NEW YORK — Stocks drifted to a lower close as Wall Street waits for highly anticipated reports later this week about inflation and the economy. The S&P 500 fell 0.6% Tuesday. The Dow slipped 17 points, and the Nasdaq composite fell 1%. Oracle weighed on tech stocks after the software giant reported revenue that fell just short of what analysts expected. Stocks broadly have see-sawed in recent weeks amid uncertainty about whether the Federal Reserve is done with hiking interest rates.
Oracle’s forecast for how much revenue it will make in the current quarter wasn’t as strong as some analysts expected, even as it touts customers signing up for services because of the boom around artificial-intelligence technology. On the winning side of Wall Street, stocks of oil producers rose with the price of crude. Exxon Mobil rose 2.7% and was the single strongest forces pushing upward on the S&P 500. Occidental Petroleum gained 4%.
High rates work to undercut inflation by slowing the entire economy and knocking down prices for stocks and other investments. Sixty percent of fund managers say they think the Fed is done hiking rates, investment strategists led by Michael Hartnett wrote in a BofA Global Research report. That's a sharp turnaround from July, when just 9% were saying that.
On Thursday will come reports about inflation at the wholesale level and about sales at U.S. retailers. Strong spending by U.S. households has been a main driver keeping the U.S. economy humming, but it could also be encouraging companies to keep trying to raise their prices further.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today: Wall Street edges lower at the open ahead of inflation reportsNEW YORK (AP) — Stocks are drifting lower as Wall Street waits to see what reports coming up this week on the economy and Big Tech companies say. The S&P 500 slipped 0.2% early Tuesday. The Dow fell 28 points and the Nasdaq composite fell 0.3%.
Source: SooToday - 🏆 8. / 85 Read more »
Stock market today: Wall Street ticks higher to reverse some of last week's lossesU.S. stocks are ticking higher Monday as Wall Street recovers some of its losses from last week. The S&P 500 was 0.3% higher in midday trading, coming off its first losing week in the last three. The Dow Jones Industrial Average was up 47 points, or 0.1%, at 34,624, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.
Source: CTVNews - 🏆 1. / 99 Read more »
Stock market today: Wall Street rises to reverse some of last week’s lossesNEW YORK (AP) — U.S. stocks closed higher, recovering roughly half of Wall Street’s losses from last week. The S&P 500 rose 0.7% Monday. The Dow Jones Industrial Average added 87 points, and the Nasdaq composite climbed 1.1%.
Source: SooToday - 🏆 8. / 85 Read more »
Stock market today: Asian shares trade mixed after Big Tech rally on Wall StreetTOKYO (AP) — Asian shares were trading mixed Tuesday following a Big Tech rally on Wall Street, as investors awaited an update on U.S. consumer prices set for later in the week. Japan's benchmark Nikkei 225 surged 1.0% to 32,776.37. Australia's S&P/ASX 200 added 0.2% to 7,206.90. South Korea's Kospi shed 0.8% to 2,536.80. Hong Kong's Hang Seng dropped 0.2% to 18,056.17, while the Shanghai Composite fell nearly 0.2% to 3,137.73. The Federal Reserve is weighing whether to keep raising interest rat
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Morgan Stanley Favors Treasuries in Clash With Wall Street PeersMorgan Stanley has pushed back against Treasury bears, saying investors should buy US sovereign debt as markets may be too optimistic over the prospect of a soft-landing for the economy.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Morgan Stanley Favors Treasuries in Clash With Wall Street Peers(Bloomberg) -- Morgan Stanley has pushed back against Treasury bears, saying investors should buy US sovereign debt as markets may be too optimistic over the prospect of a soft-landing for the economy.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesBoss of Failed Cryp
Source: YahooFinanceCA - 🏆 47. / 63 Read more »