start tightening its loose monetary policy.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
FOMC maintains low interest rates in July's meeting:
The Federal Reserve on Wednesday maintained its loose monetary policy for July and held its benchmark interest rates near zero as the central bank continues to see economic progress despite the ongoing pandemic.
The Federal Open Market Committee (FOMC) concluded its two-day meeting by reiterating that the economy continues to "strengthen" and make "progress" towards the central bank's goals on employment and inflation, according to FOMC's post meeting statement.
"The sectors most adversely affected by the pandemic have shown improvement but have not fully recovered," the statement said. "Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses."
Google delays office return to October:
Google
In a message to employees, Pichai said the company will require employees returning to offices to be vaccinated, beginning with United States locations in the coming weeks.
"We are excited that we've started to re-open our campuses and encourage Googlers who feel safe coming to sites that have already opened to continue doing so," Pichai wrote. "At the same time, we recognize that many Googlers are seeking spikes in their communities caused by the Delta variant and are concerned about returning to the office."
This is Google's second delay in office returns for its workforce since the start of the pandemic. In December, Google delayed office returns to Sept. 1, after which works will be required to work in person for at least three days per week.
Here's how the market started trading soon after open:
S&P 500 Index: +0.14% or +6.01 points to 4,407.47
Dow Jones Industrial Average: +0.01% or +4.56% points to 35,063.08
Nasdaq Composite Index: +0.39% or +53.54 points to 14,717.76
Mortgage applications jumped last week as interest rates fell:
Weekly mortgage application volume increased by 5.7% last week following a 4.0% drop during the prior period, according to the Mortgage Bankers Association's (MBA) weekly report.
Under the headline index, refinances rose by 9% week-over-week, but were down 10% compared to last year. Purchases dropped 2% compared to the previous week on a seasonally adjusted basis. On an unadjusted basis, purchases fell 18% week-over-week.
"The 10-year Treasury yield fell last week, as investors grew concerned about increasing COVID-19 case counts and the downside risks to the current economic recovery," said Joel Kan, vice president of economic and industry forecasting at MBA, in a press statement. "Refinance applications jumped, as the 30-year fixed mortgage rate declined to its lowest level since February 2021, and the 15-year rate fell to another record low dating back to 1990."
