Magical Trade
Wednesday, September 27, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Stocks give up earlier bounce, S&P 500 is about little changed

by
June 14, 2022
in Trade News
0
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

The S&P is heading below 3,000. Basic math (and a metric beloved by famed economist Robert Shiller) suggests it

Wednesday: Durable Goods

Stocks were flat on Tuesday, as the market attempted to rebound from Monday’s steep declines that pushed the S&P 500 back into bear market territory and traders braced for a key monetary policy announcement from the Federal Reserve.

The Dow Jones Industrial Average slipped 80 points, or 0.3%, while the S&P 500 and the Nasdaq Composite fell 0.2% each.

Shares of Oracle jumped more than 8% after the software company reported an earnings beat boosted by a “major increase in demand” in its infrastructure cloud business. FedEx shares soared 12% after announcing it would add three new directors to its board. The stock was on pace for its best day in more than 20 years.

McDonald’s and Honeywell added 1%, bringing the Dow higher. The energy sector rose about 2%, boosted by shares of Occidental Petroleum and Phillips 66, which each rose more than 3%. Dow Transports rose more than 3% buoyed by gains from FedEx and CH Robinson and was on pace for its best day since March.

Travel stocks slipped again with shares of Carnival and Norwegian Cruise Line down more than 1%. Airline stocks Delta and United also slipped about 1%.

The moves followed Monday’s intense sell-off that saw the S&P 500 slump 3.9% to its lowest level since March 2021 and close in bear market territory for the first time since 2020. During that last bear market, the S&P 500 lost 33.9% before recovering, according to data compiled by S&P Dow Jones Indices. The data also showed that bear markets on average last more than 18 months.

Meanwhile, the Dow tumbled 2.8% on Monday, putting it roughly 17% off its record high. The Nasdaq Composite dropped nearly 4.7% and is now more than 33% off its November record.

Those losses came as expectations grow for the Fed to hike rates more than initially anticipated. CNBC’s Steve Liesman reported Monday that the Fed will “likely” consider a 75-basis-point increase, which is greater than the 50-basis-point hike many traders had come to expect. The Wall Street Journal reported the story first.

Stock picks and investing trends from CNBC Pro:

The stock market tends to lose a third of its value heading into recessions, RBC says

Wharton’s Jeremy Siegel tells investors they ‘won’t be sorry’ in a year if they start deploying cash

These beaten-down global tech stocks have strong fundamentals — and analysts love them

JPMorgan’s trading guru Kolanovic says the market will recover losses to finish year flat

Traders now see a more than 90% chance of a 75-basis-point rate hike at this week’s Fed meeting, which concludes Wednesday, according to the CME Group’s FedWatch tool that measures pricing in the fed funds futures markets.

That change in Fed policy expectations sent rates surging, with the 10-year rate briefly topping 3.4% on Monday. The benchmark rate eased back to about 3.32% on Tuesday.

“The move in the 10-year Treasury yield toward 3.5% shows the market’s fear that the Fed may fall further behind the curve is increasing,” wrote UBS strategists led by Mark Haefele. “In turn, this will give the Fed less room to ‘declare victory’ and ease off on rate hikes. As a result, the risks of a Fed-induced recession have increased, in our view, and the chances of a recession in the next six months have risen.”

Investors digested another important inflation reading of May’s producer price index on Tuesday. It showed wholesale prices rise 10.8% and hover near a record pace.

ShareTweetPin

Related Posts

The S&P is heading below 3,000. Basic math (and a metric beloved by famed economist Robert Shiller) suggests it

by
September 27, 2023
0

Wednesday: Durable Goods

by
September 27, 2023
0

The Right Amount of Cash to Keep at Home for Emergencies. Hint: Not $480,000

by
September 26, 2023
0

Elon Musk Says Auto Union’s Demands Would Bankrupt Big Three Carmakers

by
September 26, 2023
0

Is Fidelcrest The Best Prop Trading Firm?

by
September 26, 2023
0

Next Post

Elon Musk Is No Longer a $200 Billion Man

Natural gas plummets as Freeport delays facility restart following explosion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Josh Brown says Nvidia’s potential is ‘scary’ ahead of a potential AI boom

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net