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Robert Coppola
13 hours ago
Oil is going back up too
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Stocks fall after data showing a cooling economy
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks were falling on Wednesday as investors studied data that showed the economy was cooling.
At 12:56 ET (17:56 GMT), the Dow Jones Industrial Average was down 429 points or 1.3%, while the S&P 500 was down 1.1% and the NASDAQ Composite was down 0.9%. All three indexes rose to start the day.
Retail sales for December fell more than expected, giving investors hope that interest rate increases by the Federal Reserve wouldn’t have to be as aggressive as they were last year. Holiday sales rose 5.3% but came in below analyst expectations.
The market has already been betting that the Fed’s next rate move would be smaller than the moves it made last year, with the expectation being a quarter of a percentage point rate increase in February.
Adding to the hope that inflation is waning, producer prices also rose less than expected for the year.
Later today, the Fed will release its periodic beige book, which is a collection of observations by officials in each of its regional bank districts, with commentary on business activity and economic conditions throughout the country.
Microsoft Corporation (NASDAQ:MSFT) shares fell 1.2% after it said it was cutting 10,000 jobs and taking a $1.2 billion charge as it braces for slower revenue growth.
Moderna, Inc. (NASDAQ:MRNA) shares rose 2.5% after the COVID-19 vaccine maker said it had success with older adults in a trial of its experimental vaccine for RSV, a contagious respiratory virus.
Charles Schwab Corp. (NYSE:SCHW) stock fell 3.7% after it fell short of expectations for fourth-quarter earnings.
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Comments (12)
Warm Camp
13 hours ago
Bad retails sales cannot be good news. Trying to present this as one is a show of ignorance and cannot be compatible with any serious investment-related venue.
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The Fed is taking its sweet time with inflation. It's now been about year since they started raising FF and inflation is still 6.5%. Too dovish. Kick the rate up another half. They should have started with full points.
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First Last
13 hours ago
The Fed, and most others, didn't know how committed Russia was to aggression and war when the Fed 1st raised rate in Mar 2022.
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Mitchel Pioneer
14 hours ago
Flagrant, criminal intervention to prop the NAZ above 11K. Fraudulent, manipulated JOKE.
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Stacy Starner
14 hours ago
Libs as always need out of office
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Follow not lead and you'll make money
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First Last
13 hours ago
Stacy Starner We need fascists out of office. They tend to refuse to ever leave office once in.
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Better not read propaganda and not invest to propaganda just invest in good compenies what have future
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Market Maker
13 hours ago
Like Nio...Comical
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rene topeka
14 hours ago
they can rise or fall and then write whatever the causes
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Brad Albright
15 hours ago
Liz, have some self respect. Your article this morning was about how stocks are up on data, now you write that they are down on the same data. You don't know why stocks are up or down, so stop pretending like you do, it laughable.
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They all engage in false attribution thinking they have to state a reason.
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James Gomez
14 hours ago
Yeah really.....No Shit. Always changing the damn story related to the same topic
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WEF criminals and they do them ads.
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Shamo Nestor
15 hours ago
Scam market
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Leonardo Araujo
14 hours ago
If you have this opinion, why will you play the market? Just embarassing yourself.
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Leonardo Araujo You don't understand scam. Market has rools but now it is scam andf full of frauds. This has no value for future of humanity.
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Leonardo Araujo I invest in good companies. But what was with covid fraud Ukraine propaganda not help market at all etc...
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Wojciech Stefaniak
14 hours ago
So, the American traders made the scam? You are among them!
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First Last
13 hours ago
Carl Tom
15 hours ago
is this Rigged or what
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First Last
13 hours ago
The question isn't if it's rigged or not. It's how much it's rigged and whether it's worth whining incessantly about.
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