Stocks edged lower following the release of the minutes from the Federal Reserve’s most recent meeting.
The Dow dropped 0.2%, or 73 points, and the S&P 500 also fell 0.2%. The Nasdaq Composite held onto its gains, and remains up 0.2%.
Even though the minutes showed that there is no consensus on the exact timing for the tapering of the Fed’s asset purchases as of yet, the central bank will likely go down that road sooner rather than later.
“In the short run, the market is going to remain focused on growth and Delta variant concerns,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
“All eyes are turning to the Jackson Hole Symposium next week but this too may turn out to be anti-climactic,” said Michael Reinking, senior market strategist at the New York Stock Exchange, referring to the upcoming central bank symposium in Wyoming. “I don’t think Chair Powell will want to box himself in ahead of the [Fed’s] September meeting, especially in light of some of the recent disappointing economic data.”