The Dow Jones Industrial Average (DJIA) closed down 0.01%, or 4 points, spending most of the day in the red as investors digested the latest moves by central banks around the world. Boeing (BA) led the Dow lower while drug maker Merck (MRK) gained.

Tech stocks popped, helping lead the Nasdaq 0.8% higher, while the S&P 500 rose 0.25%.

Central bank action was the focus for investors today. Federal Reserve Chair Jerome Powell told Senators the Fed would likely resume hiking interest rate later this year, after pausing at its June meeting. The Bank of England surprised analysts with a higher-than-expected 50 basis point hike. And Federal Reserve Board Governor Michelle Bowman echoed Powell, saying interest rates would need to go higher to fight inflation.

Boeing shares fell 3% after workers at Spirit AeroSystems, a key supplier, voted to strike, shutting down its Kansas factory.

Goldman Sachs (GS) dropped 1.8% after one of its investment bankers was convicted of insider trading after a week-long trial.

Merck was the Dow's best-performing stock, climbing 2.3% after a leading pharmaceutical lobby filed suit against the Biden Administration over new Medicare drug rules. The suit is similar to one filed by Merck earlier this month that seeks to block Medicare from negotiating drug prices. Amgen (AMGN) and Johnson & Johnson (JNJ) also rose more than 1%.

Microsoft (MSFT) and Salesforce (CRM) both gained 1.8%, while Apple (AAPL) rose 1.6% as investors snapped up Big Tech stocks.

Shares of Walgreens Boots Alliance (WBA) rose 1.3% after analysts at Deutsche Bank said the company’s risk/reward profile would skew to the upside, especially following next week’s earning report.