US stocks subdued after Fed’s Powell offers no rate clues

Wall Street stocks retreated from records early Thursday as after Federal Reserve Chair Jerome Powell offered no fresh policy signals, leaving investors to rely on older data to shape sentiment and markets digested solid earnings from Delta and PepsiCo amid a dearth of economic data due to the government shutdown.

US stocks have risen since the government shutdown started on October 1. The closure has delayed key releases on inflation and the employment market.

“Even the most bullish markets take a break sometimes,” said Steve Sosnick of Interactive Brokers.

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 46,481.01.

The broad-based S&P 500 dipped 0.2 percent to 6,741.66, while the tech-rich Nasdaq Composite Index dropped 0.3 percent to 22,985.65.

Both the S&P 500 and Nasdaq ended at records on Wednesday.”There’s not a lot of fresh news this morning, not any real catalysts,” Sosnick said. “We’re not getting economic reports and in some ways the rhythm of the market in that respect has been thrown off a little bit.”Among individual companies, Delta Air Lines jumped 6.2 percent after reporting higher earnings and offering a robust demand outlook. Executives said there has been no significant effect on travel from the shutdown.

PepsiCo climbed 1.3 percent after reporting better than expected results. The company pointed to “improved momentum” in North American beverages.