• Dow Jones index dips into losses following positive market opening.
• Investors’ concerns about the Fed’s “higher for longer” stance are weighing on risk appetite.
• Technical picture remains bearish with DJIA retreating from historic highs reached in March.

The Dow Jones Industrial Average (DJIA) is posting losses after a positive opening on Wednesday. Investors’ concerns about the hawkish comments by Federal Reserve (Fed) Chair Jerome Powell on Tuesday and a string of downbeat quarterly earrings have soured market sentiment.

Powell observed the lack of progress on inflation on Tuesday and resumed the “higher for longer” monetary policy outlook, which is acting to dampen investors’ appetite for risk.

Beyond that, quarterly earnings data disappointed on Wednesday with Travelers Companies (TRV) reporting profits below estimates, while US Bancorp’s (USB) net interest income fell by 14% in Q1.

The main Wall Street indices are in the red.  The NASDAQ is leading losses with a 0.63% decline to 15,769, followed by the S&P 500, down 0.44% to 5,028, and the Dow Jones, off 0.3% to 37,693.

Dow Jones news

The Technology sector is the worst performer on Wednesday, dropping 1.1%,  weighed down by the outlook of high rates for a longer time. Industrials are following on Wednesday with a 0.75% decline.  On the positive side, Utilities are up 0.8%, while Materials appreciate 0.2%.

Travelers Companies  (TRV) plunges 8.2% to $204.99 following downbeat quarterly earnings. Intel (INTC)l is next with a 1.9% drop to $35.57. United Health is the best performer, with a 2.7% rally to $481.53, followed by Goldman Sachs (GS) with a 1.38% gain to $402.33