S&P 500   4,276.73 (-0.66%)
DOW   33,989.13 (-0.48%)
QQQ   330.27 (-0.60%)
AAPL   175.68 (+1.53%)
MSFT   292.49 (-0.08%)
META   176.49 (-1.66%)
GOOGL   120.55 (-0.94%)
AMZN   142.87 (-1.32%)
TSLA   924.54 (+0.53%)
NVDA   184.90 (-2.06%)
NIO   20.40 (-2.44%)
BABA   90.63 (-2.18%)
AMD   98.83 (-1.37%)
MU   61.88 (-3.10%)
T   18.52 (-0.27%)
CGC   4.11 (+8.73%)
F   16.15 (-1.70%)
GE   79.96 (-1.37%)
DIS   123.73 (-0.98%)
AMC   22.72 (-8.42%)
PYPL   100.23 (-1.81%)
PFE   49.45 (-0.82%)
NFLX   242.78 (-1.18%)
S&P 500   4,276.73 (-0.66%)
DOW   33,989.13 (-0.48%)
QQQ   330.27 (-0.60%)
AAPL   175.68 (+1.53%)
MSFT   292.49 (-0.08%)
META   176.49 (-1.66%)
GOOGL   120.55 (-0.94%)
AMZN   142.87 (-1.32%)
TSLA   924.54 (+0.53%)
NVDA   184.90 (-2.06%)
NIO   20.40 (-2.44%)
BABA   90.63 (-2.18%)
AMD   98.83 (-1.37%)
MU   61.88 (-3.10%)
T   18.52 (-0.27%)
CGC   4.11 (+8.73%)
F   16.15 (-1.70%)
GE   79.96 (-1.37%)
DIS   123.73 (-0.98%)
AMC   22.72 (-8.42%)
PYPL   100.23 (-1.81%)
PFE   49.45 (-0.82%)
NFLX   242.78 (-1.18%)
S&P 500   4,276.73 (-0.66%)
DOW   33,989.13 (-0.48%)
QQQ   330.27 (-0.60%)
AAPL   175.68 (+1.53%)
MSFT   292.49 (-0.08%)
META   176.49 (-1.66%)
GOOGL   120.55 (-0.94%)
AMZN   142.87 (-1.32%)
TSLA   924.54 (+0.53%)
NVDA   184.90 (-2.06%)
NIO   20.40 (-2.44%)
BABA   90.63 (-2.18%)
AMD   98.83 (-1.37%)
MU   61.88 (-3.10%)
T   18.52 (-0.27%)
CGC   4.11 (+8.73%)
F   16.15 (-1.70%)
GE   79.96 (-1.37%)
DIS   123.73 (-0.98%)
AMC   22.72 (-8.42%)
PYPL   100.23 (-1.81%)
PFE   49.45 (-0.82%)
NFLX   242.78 (-1.18%)
S&P 500   4,276.73 (-0.66%)
DOW   33,989.13 (-0.48%)
QQQ   330.27 (-0.60%)
AAPL   175.68 (+1.53%)
MSFT   292.49 (-0.08%)
META   176.49 (-1.66%)
GOOGL   120.55 (-0.94%)
AMZN   142.87 (-1.32%)
TSLA   924.54 (+0.53%)
NVDA   184.90 (-2.06%)
NIO   20.40 (-2.44%)
BABA   90.63 (-2.18%)
AMD   98.83 (-1.37%)
MU   61.88 (-3.10%)
T   18.52 (-0.27%)
CGC   4.11 (+8.73%)
F   16.15 (-1.70%)
GE   79.96 (-1.37%)
DIS   123.73 (-0.98%)
AMC   22.72 (-8.42%)
PYPL   100.23 (-1.81%)
PFE   49.45 (-0.82%)
NFLX   242.78 (-1.18%)

US stocks waver, on track for 4th monthly loss this year


An NYSE sign is seen on the floor at the New York Stock Exchange in New York, Wednesday, June 15, 2022. Stocks are opening mostly lower on Wall Street Wednesday, June 29 extending a weak stretch for the market into a third straight day. (AP Photo/Seth Wenig)

Stocks shifted between gains and losses on Wall Street Wednesday, keeping the market on track for its fourth monthly loss this year.

The S&P 500 was down 0.2% as of 2:45 p.m. Eastern. The benchmark index has been volatile all week, and is down about 20% for the year as investors worry about inflation and rising interest rates.

The Dow Jones Industrial Average rose 74 points, or 0.2%, to 31,018 and the Nasdaq slipped 0.3%.

Small company stocks fell sharply in a signal that investors were worried about economic growth. The Russell 2000 slid 1.2%.

Bed Bath & Beyond plunged 23% after reporting a far bigger loss than analysts expected and replacing its CEO.

The government reported that the economy shrank at a 1.6% annual pace in the first three months of the year, its third and final estimate for GDP in the first three months of 2022. That figure was in line with previous estimates, and economists expect growth to resume later this year.

Investors have been closely watching economic data as they try to determine how deeply inflation is hurting consumers and businesses, while also keeping an eye on the Federal Reserve's aggressive shift to raise interest rates.

The central bank is raising rates in an attempt to slow economic growth enough to temper inflation, but Wall Street is wary that the Fed could go too far and push the economy into a recession. Those concerns have been heightened by a series of reports showing a slowdown in retail sales and other indicators.

Consumers were held up as being resilient in the face of rising prices earlier this year, but that sentiment has faded, said Liz Ann Sonders, chief investment strategist at Charles Schwab. The latest GDP revision shows that consumer spending, which accounts for about two-thirds of economic output, was substantially weaker than the government had calculated earlier, growing at a 1.8% annual pace instead of the 3.1% it estimated in May.


“Not only is recession the base case, but I think it already may have begun,” Sonders said.

Fed Chair Jerome Powell, speaking Wednesday at a European Central Bank forum in Sintra, Portugal, repeated his hope that the Fed can achieve a so-called soft landing: raising interest rates just enough to slow the economy and rein in surging consumer prices without causing a recession and sharply raising the unemployment rate.

But, he said the path to achieving that goal has become more difficult and there’s “no guarantee″ the central bank can tame runaway inflation without hurting the job market.

Lingering supply problems and a sharp jump in demand as the pandemic faded sparked a rise in inflation. It has grown worse through the year as supply chain problems worsened following new lockdowns in China to help control COVID-19 cases. Russia's invasion of Ukraine in February sent energy prices higher and resulted in record high gasoline prices that have been eating away at consumers' wallets.

Consumers have shifted spending from discretionary items like electronics to necessities as inflation grows hotter. A weaker-than-expected consumer confidence reading on Tuesday revealed that persistently high inflation was making Americans more pessimistic about both the present and future.

Impacts from the shift in spending is a key focus for investors as companies start to report their latest financial results. Cheerios maker General Mills rose 5.6% after reporting solid financial results and giving investors an encouraging forecast.

Health care and technology companies gained ground. Eli Lilly rose 1.5% and Microsoft added 1.6%. Industrial firms, retailers and energy companies fell. FedEx fell 2.2%, Target slipped 2.1% and Exxon Mobil slid 3.1%.

Cruise lines were among the biggest decliners in the S&P 500. Carnival slid 14.6%, Royal Caribbean dropped 10.2% and Norwegian Cruise Line fell 9.7%.

The yield on the 10-year Treasury fell to 3.11% from 3.20% late Tuesday.

———

Economics Writer Paul Wiseman contributed.

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Charles Schwab (SCHW)
3.037 of 5 stars
$75.26-2.5%1.17%24.76Moderate Buy$92.42
Compare These Stocks  Add These Stocks to My Watchlist 

Should you invest $1,000 in Charles Schwab right now?

Before you consider Charles Schwab, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Charles Schwab wasn't on the list.

While Charles Schwab currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Free Email Newsletter

Complete the form below to receive the latest headlines and analysts' recommendations for your stocks with our free daily email newsletter:

Most Read This Week

Recent Articles

Search Headlines:

Latest PodcastESG - Profitably Invest Your Values

David McNatt discusses ESG investing and offers ways to avoid pitfalls and to understand exactly what kinds of companies you are buying.

MarketBeat Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau MarketBeat is rated as Great on TrustPilot

© American Consumer News, LLC dba MarketBeat® 2010-2022. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | contact@marketbeat.com | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Privacy Policy | Do Not Sell My Information | RSS Feeds

© 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart's disclaimer.