Home Editor's Picks S&P 500 ends down as Apple dips and traders eye Powell speech

S&P 500 ends down as Apple dips and traders eye Powell speech

by

S&P 500 ends down as Apple dips and traders eye Powell speech By Reuters

Breaking News

‘;

Stock Markets 1 hour ago (Nov 29, 2022 05:22PM ET)

(C) Reuters. FILE PHOTO: A specialist trader works with his son during a traditional bring-your-kids-to-work day on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 25, 2022. REUTERS/Brendan McDermid

By Shreyashi Sanyal and Noel Randewich

(Reuters) – The S&P 500 ended down on Tuesday, with losses in Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.

Investors also focused on recent protests against COVID-19 curbs in China, including at the world’s biggest iPhone factory.

Apple’s stock dropped 2.1%, down for a fourth straight session.

Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.

“No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say,” said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte.

Shares of Amazon, Nvidia (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA) each lost more than 1%.

The benchmark S&P 500 index is headed for its second straight month of gains in November amid bets that recent inflation readings showing a slight cooling in prices will lead the Fed to scale back the scale of its interest rate hikes.

The Fed has delivered four straight 75 basis point rate hikes, and it is expected to shift down the pace to a 50-bps move in December. [FEDWATCH]

A survey on Tuesday showed U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.

Mainland China’s recent wave of civil disobedience comes as the number of COVID cases hit record daily highs and large parts of several cities face new lockdowns, further threatening the world’s second largest economy.

The S&P 500 energy sector index rallied 1.3%, while gains in oil prices on expectations of a loosening of China’s strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting.

The S&P 500 declined 0.16% to end the session at 3,957.60 points.

The Nasdaq declined 0.59% to 10,983.78 points, while Dow Jones Industrial Average rose 0.01% to 33,852.13 points.

Despite the S&P 500’s decline, advancing issues outnumbered falling ones by a 1.3-to-one ratio.

The S&P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.

U.S.-listed shares of Chinese companies Alibaba (NYSE:BABA) Group Holding Ltd, Pinduoduo (NASDAQ:PDD) Inc and JD (NASDAQ:JD).com Inc jumped more than 5% after China broadened equity financing channels for property developers.

Shares of Chinese internet firm Bilibili (NASDAQ:BILI) Inc soared 22% after posting upbeat quarterly results.

Volume on U.S. exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.2 billion shares over the previous 20 sessions.

S&P 500 ends down as Apple dips and traders eye Powell speech

Australian regulator commences civil penalty proceedings against Star EntertainmentBy Reuters – Nov 29, 2022

(Reuters) – The Australian financial crime regulator has commenced civil penalty proceedings against Star Entertainment Group in relation to the latter’s alleged contraventions of…

After-hours movers: Horizon Therapeutics gains on takeover talks, CrowdStrike sinks on EPSBy Investing.com – Nov 29, 2022

After-Hours Stock Movers:
Horizon Therapeutics (NASDAQ:HZNP) 31% HIGHER; confirmed that it was in “highly preliminary” takeover talks with Amgen (NASDAQ:AMGN), Janssen Global…

U.S. State Department approves potential anti-drone system sale to Qatar for $1 billionBy Reuters – Nov 29, 2022

By Kanishka Singh WASHINGTON (Reuters) -The U.S. State Department has approved the potential sale of an anti-drone system to Qatar in a deal valued at $1 billion, the Pentagon…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News