A choppy day of trading on Wall Street ended with stocks broadly lower Friday, after a new report showed that inflation is slowing less than hoped just days before Federal Reserve officials are expected to raise interest rates again. The S&P 500 and Nasdaq composite each fell 0.7%, while the Dow Jones Industrial Average dropped 0.9%. Smaller company stocks fell even more, pulling the Russell 2000 index 1.2% lower. The indexes marked their first losing week in the last three. The U.S. government reported that prices paid at the wholesale level were 7.4% higher in November than a year earlier. That’s a slowdown from October’s wholesale inflation rate of 8.1%, but it was still slightly worse than economists expected. “There’s a sense that inflation has plateaued, but that said it’s still sticky and the Fed is most likely going to have to push harder,” said Quincy Krosby, chief equity strategist for LPL Financial.
CNBC's Jim Cramer on Friday advised investors to keep their eyes peeled for chances to improve their portfolios next week. "These big macro numbers and important Fed meetings are a drag – I know. They obscure the actual opportunities out there. I want you to keep your eyes open for ideas and not be blinded by the [Federal Reserve] light," he said.
A state Senate committee has issued a subpoena, requesting BlackRock Inc. to provide specific documents related to the world’s largest money manager’s environmental, social and governance practices and for its executives to testify. The Committee is chaired by Senator Bryan Hughes and the hearing has been set for...
Wall Street has turned unusually bearish on the stock market as their 2023 predictions arrive. Ongoing fears of an imminent economic recession have paralyzed Wall Street strategists. For the first time in more than 20 years, Wall Street expects a flat year for stocks in 2023. A 10% annual return...
It was a whipsaw week for stocks. The market came under pressure early in the week as investors worried that elevated wage pressure seen in the November jobs report could push the Federal Reserve to raise interest rates to a higher level than expected next year to combat inflation. After a brief mid-week respite, Wall Street closed lower Friday. The.
Dec 9 (Reuters) - Wall Street ended lower on Friday as investors assessed economic data and awaited a potential 50-basis point interest rate hike by the U.S. Federal Reserve at its policy meeting next week, while apparel company Lululemon slumped following a disappointing profit forecast.
Wall Street stumbled through an uncertain session on Friday, as investors continued to look ahead to next week's Federal Reserve meeting. The major U.S. equity averages finished modestly lower, resuming a slide that has marked most of the past couple weeks. The Nasdaq Composite (COMP.IND) closed -0.7%, the S&P 500...