The Dow Jones Industrial Average and S&P 500 both rose slightly on Wednesday, but the tech-heavy Nasdaq slipped lower as the technology sector was weighed down by the high 10-year Treasury yield.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Powell sees inflation holding up longer than previously thought:
Federal Reserve Chair Jerome Powell said during a panel discussion hosted by the European Central Bank on Wednesday that he is "frustrated" that getting Americans vaccinated and stopping the spread of the Delta variant "remains the most important economic policy" that the U.S. has.
"It's also frustrating to see the bottlenecks and supply chain problems not getting better - in fact at the margins apparently getting a little bit worse," he added. "We see that continuing into next year probably, and holding up inflation longer than we had thought."
Target to start holiday season with "Deal Days":
Target
The retailer also announced its new "Holiday Price Match Guarantee", which will run from Oct. 10 through Dec. 24. Under this new program, shoppers will be able to request a price adjustment on any item purchased at Target is the company lowers the price later in the season. Target will also continue to match select competitors' prices within 14 days of a customer's purchase, as it has done in the past.
"As we approach the holiday season, guest are excited to shop early, and our team is ready to help them prepare so they can celebrate what matters most--time with family and friends," said Christina Hennington, executive vice president at Target, in a press release.
Pending home sales jumped in August:
U.S. home contract signings increased by a far more-than-expected rate in August, rising for the first time in three months as inventory levels improved, which partially offset elevated prices.
Pending home sales rose 8.1% in August month-over-month, according to the National Association of Realtors (NAR) latest report published Wednesday, exceeding consensus economists estimates for a 1.4% monthly rise. In July, pending home sales declined by 2.0%.
"Rising inventory and moderating price conditions are bringing buyers back to the market," said Lawrence Yun, NAR's chief economist, in a press statement. "Affordability, however, remains challenging as home price gains are roughly three times wage growth."
Here's how market benchmarks started trading soon after opening bell:
S&P 500 Index: +0.22% or +9.78 points to 4,362.41
Dow Jones Industrial Average: +0.17% or +60.09 points to 34,360.08
Nasdaq Composite Index: +0.47% or +68.20 points to 14,614.88
