Stock market news today: Stocks tread water after week long rally

Stock edged higher on Wednesday after Wall Street’s red-hot run of gains, as investors digested a fresh batch of corporate earnings amid a quiet week on the economic calendar.

The S&P 500 (^GSPC) rose 0.2%, after closing higher for the seventh straight day in the benchmark index’s longest win streak since 2021. The Dow Jones Industrial Average (^DJI) and Nasdaq Composite also rose about 0.2% (^IXIC)

Words of caution from several hawkish members of the Fed have put a check on optimism that interest rates have peaked, sapping momentum from the rally in stocks. But 90% of traders are sticking with their bet there won’t be a hike this year, and 25% expect a rate cut in March, according to the CME FedWatch tool.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

Oil prices — a key input into inflation levels — slipped on Wednesday, after sinking to their lowest levels in three months the previous day as concerns grew about demand from China and the US. West Texas Intermediate crude futures (CL=F) and Brent crude futures (BZ=F) were both almost 1% lower, dropping to $76.82 and $81.12 a barrel, respectively.

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Stocks edge higher at the open

After a speech from Federal Reserve chair Jerome Powell said little about the path forward for monetary policy, stocks drifted higher at the open.

The S&P 500 (^GSPC) rose 0.2%, after closing higher for the seventh straight day in the benchmark index’s longest win streak since 2021. The Dow Jones Industrial Average (^DJI) and Nasdaq Composite also rose about 0.2% (^IXIC)
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Stocks in holding pattern with Powell comments ahead

US futures were broadly unchanged on Wednesday as investors waited for commentary by Federal Reserve Chair Jerome Powell for insight into the path of interest rates.

Futures on the Dow Jones Industrial Average (^DJI) were up 0.06%, or 20 points, while S&P 500 (^GSPC) futures added 0.02%. Contracts on the tech-heavy Nasdaq 100 (^NDX) fell 0.06%.