Wall Street ends flat as Investors assess US Rates outlook

US stocks ended little changed on Wednesday, though the Nasdaq eked out another record high close, as investors assessed the outlook for US interest rates. A disappointing forecast from Sprouts Farmers Market weighed on grocers. Sprouts shares were down 13.7 percent at USD 19.68, while Whole Foods shares fell 5.3 percent to USD 29.08 and Kroger shares dropped 4.1 percent to USD 31.32. 

 

Investors have been weighing the likelihood of a rate hike this month from the Federal Reserve, with recent economic data including last Friday's weaker-than-expected jobs report suggesting the US central bank could hold off for now. 

 

The Fed said on Wednesday afternoon in its Beige Book report of anecdotal information that the US economy expanded at a modest pace in July and August, but there was little sign that wage pressures are being felt beyond highly skilled jobs. "Follow-through from last week's OK-but-not-tremendous employment number is sending the lower-for-longer interest rate message out there to people coming back from vacation," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. European Central Bank policymakers meet on Thursday, when they are expected to keep policy unchanged.

 

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