Wall Street bounces off session lows as stocks churn ahead of Fed statement



plunged then pared losses on Tuesday, with interest-rate sensitive tech and tech-adjacent large caps weighing heaviest as uncertainties surrounding an increasingly hawkish Federal Reserve and rising geopolitical tensions contributed to the market’s churn.


All three major U.S. stock indexes were well off the session’s lows, which saw the flirt once again with confirming it was in a correction, or 10% below its record high reached on Jan 3. The bellwether index was last about 8.9% shy of its Jan 3 closing high.





The appeared to be on course for a repeat of Monday, when the U.S. stock market reversed steep losses and snapped a four-day losing streak which saw the plunge 5.7%.


“Uncertainty is what’s s behind it all,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “In that uncertainly the market becomes a flock (of) sheep. Selling begets more selling, and it’s driven by the Fed, inflation, and geopolitical tensions.” The members of the Federal Open Committee (FOMC) convene on Tuesday for their two-day monetary policy meeting, and on Wednesday market participants will scrutinize the statement at the meeting’s conclusion, along with Chairman Jerome Powell’s subsequent Q&A session, for clarity regarding the central bank’s timeline for hiking key interest rates to combat inflation.


“Hopefully we’ll get clarity on Wednesday from the Federal Reserve, although I think we’ll end up with more questions than answers about where the Fed is likely to take interest rates in 2022,” Pavlik added.


The Industrial Average fell 94.28 points, or 0.27%, to 34,270.22, the lost 44.38 points, or 1.01%, to 4,365.75 and the Nasdaq Composite dropped 244.15 points, or 1.76%, to 13,610.98.


Geopolitical tensions are adding to investor uncertainty, with NATO putting forces on standby and the United States putting troops on heightened alert in response to a buildup of Russian forces along Ukraine border. Those tensions prompted a rise in crude oil prices on concerns over tightening supply, which in turn gave energy companies a solid boost.


Energy was the top gainer among the 11 major sectors in the S&P 500, with tech shares suffering the largest percentage decline. The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&P 500 having reported. Of those, 81% have delivered better-than-expected results, according to Refinitiv.


Analysts now see aggregate S&P 500 earnings growth of 24.1% for the October-December period, per Revinitiv.


The fourth-quarter earnings season has started off on a mixed note, with all eyes now on mega-cap growth company Microsoft’s earnings after market close on Tuesday, followed by Apple and Tesla later this week.


General Electric Co fell 6.3% after the industrial conglomerate, weighed down by global supply disruptions, reported a decline quarterly revenue. IBM advanced 5.1% after the IT giant beat quarterly estimates on strength in its cloud and consulting businesses.


American Express exceeded fourth-quarter profit estimates, sending the consumer credit company’s stock up 7.8% , while Johnson & Johnson gained 2.5% after reporting it expects a jump of as much as 46% in 2022 vaccine sales.


Declining issues outnumbered advancing ones on the NYSE by a 1.63-to-1 ratio; on Nasdaq, a 1.73-to-1 ratio favored decliners. The S&P 500 posted 3 new 52-week highs and four new lows; the Nasdaq Composite recorded 10 new highs and 120 new lows.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

istanbul escort aksaray escort arnavutköy escort ataköy escort avcılar escort avcılar türbanlı escort avrupa yakası escort bağcılar escort bahçelievler escort bahçeşehir escort bakırköy escort başakşehir escort bayrampaşa escort beşiktaş escort beykent escort beylikdüzü escort beylikdüzü türbanlı escort beyoğlu escort büyükçekmece escort cevizlibağ escort çapa escort çatalca escort esenler escort esenyurt escort esenyurt türbanlı escort etiler escort eyüp escort fatih escort fındıkzade escort florya escort gaziosmanpaşa escort güneşli escort güngören escort halkalı escort ikitelli escort istanbul escort kağıthane escort kayaşehir escort küçükçekmece escort mecidiyeköy escort merter escort nişantaşı escort sarıyer escort sefaköy escort silivri escort sultangazi escort suriyeli escort şirinevler escort şişli escort taksim escort topkapı escort yenibosna escort zeytinburnu escort porno 1080p porno izle 4k porno izle 720p porno izle abella danger alman alman porno alman porno izle aloha tube porno amatör amatör porno amatör porno izle anal anal porno anal porno izle arap porno asa akira porno asyalı porno bangbros porno bangbros porno izle banyoda sikis başörtülü porno beeg porno izle beyaz tenli porno izle biseksuel porno izle bisexsuel porno brandi love porno brazzers brazzers porno izle canli porno canli porno izle çinli porno çinli porno izle ensest porno ensest porno izle ensest seks erotik porno erotik porno izle esmer porno esmer porno izle etek altı fake agent fake taxi fake taxi porno fantazi pornoları fantezi porno izle fetiş porno fetiş porno izle fetish fransız porno fransız porno izle full hd hg porno izle gangbang porno genç kız porno izle genç kız sikişi genç teen porno izle gizli çekim porno gizli çekim pornosu grup pornosu grup porno grup porno izle hd pornolar hd porno hd porno izle hemşire porno hemşire pornosu hizmetçi porno hizmetçi porno izle ingiliz porno japon pornoları japon porno kızlık bozma kızlık bozma porno izle konulu porno konulu porno izle koreli porno köylü pornoları kumral porno kumral porno izle latin pornoları latin porno latin porno izle lezbiyen pornoları lezbiyen porno lezbiyen porno izle lisa ann porno liseli pornoları liseli porno liseli porno izle manken porno manken porno izle masaj porno izle masturbasyon porno izle masturbasyon pornoları mature porno mia khalifa porno mia malkova porno milf porno izle mobil porno mobil porno izle öğrenci porno izle öğretmen porno izle okul porno izle olgun kadın pornosu olgun porno oral porno oral porno izle oral seks porna izle pornhub pornhub porno izle porno film izle porno indir porno izle porno resimler porno star porntube porno izle redtube redtube pornoları riley reid porno rokettube rus pornoları rus porno rus porno izle sakso blowjob porno izle sarışın pornoları sarışın porno sarışın porno izle sarışın pornoları sekreter porno shemale sikiş sikiş sikiş izle şişman porno siyahi pornoları suriyeli pornoları swinger porno tecavüz porno teen porn türbanlı pornoları türbanlı porno türk pornoları türk porno türk porno izle türkçe altyazılı porno türkçe altyazılı porno izle xhamster pornoları xhamster porno xhamster porno izle xnxx xnxx porno xnxx porno izle xvideos xvideos porno izle yaşlı porno yeşilçam porno izle youjizz youporn youporn porno izle zenci porno güvenilir bahis siteleri bahis siteleri casino deneme bonusu casino siteleri deneme bonusu para yatırma bonusu bahis siteleri casino siteleribahis sitesi para yatırma