Dow notches modest gain | Fed’s Powell vows to keep inflation from taking hold | Stocks that are recession stars

Stocks struggled for direction on Wednesday.

VIEW IN BROWSER | SUBSCRIBE WED, JUN 29, 2022 EVENING BRIEF AS OF WED, JUN 29, 2022 • 04:49 ET DJIA 31029.31 +0.27% +82.32 S&P 500 3818.83 -0.07% -2.72 NASDAQ 11177.89 -0.03% -3.65 Most Active DOW NAME LAST CHG %CHG AAPL 139.23 +1.79 +1.30% INTC 37.29 -0.49 -1.30% MSFT 260.26 +3.78 +1.47% S&P 500 NAME LAST CHG %CHG CCL 8.87 -1.46 -14.13% AMD 77.99 -2.79 -3.45% AMZN 108.92 +1.52 +1.42% NASDAQ NAME LAST CHG %CHG AMD 77.99 -2.79 -3.45% AMZN 108.92 +1.52 +1.42% AAPL 139.23 +1.79 +1.30% EDITOR'S NOTE Stocks struggled for direction on Wednesday as the major averages fought to recover, and the market prepared to close out the worst first half of the year since 1970.   The Dow Jones Industrial Average ended a choppy day of trading higher, while the S&P 500 and Nasdaq Composite finished just below the flat line. Those moves came after two days of losses, which followed a big rebound last week for stocks. All of the major averages are on pace for a negative second quarter, which will end Thursday. The three major indexes fluctuated in and out of positive territory. Cruise stocks contributed to the averages' decline after Morgan Stanley introduced a $0 bear case for Carnival Corp. Semiconductor stocks were also big losers after Bank of America downgraded several chipmakers based on increasing competition. On the flip side, megacap tech stocks including Amazon, Meta Platforms, Apple and Microsoft were notable gainers. General Mills led the S&P 500 after reporting strong quarterly earnings.   Early in the day, Fed member Loretta Mester said she will advocate for a 75 basis point interest rate hike at the central bank's July meeting if economic conditions remain the same between now and then.   Investors continue to seek a market bottom, with many expecting further volatility until the central bank pulls back a bit on its monetary tightening. Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow rises modestly in volatile trading as Wall Street struggles to recover Powell vows to prevent inflation from taking hold in the U.S. for the long run Bed Bath & Beyond replaces CEO as retailer's sales plummet Recession stars: The best stocks in every industry during economic downturns Crypto hedge fund Three Arrows Capital plunges into liquidation as market crash takes toll Russia calls NATO expansion deal 'destabilizing'; Ukraine releases footage of deadly mall strike Supreme Court Justice Stephen Breyer will retire Thursday, to be replaced by Ketanji Brown Jackson Jim Chanos debuts new short bets against data centers, sending shares down DOJ says the U.S. and allies have frozen $30 billion of Russian elites' assets, $300 billion of Moscow bank funds U.S. FCC commissioner wants Apple and Google to remove TikTok from their app stores TOP VIDEO Bitcoin hovers at $20,000, Fundstrat warns of washout, and Three Arrows to liquidate: CNBC Crypto World CNBC PRO Goldman expects weak Tesla results, recommends these EV plays SPECIAL REPORTS 'It's like going to the DMV online': What to know about buying Series I savings bonds via TreasuryDirect Your credit utilization rate makes up 30% of your credit score—here's how to calculate it Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS