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U.S. stocks were falling as investors await Fed's beige book

Stock Markets 17 hours ago (Jan 18, 2023 11:13AM ET)
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By Liz Moyer

Investing.com -- U.S. stocks turned lower on Wednesday despite economic data on retail sales and producer prices that eased fears about interest rate hikes.

At 11:10 ET (16:10 GMT), the Dow Jones Industrial Average was down 257 points or 0.7%, while the S&P 500 was down 0.4% and the NASDAQ Composite was down 0.2%. 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.

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 1.1% 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 4.2% 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 3.6% after it fell short of expectations for fourth-quarter earnings

Oil rose. Crude Oil WTI Futures were up 2.1% to $82.15 a barrel, while Brent Oil Futures were up 1.7% to $87.40 a barrel. Gold Futures rose 0.2% to $1,913.

U.S. stocks were falling as investors await Fed's beige book
 

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Comments (19)
Stefan Kunco
Stefan Kunco 16 hours ago
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Such a president, such a market.
Most expensive Hobby
Most expensive Hobby 16 hours ago
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He’s just a puppet with dementia
Maximus Maximus
Maximus Maximus 14 hours ago
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you mean like Reagan?
William Smith
William Smith 16 hours ago
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Inflation will reignite as oil surges by summer with China's reopening.
Kris Jay
Kris Jay 16 hours ago
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dont even need oil to surge.  copper is going up, almost back at its peak.
Maulik Vaghela
Maulik Vaghela 16 hours ago
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US market is the worst. Not any fundamental trigger works, not a proper index management. It works only on assumptions and rumours. sometimes it acts like a circus.
Ronald Warren
Ronald Warren 16 hours ago
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Like the sweetest lover that'll set you right one minute and castrate you the next!
First Last
First Last 15 hours ago
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US gov't interferes with its market much less than the Kremlin, CCP, India, etc. interfere w/ their markets.  So not even close to being "the worst".
Luke Knoep
Luke Knoep 14 hours ago
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First Last not exactly comparable though
Casador Del Oso
Casador Del Oso 16 hours ago
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Somehow verbiage in the beige book will be interpreted as an imminent Fed pivot.
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First Last
First Last 16 hours ago
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Going from 0.75% hike per meeting to 0.25% hike is already a pivot.
JIM VETTER
JIM VETTER 16 hours ago
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First last.. you don't understand what a pivot means. A pause is just that.. no action. A pivot is a reversal, not a smaller hike but in fact a REDUCTION of the hike! Stop posting incorrect information
JIM VETTER
JIM VETTER 16 hours ago
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A reduction of the rate. In other words, cutting the rate back is a pivot
First Last
First Last 15 hours ago
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JIM VETTER   Pivot does not necessarily mean a reversal.  It means, according to wiktionary: "To make a sudden or swift change in strategy, policy, etc."
First Last
First Last 15 hours ago
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Reversal is a change, but a change need not be a reversal.
Jay Ow
Jay Ow 16 hours ago
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They are mentaly retarded. They do propaganda and after they are suprised that is not grow
Amrit Swarup Sarkar
Amrit Swarup Sarkar 16 hours ago
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US market for quite sometime is a joke just like Elon Musk.
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tim banks
tim banks 16 hours ago
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SB Gohner he isn't though muskstan
William Smith
William Smith 16 hours ago
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Market has been a joke since 2009. Musk? You sound jealous.
SB Gohner
No3putts 16 hours ago
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tim banks  Public school?
asylum frog
asylum frog 16 hours ago
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SB Gohner  not anymore he as been taken over by a French billionaire, who is now the richest person in the world
Amrit Swarup Sarkar
Amrit Swarup Sarkar 15 hours ago
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Many fans of Elon here . haha. He is trying to be the next Trump. And if this happens Capital building attack can be upgraded to White House riot by his so called 'fans' if such incidents repeats again. He might be rich but he is not a good human being for sure.
Patrick Joly
Patrick Joly 16 hours ago
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Ho.. beige book news. I did not know this one! What is the next one, yellow submarine news??
Ronald Warren
Ronald Warren 16 hours ago
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Google.
First Last
First Last 16 hours ago
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What's the purpose of airing your ignorance?
Tttt Ddds
Tttt Ddds 16 hours ago
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no news ever about cutting the huge us military budget.
First Last
First Last 16 hours ago
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Russia & China have been on warpath and they want the US to cut its military budget.
Jay Ow
Jay Ow 17 hours ago
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This we heard miliontimes this propaganda, start do good news globally stop propaganda
Tom Michaels
Tom Michaels 17 hours ago
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book of fraud, if you believe I have some beach front property in AZ. I'll sell you.
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William Smith
William Smith 16 hours ago
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Jay Ow Jay, Tucson area, cheap for beachfront land.
Jay Ow
Jay Ow 16 hours ago
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Kris Jay
Kris Jay 16 hours ago
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First Last
First Last 16 hours ago
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Jay Ow   Tom already said "AZ" in op.
Jay Ow
Jay Ow 15 hours ago
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Kris Jay  how big price ?
 
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