U.S. Stocks Wobble as Investors Await Fed Minutes from June

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U.S. Stocks Wobble as Investors Await Fed Minutes from June
Credit: © Reuters.

By Liz Moyer

Investing.com -- U.S. stocks wobbled on Wednesday as investors awaited the minutes from the Federal Reserve’s latest policy meeting in June, which could reveal its thoughts for the trajectory of interest rates.

At 9:52 AM ET, the Dow Jones Industrial Average was flat after gaining in earlier trading. The S&P 500 was down 0.2% and the NASDAQ Composite was down 0.3%.

Investors are increasingly worried about a recession, sentiment that sent the oil market into a free-fall on Tuesday on worries about demand destruction. Jobs data this week – job openings later this morning and the full nonfarm jobs report for June on Friday – could be a barometer of economic health despite high prices.

Earnings reporting season starts later in July, and the outlook from corporate executives could also provide some insight on the direction of the economy. The Fed, which raised rates 0.75-percentage-point in June, is expected to make a similar move this month, though it is not guaranteed if the central bankers see evidence inflation is past its peak and is abating.

Shares of Uber Technologies, Inc. (NYSE: UBER ) fell 4.6% and DoorDash, Inc. (NYSE: DASH ) fell 9.8% after Amazon.com, Inc. (NASDAQ: AMZN ) announced a deal to offer Grubhub for free to its Prime members.

Oil continued to fall. Crude Oil WTI Futures lost 1.3%, to $98.14 a barrel while Brent Oil Futures crude lost 0.9% to $101.86. Gold Futures lost 0.3%, to $1.758.

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