Stocks fell Thursday, but finished well off session lows as investors weighed the size and scope of expected rate hikes and assessed downbeat earnings from JPMorgan Chase & Co. and Wells Fargo. The Dow Jones Industrial Average fell around 143 points, or 0.5%, to finish near 30,630, according to preliminary figures, while the S&P 500 SPX, -0.30% shed 0.3% to close near 3,790 and the Nasdaq Composite COMP, +0.03% eked out a gain of less than 0.1% to end near 11,251.
Stocks had fallen sharply in early trade, but losses were trimmed after Federal Reserve Gov. Christopher Waller said he still favored a 75 basis point rate hike when policy makers meet later this month versus a 100 basis point move that investors had started to price in after Wednesday's hotter-than-expected consumer-price index reading. Waller left the door open to a larger hike, however, depending on how strong retail sales and housing data are ahead of the Fed meeting.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks tumble as inflation, rate hikes stoke recession fearsStocks sold off in early trading Thursday as bank earnings offered more bad news for the economy. But hey - 10% for the Big Guy Two major factors affecting most the world’s economy “war” and “pandemic”. It will take a while for many countries to get back to their feet as the whole world was shut down for more than 2yrs. The effect of this will be realized 2 or 3 yrs later. Inflation is just the beginning.
Source: washingtonpost - 🏆 95. / 72 Read more »
EIA: Fuel stocks increasing as demand fallsInventories of oil and fuel are rising again as demand begins to fall, easing the tight...
Source: HoustonChron - 🏆 609. / 51 Read more »
U.S. stocks open sharply lower after June CPI data showed inflation was higher than expectedU.S. stocks opened sharply lower after the consumer-price index showed inflation rose in June more than expected, with the annual rate climbing to a nearly...
Source: MarketWatch - 🏆 3. / 97 Read more »
China Stocks Hit Fresh Turbulence, Casting Doubt Over Recent ReboundA nascent recovery in Chinese stocks has global investors that were burned by Beijing’s regulatory crackdowns asking: Is it time to get bullish again on China? Weren’t there reports of bank runs of certain regions in China? And reports of people not being able to withdraw their money. Yeah good luck with those accounting practices
Source: WSJ - 🏆 98. / 63 Read more »
Bank of America slashes S&P 500 target, sees stocks falling another 5% by year-endStrategist Savita Subramanian dropped her target for the S&P 500 to 3,600 from 4,500. Gonna get under 3,000 sometime in 2023. WinterIsComing
Source: CNBC - 🏆 12. / 72 Read more »
Stocks Making the Biggest Moves Premarket: Delta Air Lines, Twitter, Snap and MoreThese are the stocks posting the largest moves before the bell.
Source: nbcchicago - 🏆 545. / 51 Read more »