Wall Street has biggest pullback of the year, led by tech

Financial Markets Wall StreetDAMIAN J. TROISE and ALEX VEIGAWall Street had its biggest pullback of the year Wednesday after a broad slide for stocks wiped out much of the benchmark S&P 500 index's gains from last week.

“The appearances are that it looks like something is moving inflation and retail sales in the right direction, which is to say softer,” said Tom Martin, senior portfolio manager at Globalt Investments. “The question is, what does it really mean?” Mester stressed her belief that the Fed’s key rate should rise a “little bit” above the 5% to 5.25% range that policymakers have collectively projected for the end of this year.

The broader economic picture is still not clear enough to see whether the Fed’s fight against inflation is working well enough to avoid a recession. Several major banks have forecast at least a mild recession at some point in 2023. Small company stocks also lost ground. The Russell 2000 index fell 29.92 points, or 1.6%, to 1,854.36.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street veteran whose fund returned 160% in 2022's bear market shares his trading 'bible'Fund manager Neal Berger, who more than doubled his money last year, reveals how he trades the market. Keywords: Fraud, Tax evasion, Scam, Ponzi Scheme...
Source: CNBC - 🏆 12. / 72 Read more »

Morgan Stanley's earnings top Wall Street expectations, helped by record wealth management revenueMorgan Stanley reported fourth-quarter earnings before the opening bell on Tuesday.
Source: CNBC - 🏆 12. / 72 Read more »

Despite Net-Zero Vows, Wall Street 'Climate Arsonists' Still Pumping Billions Into Fossil Fuels'It is business as usual for most banks and investors who continue to support fossil fuel developers without any restrictions, despite their high-profile commitments to carbon neutrality.'
Source: commondreams - 🏆 530. / 51 Read more »

SiriusXM Hires Ex-Wall Street Journal CMO Suzi Watford for New Business Development RoleSiriusXM has recruited Suzi Watford, most recently chief marketing and membership officer at Dow Jones, for a newly created role leading the satellite radio and audio-streaming company’s grow…
Source: Variety - 🏆 108. / 63 Read more »