US stocks end flat as market searches for positive news

NEW YORK (AFP) – Wall Street stocks were near flat at the end of a choppy session on Wednesday (June 29) as the market struggled to recover from the prior session’s rout.

Worries about inflation, weakening consumer sentiment and tightening monetary policy have weighed on stocks throughout this year, including on Tuesday, when the S&P 500 tumbled 2 per cent.

The upcoming quarterly earnings season offers an opportunity for an investment catalyst to cheer investors, but could point stocks lower if it disappoints, said Mr Adam Sarhan of 50 Park Investment.

“The market is looking for some good news and not able to find anything that stands out,” Mr Sarhan said.

The Dow Jones Industrial Average finished up 0.3 per cent at 31,029.31.

The broad-based S&P 500 slipped 0.1 per cent to 3,818.83, while the tech-rich Nasdaq Composite Index edged down by less than 0.1 per cent to 11,177.89.

Among individual companies, General Mills rose 6.4 per cent after reporting that quarterly profits more than doubled to US$825.8 million (S$1.4 billion) on an eight percent rise in revenues.

Bed Bath & Beyond plunged 23.6 per cent after reporting quarterly loss following a 25 per cent drop in quarterly sales. The company announced that it was replacing Mark Tritton as chief executive with interim leader Sue Gove.