Wall Street Today: Dow, Nasdaq, S&P 500 trading lower, since US Fed's Jerome Powell offers no new rate cutting

October 9 (Reuters) – Wall Street’s most important indices fell lower on Thursday after Federal Reserve Chairman Jerome Powell offered no fresh policy signals, which could rely on older data investors to form sentiment. While the markets praised in the aggressive interest rate cut on the hope that the Fed will prioritize the labor market support, minutes from the September Central Bank meeting of September Wednesday showed exempt inflation problems. Investors will also join remarks from other Fed speakers, including Council Governor Michael Barr and San Francisco Fed President Mary Daly. Any hawkish tapeling of policymakers can weigh on shares, which were strong even during a seasonally poor stretch, partly according to the expectations of lower rates. “We are on our way to a big correction, but the correction is unlikely to take place for a few months,” says Peter Cardillo, chief economist at Spartan Capital Securities. At 10:12 a.m., the Dow Jones Industrial Average dropped 93.77 points, or 0.20%, to 46.508.01. The S&P 500 lost 8.34 points, or 0.12%, to 6,745,38, while the Nasdaq composition dropped 31.40 points, or 0.14%, to 23,011,97. The S&P 500 Consumer Discresionary Shares fell 0.9%, as Tesla fell by 1.9%and lost Amazon 0.9%. Tesla has decreased after the US National Traffic Safety Administration said it was opening an investigation into 2.88 million of its vehicles with a complete self -management system. The shares also weighed on the Nasdaq. The S&P 500 Industrials sector dropped 0.8%. Technical stocks rose 0.1%, led by a 2.7% increase in Nvidia. Traders are also drawing their attention to the earnings season, as official data clearances are still stopped with the government’s closure now in its second week. The forecasts of the company and executive comments are expected to serve as indicators for important insights into the economic prospects. Although their correlation varies with official data, some of these proxies have shown alarming tendencies. Earlier this week, investment firm Carlyle estimated that US employers added just 17,000 posts last month, far below the 54,000 economists asked by Reuters, in the Non Farms pay statement report. The six largest US banks are expected to report a stronger earnings in the third quarter next week, reinforced by a setback in investment banking. Separately, there are gold prices of more than $ 4,000 an ounce, after violating the milestone for the first time earlier this week. Bullion’s profits emphasized a strong demand for hedging, even as investors chased in shares. However, Israel and Hamas, which have been mowed down on the first phase of a proposed Gaza Peace Agreement, can help remove a long-term overhang of riskates. Under shares, Delta Air Lines shares jumped by 5.4%. The airline gave a positive forecast for the current quarter, after achieving a stronger earnings than expected as expected, due to the expected earnings of the third quarter. Other US carriers have also gained. United Airlines rose 3.4%, while American Airlines and JetBlue Airways advanced by 2.2%and 1.4%respectively. US retailer Costco wholesale rose 2.5%, a day after reporting sales data for September. Lithium producer Albemarle increased by 8.2% after brokers increased TD Cowen price goal on the share and when China sharpened export controls on rare earth. Diminishing issues have the lead on the NYSE with a 2.07-to-1 ratio on the NYSE and with a 1.54-to-1 ratio on the Nasdaq. The S&P 500 placed 18 new highlights of 52 weeks and four new lows, while the Nasdaq compost recorded 88 new highs and 31 new lows. (Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Devika Syamnath and Shilpi Majumdar)