Stock market news live updates: Stocks close lower for second straight session as rate hike worries persist – Yahoo Finance

U.S. stocks were down at close after choppy trading on Thursday as markets attempted to recover from a sell-off in the previous session sparked by worries around more imminent rate hikes from the Federal Reserve.
The Nasdaq clawed back in intraday trading but ended in the red, remaining on pace for its biggest weekly decline since November after Wednesday's 3.3% drop marked the benchmark's worst single-day session since last February. The Dow and S&P 500 also closed lower.
Employment data has been in the spotlight this week, with the Labor Department’s key monthly jobs report due for release on Friday.
The read on December’s numbers is expected to offer a more meaningful look at the strength of hiring and labor force participation — key measures of the U.S. economy, made even more consequential as markets continue to mull the full impact of the Omicron COVID wave. Economists anticipate the report will show a month of solid job growth before the latest virus surge meaningfully impacted the labor market, with consensus estimates at 444,000.
Investors also weighed a fresh read on initial weekly jobless claims Thursday morning that showed first-time unemployment filings ticked up but remained near a 52-year low last week, signaling continued recovery in the labor market as high demand for workers pours into the new year.
Continued pressures in tech persisted into Thursday, with a near-record number of technology stocks seeing market values halve from their 52-week highs, according to Bloomberg Data.
“If you get nervous over a 4% or 5% pullback, you probably shouldn’t have a lot of money in stocks,” Wells Fargo Wealth & Investment Management senior global equity strategist Scott Wren told Yahoo Finance Live. “Whether the Fed puts its first hike in March or in June, you’re splitting hairs there within a few months.”
OANDA market analyst Craig Erlam shared similar sentiments with Yahoo Finance Live.
“Markets need time to settle, we’ve got the earnings season starting in a couple weeks’ time,” he said. “I think that’s when people start to get a better grasp, or at least look at these markets through a more rational lens.”
Still, the pace of interest rate hikes remains a key component of investors’ outlook for 2022. Markets will continue to assess the rate of inflation into the new year and keep a close eye on how aggressively the Federal Reserve may choose to intervene.
"We think inflation is likely peaking now," Cresset Capital chief investment officer Jack Ablin told Yahoo Finance Live. "We think the natural path of inflation is going to trend lower, but either way, it looks like inflation will likely trend back to 2 1/4, 2 1/2, by the end of the year."
“The primary piece of the puzzle is the Fed,” Zephyr market strategist Ryan Nauman told Yahoo Finance Live. “Markets don’t really react too greatly to when the Fed starts hiking rates — it’s the pace — and if the Fed increases the pace of interest rate hikes and there are a couple of surprise hikes in there to tame inflation, that’s when we can really get an impact on equity markets and see a steep pullback.”
Here were the main moves at Thursday's market close:
S&P 500 (^GSPC): -4.53 (-0.10%) to 4,696.05
Dow (^DJI): -170.57 (-0.47%) to 36,236.54
Nasdaq (^IXIC): -19.31 (-0.13%) to 15,080.87
Crude (CL=F): +$1.61 (+2.07%) to $79.46 a barrel
Gold (GC=F): -$37.30 (-2.04%) to $1,787.80 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 1.7330%

Shares of Royal Caribbean Cruises (RCL) fell nearly 4% during afternoon trading after Hindenburg Research tweeted that they were short the company.
"We are short $RCL, which we believe to be one of the most dislocated 're-opening' stocks on the market today," the firm wrote. "The outlook for $RCL and the cruise industry is far more grim than other hospitality and leisure 'post-Covid' stories."
Royal Caribbean was trading down 3.01% as of 3:17 p.m. to $78.19 per share.

The Nasdaq Composite is on pace for its biggest weekly decline since November, even as it rose in intraday trading session on Thursday, according to Bloomberg data. Wednesday's loss of 3.3% marked its worst single-day session since last February.
A near-record number of technology stocks have dropped by around 50%, resembling the dot-com crash. Bloomberg data indicated roughly four in every 10 companies on the Nasdaq have seen their market values halve from their 52-week highs.

Retail investors helped lift beaten down meme stocks after a volatile start to the trading session for the group after Bed Bath & Beyond Inc. (BBBY) reported quarterly results that missed estimates on the top and bottom lines and slashed its full-year forecast.
The cohort of stocks favored by retail traders, including GameStop Corp. (GME) and Express Inc. (EXPR) clawed back after rebounding from their worst day since June, according to Bloomberg data.
Bed Bath & Beyond was up 10.81% in intraday trading as of 1:28 p.m. to $14.81 after jumping as much as 23% earlier in the session. GameStop was up 2.24% to $132.27 per share and Express ticked 2.62% higher to $3.13 per share.

Mortgage rates rose to their highest level in more than a year and a half after details from the Federal Reserve's last policy-setting meeting released on Wednesday hardened expectations for a higher interest-rate environment.
The rate on the 30-year fixed mortgage jumped from 3.11% to 3.22% this week, according to Freddie Mac. The increase on the rate — the most common loan used by homebuyers — places it at the highest level since May 2020.

Here were the main moves in markets as of 11:28 a.m. ET:
S&P 500 (^GSPC): +0.85 (+0.02%) to 4,701.43
Dow (^DJI): -118.85 (-0.33%) to 36,288.26
Nasdaq (^IXIC): +17.53 (+0.12%) to 15,117.70
Crude (CL=F): +$1.90 (+2.44%) to $79.75 a barrel
Gold (GC=F): -$34.60 (-1.90%) to $1,790.50 per ounce
10-year Treasury (^TNX): +3.4 bps to yield 1.7390%

The Commerce Department reported Thursday morning that U.S. factory orders accelerated in November, climbing 1.6% during the month.
October's estimate was revised higher to show orders rising 1.2% instead of 1.0% as previously reported.
The agency reported that despite the increase in orders, business spending on equipment likely struggled to rebound in the fourth quarter.
Manufacturing accounts for 11.9% of the economy and is supported by businesses restoring expended inventories.

Shares of electric vehicle-market Rivian (RVN) slumped nearly 17%, falling below their IPO price of $78 for the first time amid a broader sell-off in electric vehicle stocks.
The drop also comes one day after rival investor Amazon.com Inc. (AMZN) signed a deal with Fiat and Alfa Romeo carmaker Stellantis NV to develop vans that use the commerce giant's software and deploy electric delivery vans made by the Italian automaker.
Rivian fell 3% to end at a record closing low of $87.33 per share. Amazon closed down slightly at about $3,265.08 a share.

Here were the main moves at the start of Thursday's trading session:
S&P 500 (^GSPC): -1.77 (-0.04%) to 4,698.81
Dow (^DJI): -7.92 (-0.02%) to 36,399.19
Nasdaq (^IXIC): -57.40 (-0.38%) to 15,042.77
Crude (CL=F): +$2.18 (+2.80%) to $80.03 a barrel
Gold (GC=F): -$37.10 (-2.03%) to $1,788.00 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 1.7300%

The U.S. is on pace to see its biggest annual trade deficit.
The Commerce Department reported on Thursday that November's read jumped to a near-record $80.2 billion, 19.3% higher than the October deficit of $67.2 billion and just below the all-time monthly record of $81.4 billion reported in September.
The agency's final estimate is set to be reported next month.

First-time unemployment filings ticked up but remained near a 52-year low last week, signaling continued recovery in the labor market as high demand for workers pours into the new year.
The Labor Department's latest read on initial jobless claims showed 207,000 Americans filed for unemployment in the week ending January 1. The figure was up from consensus Bloomberg estimates of 195,000 but hovered around the key 200,000 level. The previous week's print of 198,000 marked the second lowest number of claims during the pandemic.
Continuing claims came in at 1.754 million, compared to an expected 1.678.
"Fortunately for workers, employers have not been in a rush to cut jobs. New claims for unemployment benefits remain near decades-low levels," Mark Hamrick, senior economic analyst for Bankrate, wrote in an email. "The question remains whether there will be sufficient workers to fill available positions and how many individuals will be willing to re-join the labor force, by working or looking for work."
Here were the main moves ahead of market open:
S&P 500 futures (ES=F): -0.75 points (-0.02%), to 4,691.75
Dow futures (YM=F): +72.00 points (+0.20%), to 36,363.00
Nasdaq futures (NQ=F): -70.00 points (-0.44%) to 15,696.50
Crude (CL=F): +$0.93 (+1.19%) to $78.78 a barrel
Gold (GC=F): -$27.80 (-1.52%) to $1,797.30 per ounce
10-year Treasury (^TNX): +0.00 bps to yield 1.705%

Here were the main moves in markets heading into the overnight session:
S&P 500 futures (ES=F): -92.25 points (-1.93%), to 4,692.00
Dow futures (YM=F): +33.00 points (+0.09%), to 36,324.00
Nasdaq futures (NQ=F): -1.50 points (-0.01%) to 15,765.00
Crude (CL=F): -$0.75 (-0.96%) to $77.10 a barrel
Gold (GC=F): -$14.30 (-0.78%) to $1,810.80 per ounce
10-year Treasury (^TNX): +2.2 bps to yield 1.705%

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn
Related Quotes
Markets reporter Ines Ferre joins Yahoo Finance Live to highlight the circumstances surrounding Costco's latest earnings report and the impact of increasing membership fees.
In this article, we will look at billionaire Ken Fisher’s top 10 growth stock picks. If you want to explore similar stocks, you can also take a look at Ken Fisher’s Top 5 Growth Stock Picks. Ken Fisher is an American billionaire investor and financial analyst. Mr. Fisher is the hedge fund manager of Fisher […]
On Wednesday, the Fed bumped up interest rates again, its third 75-basis point hike since June, and signaled that there could be two more such hikes by the end of this year. The conventional wisdom has the Fed acting properly, and aggressively, in an attempt to counter inflation raging at 40-year high levels. But conventional wisdom isn’t always right – and we can learn a lot by consulting the contrarians. Few top investors are more contrarian than Cathie Wood. The founder and manager of ARK Inv
After popping briefly yesterday on positive analyst commentary over its 2022 Global Technical Conference performance, Nvidia (NASDAQ: NVDA) stock is trending lower again Thursday — down 5% through 11 a.m. on some curious comments from the company's CEO. Commenting on what some analysts have called the "eye-watering" prices announced for its latest series of GeForce RTX graphics, Nvidia CEO Jensen Huang asserted that "Moore's Law is dead" — and that semiconductor prices are only going up from here. To refresh your memory, Moore's Law is an assertion made by legendary Intel engineer Gordon Moore in 1965, that the number of transistors in an integrated circuit roughly doubles every two years, with the result that semiconductors will get both better and cheaper over time.
Less than five months after discouraging conversations with the U.S. Food and Drug Administration led Spero Therapeutics Inc. to pause work on a drug and lay off 110 people, the company is licensing that same drug to GSK plc for up to $291 million.
Yahoo Finance's Seana Smith breaks down trending tickers moving in after hours trading.
“We printed up too much money, and just thought the party would never end,” Icahn said, adding that with the Fed raising rates to fight inflation, "the party's over."
Carnival (CCL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
In this article, we shall discuss the 10 best undervalued stocks to buy now according to billionaire D.E. Shaw. To skip our detailed analysis of Shaw’s history, his investment philosophy, and hedge fund performance, go directly and see 5 Best Undervalued Stocks to Buy Now According to Billionaire DE Shaw. David Elliot Shaw, an American […]
Growth and technology stocks are leading the market lower today, but early-stage electric vehicle (EV) stocks are tanking even more. The Nasdaq Composite Index moved down by more than 1.2% as of 2:55 p.m. ET, but EV start-ups Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Nikola (NASDAQ: NKLA) were faring much worse. At that time, Rivian, Lucid, and Nikola had dropped 4.6%, 8.6%, and 9%, respectively.
Shares of Bristol Myers Squibb (NYSE: BMY) were bouncing 3.4% higher as of 3:31 p.m. ET on Thursday after slipping a little earlier this week. Instead, today's move appeared to be the result of investors seeking relatively safe stocks as the Nasdaq Composite index and Russell 2000 small-cap index fell. Bristol Myers Squibb has seemed to be sort of a safe haven for investors throughout much of 2022.
FedEx, Costco, DocuSign are some of the trending stocks in after hours trading on Thursday, September 22, 2022.
UBS analysts upgraded Eli Lilly stock to Buy, stating that the pharma company's Type 2 diabetes medication could become a best-selling drug. 
Investors waiting for Palantir Technologies (NYSE: PLTR) to report a quarter with breakout growth are likely in for a longer wait, according to a Wall Street analyst. Given the uncertain economic environment, it appears fewer investors are willing to continue to wait. Shares of Palantir were down more than 5% on Thursday afternoon as Wall Street continues to shy away from more speculative growth stocks.
If you're investing in the cannabis industry, you need to be aware of how overly bullish some companies and CEOs are about their prospects. Tilray Brands (NASDAQ: TLRY) falls into that crowd, pumping itself up to be a $4 billion business in just a few years. There are warning signs about Tilray's promises and forecasts that investors shouldn't ignore.
The latest Federal Reserve rate hike and Fed Chair Jerome Powell's vow to do whatever is necessary to fight inflation are rippling through markets, sending shares down due to investor fears that the Fed's actions will push the economy into a recession. Travel is perhaps the ultimate big-ticket discretionary purchase, and airline stocks are tumbling as part of the broader sell-off. Shares of JetBlue Airways (NASDAQ: JBLU), American Airlines Group (NASDAQ: AAL), and United Airlines Holdings (NASDAQ: UAL) are all down as much as 5%, with shares of Delta Air Lines (NYSE: DAL), Alaska Air Group (NYSE: ALK), and Southwest Airlines (NYSE: LUV) all down 3% or more.
Shares of several payments and fintech stocks struggled to shake off a hangover from the Federal Reserve's September meeting yesterday, in which the Fed delivered another big rate hike. Shares of the large payments rail Mastercard (NYSE: MA) traded nearly 1.5% lower in the final hour of trading today. Shares of the buy now, pay later (BNPL) company Affirm (NASDAQ: AFRM) traded more than 6% lower, and shares of digital bank SoFi (NASDAQ: SOFI) were down nearly 5%.
This year's market slump created several growth stock bargains. But not every apparent bargain is what it seems.
Shares of Johnson & Johnson (NYSE: JNJ) defied the overall market downturn on Thursday, with its shares rising 1.7% higher as of the market close. Instead, investors appeared to favor relatively stable stocks such as J&J on a day when small-cap and tech stocks took a drubbing. After today's gain, J&J's shares are still down around 2.5% year to date.
Yahoo Finance Live’s Julie Hyman discusses Novavax stock performance after JPMorgan downgrades its shares to Underweight from Neutral.

source

Leave a Comment