Stock market today: Wall Street falls, pulling S&P 500 down 10% from its July peak

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NEW YORK (AP) — Stocks closed lower on Wall Street, pulling the S&P 500 down 10% from the peak it reached in July. That puts the benchmark index into what’s called a ‘correction.

’ The declines came amid the latest batch of earnings from big technology and energy companies and some mixed readings on the economy. The S&P 500 fell 0.5% Friday, its 10th loss in the last 12 days. The Dow fell 366 points, and the Nasdaq composite rose 0.4%. Treasury yields held steady following a mixed report on inflation, consumer spending and incomes. Higher yields in the bond market have been helping to knock stocks lower since the summer.

“What you have is an oversold market, by any metric,” said Quincy Krosby, chief global strategist for LPL Financial. “That typically leads to a significant rally, but the question is, does that bring you to the end of the year.” Big Tech stocks have faced an additional challenge as Treasury yields have soared since the summer. When bonds are paying more in interest, prices for most investments fall because investors suddenly have more alternatives for their dollars. Among the hardest hit are stocks seen as the most expensive or requiring their investors to wait the longest for big growth.The yield on the 10-year Treasury was ticking higher Friday following a suite of data on the U.S. economy. It rose to 4.84% from 4.

“This market has been looking at every single component of what companies are saying,” Krosby said. “You could see this is a market that is very careful about rewarding companies.” The Fed has yanked its main interest rate above 5.25% to its highest level since 2001 in hopes of slowing the economy and hurting investment prices enough to starve high inflation of its fuel. But it’s been on hold recently, keeping rates steady at its last meeting in September.

 

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