WALL Street stocks finished a choppy session little changed on Wednesday (Apr 3) following mixed economic data while Disney retreated after winning a high-profile proxy fight.
Data from payroll firm ADP showed stronger than expected hiring in March, while a survey of the services sector showed slowing growth.
Federal Reserve chair Jerome Powell cautioned that lowering interest rates too soon could be disruptive, even as he kept the door open for cuts later in the year.
Tom Cahill of Ventura Wealth Management said he was encouraged that the services report showed a retreat in prices in March, a better inflation picture than some recent data points.
The Dow Jones Industrial Average finished down 0.1 per cent at 39,127.14.
The broad-based S&P 500 added 0.1 per cent at 5,211.49, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 16,277.46.
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US stocks have been under pressure so far this week after a buoyant first quarter in a move that analysts have called unsurprising in an “overbought” market.
Among individual companies, Disney fell 3.1 per cent after the entertainment giant turned back a challenge from activist investor Nelson Peltz, electing the 12-member slate of company-backed candidates.
Intel sank 8.2 per cent as it signalled that heavy capital investments are likely to pinch profitability, with losses in its Intel Foundry programme peaking in 2024.
Ulta Beauty fell 15.3 per cent after signalling weak sales in the first quarter, weighing on other cosmetics companies. Estee Lauder dropped 4.2 per cent and Procter & Gamble dropped 2.8 per cent.
Ford jumped 3.0 per cent after reporting better-than-expected first-quarter US auto sales. AFP
