The session results showed that the selective index Dow Jones Industrial Average fell by 0.25%, the tech-heavy Nasdaq increased by 0.31%, and the broad S&P500 remained unchanged (0.00%).
“Investors are catching their breath, given the strong movements we saw on Monday and Tuesday,” said Sam Stovall from CFRA.
Earlier in the week, the stock market was buoyed by relief concerning the Iran-Israel conflict, particularly with Tuesday’s ceasefire.
Meanwhile, stock operators are “reassessing” information from U.S. media indicating that U.S. attacks on Iran “may not have been as successful as reported,” added Stovall.
“Perhaps the American bombings did not destroy Iran’s nuclear program,” contrary to earlier announcements, which suggests that “a new chapter regarding Iran may not have begun,” stated Jack Ablin of Cresset Capital.
“Tariffs, conflict with Iran, and concerns over oil prices have calmed, and investors are now pondering more down-to-earth issues like earnings,” Stovall highlighted.
Investors are now awaiting the release of U.S. gross domestic product numbers for the first quarter.
Furthermore, statements from Federal Reserve Chairman Jerome Powell, who spoke today at the Senate Banking Committee, “added nothing to the overall picture,” Stovall noted, as he merely “repeated that the Fed continues to rely on economic data.”
