NEW YORK — U.S. stock indexes ended mixed after drifting between small losses and gains. Trading was relatively subdued a day after strong reports on the economy stirred up worries that inflation and interest rates may remain higher than expected. The S&P 500 edged up 0.2% Wednesday. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite slipped 0.1%. In the bond market, the moves were also more modest following the charge higher for yields over the last month.
The increased calm returned to the market after reports on the economy Wednesday weren’t as strong as Tuesday’s. That can counterintuitively help Wall Street because it raises hopes that the Federal Reserve may keep cutting short-term interest rates. Wall Street loves lower rates, which can goose the economy and boost prices for investments.
“If the outlook evolves as I have described here, I will support continuing to cut our policy rate in 2025,” he said. “The pace of those cuts will depend on how much progress we make on inflation, while keeping the labor market from weakening.” That update will likely be the main event for Wall Street this week, particularly after the stock market’s closure on Thursday in observance of a National Day of Mourning for former President Jimmy Carter. The hope is that the jobs report will show enough strength to keep worries of a recession stifled but not so much that it prevents the Fed from cutting rates.
Such increases in rates make it more expensive for companies to borrow, and smaller companies can feel particular pain because of the need for many to borrow to grow. The Russell 2000 index of smaller stocks fell 0.4%.
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