Dow pares gains as Fed notes inflation woes, minutes show

Billionaire supermarket owner warns inflation will ‘continue to go up’

John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, warns food prices will continue to rise as manufacturers have been raising prices. 

U.S. stocks traded down as investors continue to rotate out of tech and as they digested the latest minutes from the Federal Reserve's December meeting which signaled inflation had broadened. 

The Dow Jones Industrial Average, which hit a record earlier, turned lower following the minutes while the S&P 500 and Nasdaq Composite dropped 0.82% and 1.9%, respectively. 

HIRING PICKS UP WITH 807,000 JOBS CREATED: ADP

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES36714.6-85.05-0.23%
SP500S&P 5004754.09-39.45-0.82%
I:COMPNASDAQ COMPOSITE INDEX15319.238632-303.48-1.94%

Even with the dip, the Dow is still nearing the 37,000 level. 

Tech was divided among the 30 members with Intel rising over 2%, while Salesforce dipped 7% after UBS cut the stock to a hold.

TickerSecurityLastChangeChange %
INTCINTEL CORP.54.52+1.39+2.61%
CRMSALESFORCE.COM INC.230.74-17.57-7.07%

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Traders are watching the first of this week's labor-related reports ahead of Friday's December jobs report.

The payroll processing firm ADP reported the creation of 807,000 private-sector jobs, more than double the 400,000 estimate. Also, the final Markit services PMI for December came in at a reading of 57.

The 2024 Chevrolet Silverado EV RST is shown in Detroit, Wednesday, Jan. 5, 2022. (AP Photo/Paul Sancya) ((AP Photo/Paul Sancya / AP Newsroom)

Automakers remain in focus after General Motors CEO Mary Barra unveiled the electric Chevy Silverado at the Consumer Electronics Show.  

TickerSecurityLastChangeChange %
GMGENERAL MOTORS CO.63.92-1.82-2.76%
FFORD MOTOR CO.24.29-0.03-0.10%
TSLATESLA INC.1,122.48-27.11-2.36%

GM and Ford are both racing to lead the EV transformation among traditional automakers. On Tuesday, Ford announced it will double the production of its electric F-150 truck. Tesla shares slipped. 

Additionally, Amazon and Stellantis announced a deal to team up in developing auto software. 

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.3,308.36-42.08-1.26%
STLASTELLANTIS NV20.61+0.33+1.60%

In health, the CDC is reviewing Pfizer's COVID-19 vaccine booster for ages 12-15. 

TickerSecurityLastChangeChange %
PFEPFIZER INC.56.31+1.77+3.25%
BNTXBIONTECH SE215.74-8.35-3.73%

Walmart is stepping up its home delivery push with plans to expand to 30 million homes this year. It also plans to hire 3,000 drivers. The move takes aim at retail giant Amazon. 

TickerSecurityLastChangeChange %
WMTWALMART INC.144.46+2.51+1.77%

and Beyond Meat and Yum! Brands KFC are teaming up to offer ‘Beyond Fried Chicken’ which will roll out nationwide on January 10. 

TickerSecurityLastChangeChange %
YUMYUM! BRANDS INC.137.09-0.22-0.16%
BYNDBEYOND MEAT INC.60.07-1.55-2.52%

THE BEST CITIES TO FIND A JOB IN 2022: REPORT

In commodities, oil inched higher by 1% nearing $78 per barrel, while gold gained 0.7% to $1,827 an ounce. 

TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.55.95+0.35+0.64%
GLDSPDR GOLD SHARES TRUST – EUR ACC169.93+0.36+0.21%

Asian benchmarks mostly slipped Wednesday as technology shares in the region echoed a similar drop in the sector on Wall Street.

Japan's benchmark Nikkei 225 inched up 0.1%, Hong Kong’s Hang Seng shed 1.6% and China's Shanghai Composite lost 1.0%.

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FOX Business' Ken Martin and The Associated Press contributed to this report.

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