Stocks mixed as bond yields steady

Dollar Tree says it will test price points above $1

U.S. stock indexes finished mixed Wednesday as jitters in the U.S. Treasury market eased. 

The Dow Jones Industrial Average rose 90 points, or 0.27%, while the S&P 500 index advanced 0.16% and the Nasdaq Composite index slipped 0.24%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35741.15 +64.13 +0.18%
SP500 S&P 500 4566.48 +21.58 +0.47%
I:COMP NASDAQ COMPOSITE INDEX 15226.706157 +136.51 +0.90%

The mixed session comes a day after the major averages suffered their steepest one-day percentage declines in months as Federal Reserve Chairman Jerome Powell testified that inflation was larger and longer than anticipated.

The inflation concerns on Tuesday sent the 10-year yield to 1.54%, its highest level since June, where it also finished on Wednesday. 

In stocks, mega-cap technology and other growth names were mixed as yields held steady.   

Ticker Security Last Change Change %
AAPL APPLE, INC. 148.64 -0.05 -0.03%
AMZN AMAZON.COM, INC. 3,320.37 -15.18 -0.46%
GOOGL ALPHABET, INC. 2,748.94 -2.39 -0.09%

Elsewhere, Boeing Co.’s 737 Max test flight for a return to service in China went off without any problems, said a company president. The planemaker hopes the jet will return to service in the country later this year. 

Ticker Security Last Change Change %
BA THE BOEING CO. 212.87 -0.10 -0.05%

Electric-vehicle maker Lucid Group Inc. is on track to meet its production targets for 2022 and 2023, CEO Peter Rawlinson told Reuters. 

Ticker Security Last Change Change %
LCID LUCID GROUP, INC. 26.85 +2.74 +11.36%

Micron Technology Inc. gave current-quarter revenue guidance that was below Wall Street estimates and warned shipments of its memory chips would slow because its customers were having trouble obtaining other PC parts. Intel fell in sympathy. 

Ticker Security Last Change Change %
MU MICRON TECHNOLOGY, INC. 68.76 +1.25 +1.85%
INTC INTEL CORP. 49.41 -0.05 -0.10%

Sherwin Williams Co. said revenue for the current quarter and the remainder of the year would be flat to lower because of raw material shortages. The company also lowered its profit outlook due to the impact inflation will have on margins. 

Ticker Security Last Change Change %
SCH n.a. n.a. n.a. n.a.

Dollar Tree Inc. announced plans to add price points above $1 in Dollar Tree Plus stores and would begin testing the strategy in some legacy stores. This after boosting its stock buyback plan which now totals $2.5 billion. 

Ticker Security Last Change Change %
DLTR DOLLAR TREE, INC. 105.02 +1.87 +1.81%

In commodities, West Texas Intermediate crude oil fell 46 cents to $74.83 a barrel and gold tumbled $49.30 to $1,721.50 an ounce. 

Overseas markets were mixed. 

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European bourses were broadly higher with France’s CAC 40 rising 0.83%, Germany’s DAX 30 increasing 0.77% and Britain’s FTSE 100 climbing 1.14%. 

In Asia, Hong Kong’s Hang Seng index jumped 0.67% while China’s Shanghai Composite and Japan’s Nikkei 225 declined 1.83% and 2.12%, respectively.