Stock market news live updates: S&P 500, Dow close higher to recover some of Tuesday’s losses; Nasdaq little changed – Yahoo Finance

U.S. stocks rose Wednesday afternoon to recover some losses after the major equity indexes slid a day earlier, as concerns over inflation and global economic growth stirred up further volatility across risk assets.
[Click here to read what's moving markets on Thursday, April 28]
The S&P 500, Dow and Nasdaq jumped by about 1% intraday. A day earlier, the S&P 500 dropped 2.8% on Tuesday for its largest decline in seven weeks, with technology shares especially slammed. The Nasdaq Composite sank 4% to fall to 12,490.74 — its lowest level since December 2020. With just three trading days left in April, the S&P 500 is tracking toward a monthly decline of 7.8%.
A tepid quarterly earnings season pressed on, and the Big Tech companies that reported earnings after market close on Tuesday produced mixed results. Microsoft shares rose after the company posted sales and earnings that exceeded estimates, fueled in part by further growth at its Azure cloud computing business. Alphabet, however, saw shares fall after posting a sharp deceleration in YouTube ad sales growth and missing on earnings, even as company-wide revenue came in-line with estimates. Peer ad-driven tech giant Meta Platforms is poised to report results Wednesday after market close.
The sell-off across U.S. stocks this week extended volatility seen so far in April and for the year-to-date, with investors continuing to monitor signs of elevated inflation and the further specter of supply chain strain as China grapples with an ongoing COVID-19 resurgence in key regions. And though the Federal Reserve is in a blackout period ahead of the central bank's May meeting next week, investors have still kept prospects of tightening monetary policy at the top of their minds, with higher rates and borrowing costs poised to pressure high-growth company valuations.
"The wall of worry has been building, as it relates to Fed worries," Matt Stucky, Northwestern Mutual Wealth Management senior portfolio manager, told Yahoo Finance Live on Tuesday. "Just a little over three months ago, the futures market was pricing in just three or four interest rate hikes for all of 2022. We're quite a bit above that now. And markets are pricing in a federal funds policy rate at about 2.7% by year end. So that's a significant amount of ratcheting up of Fed tightening that's been building up throughout the year. And it's one of the major reasons why we've seen volatility kick up as well."
Given these myriad concerns, other analysts suggested investors brace for more choppiness in the near-term.
"There are some names deeply discounted but I do think there's a little bit more to go on the discounts. So I would be cautious about entering the markets at this point," Kathy Entwistle, Morgan Stanley Private Wealth Management managing director, told Yahoo Finance Live. "It's impossible to call the bottom, so we do like to do a little bit of dollar cost averaging on the way in as well."
"Supply chain has been an issue, we've had issues over in China, we've got inflation — these are all things we've known about and have been recurring," she added. "But I think it's all coming to a head right now and everybody's at this point where it's like there's nowhere else to go. We know that [Fed] action is finally going to happen and that's going to affect the markets."

Here were the main moves in markets as of 4:04 p.m. ET:
S&P 500 (^GSPC): +8.72 (+0.21%) to 4,183.92
Dow (^DJI): +61.75 (+0.19%) to 33,301.93
Nasdaq (^IXIC): -1.81 (-0.01%) to 12,488.93
Crude (CL=F): +$0.45 (+0.44%) to $102.15 a barrel
Gold (GC=F): -$17.70 (-0.93%) to $1,886.40 per ounce
10-year Treasury (^TNX): +4.6 bps to yield 2.8180%

Boeing shares slid more than 7% intraday on Wednesday after the aircraft-maker posted a wider-than-expected quarterly loss and missed on sales.
Revenue came in at just $13.99 billion for the first quarter, Boeing said Wednesday morning, which was less than the $15.94 billion consensus analysts were expecting, based on Bloomberg data. Boeing's defense business unit saw sales slide 24% over last year to come in just under $5.5 billion, whereas $6.84 billion were expected. Commercial aircraft sales also declined 2.5% over last year.
Meanwhile, operating cash flow was a negative $3.22 billion for the quarter, or a much steeper decline than the $2.61 billion expected. Core losses widened to $2.75 per share, versus $1.53 per share in the same quarter last year.

U.S. pending home sales declined for a fifth consecutive month in March as increasing mortgage rates weighed on affordability and consumers' propensity to enter the still-hot housing market.
Contract signings across the country dropped 1.2% last month compared to February, the National Association of Realtors (NAR) said in its latest report Wednesday. Consensus economists were looking for a 1% decline, according to Bloomberg consensus data. And in February, pending home sales had fallen by 4%.
"The falling contract signings are implying that multiple offers will soon dissipate and be replaced by much calmer and normalized market conditions," Lawrence Yun, NAR's chief economist said in a press statement. "As it stands, the sudden large gains in mortgage rates have reduced the pool of eligible homebuyers, and that has consequently lowered buying activity.

The U.S. trade deficit jumped to a record high in March, yawning much more than expected compared to February as imports leaped.
The trade gap for goods reached $125.3 billion last month, Commerce Department data Wednesday showed. This came in much wider than the deficit of $105 billion expected, based on Bloomberg consensus data. In February, the trade deficit stood at $106.3 billion.
Imports jumped 11.5% to reach $294.6 billion, which was also a record and was led by a jump in industrial and energy product imports. Exports rose by 7.2% and also reached an all-time high of $169.3 billion.

Here's where stocks were trading Wednesday morning:
S&P 500 (^GSPC): +20.23 (+0.48%) to 4,195.87
Dow (^DJI): +134.66 (+0.41%) to 32,274.84
Nasdaq (^IXIC): +90.23 (+0.72%) to 12,582.47
Crude (CL=F): -$1.52 (-1.49%) to $100.18 a barrel
Gold (GC=F): -$7.40 (-0.39%) to $1,896.70 per ounce
10-year Treasury (^TNX): -0.9 bps to yield 2.792%

Here's where stocks were trading heading into the opening bell Wednesday morning:
S&P 500 futures (ES=F): +29 points (+0.7%) to 4,199.5
Dow futures (YM=F): +307 points (+0.93%) to 33,467.00
Nasdaq futures (NQ=F): +73 points (+0.56%) to 13,089.00
Crude (CL=F): +$0.41 (+0.4%) to $102.11 a barrel
Gold (GC=F): -$5.70 (-0.30%) to $1,898.40 per ounce
10-year Treasury (^TNX): -1.3 bps to yield 2.759%

Here's where stocks were trading Tuesday evening:
S&P 500 futures (ES=F): -4 points (-0.1%) to 4,166.5
Dow futures (YM=F): +40 points (+0.12%) to 33,200.00
Nasdaq futures (NQ=F): -41.50 points (-0.32%) to 12,974.50

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn
Related Quotes
If you want to know who really controls Cleveland-Cliffs Inc. ( NYSE:CLF ), then you'll have to look at the makeup of…
Among six popular stock-split stocks in 2022 — Alphabet, Amazon, Tesla, DexCom, Shopify, and Palo Alto Networks — is one company that a select Wall Street analyst believes will plummet.
In a world where the stock market is unpredictable and interest rates are rising, many investors are looking for someplace to put their money that is as close to risk-free as possible – even if it means forgoing the chance … Continue reading → The post How to Buy More than $10,000 in I Bonds Through This Loophole appeared first on SmartAsset Blog.
Stocks of online advertisers have been crushed. But the group may roar back, benefiting committed investors.
The stock market has proven to be a great way for normal folks to build wealth over time. It can be as simple as investing through index funds for some that don't have the time or inclination to stay involved. Below are five stock investments that could offer a diversified way to beat the S&P 500 index over the coming years and decades.
You may not be in the mood for a stock market shopping spree right now. And today, Amazon's cloud computing business — Amazon Web Services — continues to report double-digit increases in sales and operating income, in spite of the difficult economic context.
In the run-up to a crucial shareholder vote, special purpose acquisition company (SPAC) CF Acquisition Corp. VI (NASDAQ: CFVI) traded up sharply on Wednesday. After market hours on Tuesday, Rumble, the company that plans to go public by merging with CF Acquisition, pushed out a reminder to its current shareholders. Of the five other nominees, three are currently directors at pre-merger Rumble.
Desperate times call for desperate measures, and this might be just such a time: Persistently high inflation might force the Federal Reserve to resort to the biggest increase in a key U.S. interest rate in more than 40 years.
Surging yields don't just benefit seniors and savers. They help companies like Berkshire Hathaway, Apple, Alphabet and Microsoft sitting on tens of billions in cash.
The company has divested all of its media businesses and is now focused on telecommunication
The tech-heavy Nasdaq, where much of the damage was done yesterday, was gaining 0.7% through 1:35 p.m. ET on Wednesday as individual tech stocks began recovering some of their losses. In particular, electric vehicle (EV) charging network Blink Charging (NASDAQ: BLNK) is bouncing back from Tuesday's 5% loss to post a 4.2% gain today. Fuel cell pioneers Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) are recovering some losses as well, up 1.3% and 4.8%, respectively.
Investors turned bearish as the economy weakened in the first half of the year, setting the stock market on a downward trajectory. Jim Simons of Renaissance Technologies added to his stake in Upstart Holdings (NASDAQ: UPST) in the second quarter, and Philippe Laffont of Coatue Management started a position. Meanwhile, Ken Griffin of Citadel Advisors and Israel Englander of Millennium Management bought more shares of Elastic (NYSE: ESTC).
The world's richest man worries about the Federal Reserve's aggressive rate hikes to fight inflation.
Yahoo Finance reporter David Hollerith explains what will happen when the ethereum merge takes place on Thursday, Sept. 15, and how it will impact crypto prices.
Student-loan debt cancellation provides financial relief for borrowers while raising some personal-finance questions for them.
Rivian CEO RJ Scaringe is "ecstatic" over the Biden Administration's Inflation Reduction Act, which includes considerable subsidies for electric vehicles.
No one ever complains that there's nothing good to watch on TV anymore, and Roku (NASDAQ: ROKU) is a good reason for that. You would think that today's entertainment climate — where folks are consuming content on their own terms — would be fertile soil for Roku. Shares of Roku have plummeted 86% since peaking at nearly $500 in July of last year.
"With Figma, we believe we have a unique opportunity to usher in a new era of collaborative creativity," said CEO Shantanu Narayen.
The Fed has no choice but to raise rates higher than the market expects, predicts billionaire investor Ray Dalio. Watch out stock investors.
Adobe  released its quarterly earnings early in conjunction with the announcement that it reached an agreement to acquire software design platform Figma in a deal valued at about $20 billion. Figma was founded in 2012 and is a desktop application that allows users to design online interfaces for both phones and the web. The deal is valued at around $20 billion in cash and stock, Adobe (ticker: ADBE) said in a news release.

source

Leave a Comment