US close: Stocks higher after economic data, FOMC minutes

(Sharecast News) - US stocks rose on Wednesday as investors digested a barrage of better-than-expected economic data and minutes from the latest Federal Reserve policy meeting.

Both the Dow and S&P 500 rose for the third straight day, gaining 0.3% and 0.6% respectively, while the Nasdaq jumped 0.8% - its biggest increase in a week - as the recent selling pressure on tech stocks continued to lift.

Minutes from the latest Federal Open Market Committee meeting, released at midday in New York, showed little appetite for rate cuts, raising the likelihood of another hold when policymakers meet next.

"The Fed minutes poured cold water on any lingering fantasies of imminent cuts, which likely held the S&P 500 bid in check, with several officials flagging upside risks to inflation," said Stephen Innes, managing partner at SPI Asset Management.

Nevertheless, this week's primary focus will likely be Friday's personal consumption expenditure price index, with the PCE reading, the central bank's preferred measure of inflation, expected to offer a clearer view of underlying economic momentum.

In equity movements, shares in credit ratings agency Moody's jumped 7% after fourth-quarter results impressed, with double-digit revenue growth and a surge in profits, while guidance for 2026 comfortably beat expectations. "Our 2025 results demonstrate the tremendous demand for Moody's solutions and our ability to execute with precision and speed," said chief executive and president Rob Fauber.

Chicken wing chain Wingstop surged 11% after posting a less-than-expected 5.8% decline in domestic same-store sales in the fourth quarter, and forecasting flat to low-single-digit domestic same-store sales growth for 2026.

Meanwhile, Madison Square Garden Sports was another high riser, up 16% after announcing a proposal to separate its New York Knicks and New York Rangers franchises into separate companies. The company said the spin-off "would provide each company with enhanced strategic flexibility, its own defined business focus, and clear characteristics for investors."

Economic data beats forecasts

On the macro front on Wednesday, US mortgage applications rose 2.8% in the week ended 14 February, according to the Mortgage Bankers Association, partially reversing the roughly 20% cumulative decline seen over the previous three weeks. The modest pickup came as benchmark mortgage rates slipped by four basis points, edging back toward the 16month lows reached in late January.

US building permits and housing starts both strengthened in December, according to the Census Bureau, pointing to a firmer end to the year for residential construction despite ongoing regional divergences. Building permits rose 4.3% to an annualised rate of 1.44m, ahead of expectations for 1.40m, while housing starts rose 6.2% to 1.40m, comfortably ahead of forecasts of 1.33m to mark the strongest since July, extending the rebound from October's 15month low.

US durable goods orders fell 1.4% in December, according to delayed data from the Census Bureau, easing back after an upwardly revised 5.4% jump in November, but smaller than the 2% fall expected by economists. December's decline was largely driven by a 5.3% decline in transportation equipment, including a sharp 25.9% slump in nondefence aircraft and parts.

US capacity utilisation edged higher at the start of the year, according to Federal Reserve data, rising to 76.2% in January from a downwardly revised 75.7% in December. However, the reading still came in slightly below consensus forecasts of 76.5%. Industrial production increased 2.3% year-on-year in January.

Lastly, US industrial production rose 0.7% in January after a 0.2% gain the month before, coming in comfortably ahead of the 0.4% increase expected by analysts. This was its strongest monthly increase in nearly a year.

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $930.72 1.93%

Salesforce.Com Inc. (CRM) $187.52 1.90%

Chevron Corp. (CVX) $183.28 1.84%

Cisco Systems Inc. (CSCO) $78.18 1.73%

Amgen Inc. (AMGN) $379.73 1.71%

Walt Disney Co. (DIS) $107.26 1.57%

Nike Inc. (NKE) $65.67 1.13%

International Business Machines Corporation (CDI) (IBM) $259.71 0.96%

Microsoft Corp. (MSFT) $399.60 0.69%

Johnson & Johnson (JNJ) $244.43 0.68%

Dow Jones - Fallers

Boeing Co. (BA) $239.43 -2.09%

3M Co. (MMM) $163.40 -2.06%

Verizon Communications Inc. (VZ) $47.99 -1.80%

Procter & Gamble Co. (PG) $156.61 -1.69%

Caterpillar Inc. (CAT) $754.18 -1.67%

Intel Corp. (INTC) $45.46 -1.56%

Unitedhealth Group Inc. (UNH) $288.98 -0.31%

Travelers Company Inc. (TRV) $298.27 -0.26%

Coca-Cola Co. (KO) $79.18 -0.09%

Walmart Inc. (WMT) $0.00 0.00%

S&P 500 - Risers

Global Payments Inc. (GPN) $80.45 16.47%

MGM Resorts International (MGM) $37.26 8.52%

Carmax Inc. (KMX) $45.78 8.05%

CBRE Group Inc (CBRE) $150.78 7.63%

Cadence Design Systems Inc. (CDNS) $305.01 7.60%

Moody's Corp. (MCO) $449.01 6.51%

Teleflex Inc. (TFX) $112.15 6.28%

Baxter International Inc. (BAX) $21.68 5.45%

National Oilwell Varco Inc. (NOV) $19.92 4.82%

Msci Inc. (MSCI) $543.01 4.59%

S&P 500 - Fallers

HF Sinclair Corporation (DINO) $51.24 -10.86%

Crown Castle International (CCI) $87.42 -4.82%

Genuine Parts Co. (GPC) $121.18 -3.84%

American Tower Corp (Reit) (AMT) $185.91 -3.35%

Welltower Inc (WELL) $209.16 -3.20%

Bath & Body Works, Inc. (BBWI) $24.11 -3.08%

NiSource Inc. (NI) $45.26 -3.02%

Public Service Enterprise Group Inc. (PEG) $84.35 -2.98%

Equinix, Inc. (EQIX) $924.24 -2.91%

Eaton Corporation plc (ETN) $380.68 -2.84%

Nasdaq 100 - Risers

Qvc Group Inc Series A (QVCGA) $4.09 8.49%

Cadence Design Systems Inc. (CDNS) $305.01 7.60%

Western Digital Corp. (WDC) $296.56 4.38%

Asml Holdings N.V. (ASML) $1,468.72 3.45%

Dollar Tree Inc (DLTR) $132.53 3.12%

Applied Materials Inc. (AMAT) $369.30 2.83%

Intuit Inc. (INTU) $389.57 2.74%

Take-Two Interactive Software Inc. (TTWO) $199.13 2.71%

Analog Devices Inc. (ADI) $346.37 2.63%

Cognizant Technology Solutions Corp. (CTSH) $66.81 2.50%

Nasdaq 100 - Fallers

T-Mobile Us, Inc. (TMUS) $213.25 -2.90%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $689.42 -2.46%

American Airlines Group (AAL) $14.10 -2.08%

Gilead Sciences Inc. (GILD) $152.74 -1.63%

Costco Wholesale Corp. (COST) $996.08 -1.58%

Intel Corp. (INTC) $45.46 -1.56%

Vertex Pharmaceuticals Inc. (VRTX) $470.31 -1.47%

Marriott International - Class A (MAR) $356.00 -1.09%

PACCAR Inc. (PCAR) $125.17 -1.07%

Texas Instruments Inc (TXN) $223.32 -1.05%