Wall Street Ends Mixed as Coca-Cola Gains and Tesla Drops
Wall Street's main indexes ended mixed on Tuesday as gains in Coca-Cola and Apple offset losses in Tesla, while investors parsed Federal Reserve Chair Jerome Powell's latest comments.
The U.S. central bank is no rush to cut its short-term interest rate again given the economy is "strong overall", with low unemployment and inflation still above the Fed's 2% target, Powell said in opening remarks at a Senate Banking Committee hearing.
Investors were also on the lookout for any new tariff comments from U.S. President Donald Trump, a day after he substantially raised levies on imports of steel and aluminum and said there would be announcements over the next two days about reciprocal tariffs on all countries that impose duties on U.S. goods.
Coca-Cola, advanced after the beverage maker beat fourth-quarter revenue estimates, helped by higher prices and resilient demand for its sodas and juices.
Tesla, fell a day after Reuters and others reported a consortium led by CEO Elon Musk offered $97 billion to buy the nonprofit that controls artificial intelligence startup OpenAI.
Powell's Senate testimony is the first of two days of hearings on Capitol Hill. He is set to speak to the House Financial Services Committee on Wednesday.
Traders expect at least one 25-basis-point rate cut from the Fed this year, and a 44% chance of another reduction of the same magnitude, according to LSEG data.
January consumer price index data is scheduled to be released at 8:30 a.m. ET (1330 GMT) on Wednesday, before Powell's appearance.
The S&P 500 (.SPX), gained 2.15 points, or 0.04%, to end at 6,068.59 points, while the Nasdaq Composite (.IXIC), lost 70.41 points, or 0.36%, to 19,643.86. The Dow Jones Industrial Average (.DJI), rose 123.40 points, or 0.28%, to 44,599.89.
Source : Reuters
