Stock Market Today: Dow Slips After Travelers’ Earnings Miss
Stocks opened higher Wednesday but didn’t stay there for long as anxiety over higher-for-longer interest rates weighed on sentiment. A selloff in several Magnificent 7 stocks didn’t help matters.
Hawkish commentary from Federal Reserve Chair Jerome Powell, who said that the federal funds rate could remain at a restrictive level if high inflation persists, sent stocks lower Tuesday. The Dow Jones Industrial Average eked out a win, though, thanks to post-earning strength from UnitedHealth Group (UNH) stock.