S&P 500 Index falls slightly ahead of Fed Chairman Powell’s speech: Live updates

The S&P 500 Index plunges on Thursday as Wall Street monitors key bond yields and responds to comments from Federal Reserve Chairman Jerome Powell. waits.

The broad index lost 0.2%, while the Nasdaq Composite lost 0.3%. The Dow Jones Industrial Average fell 44 points to 0.1 %.

Traders will be watching Powell’s remarks at noon ET to get a feel for interest rate trends. Even as inflation data shows signs of improvement, the continued rise in Treasury yields raises questions about how the central bank can pursue monetary policy.

landmarks in the United StatesThe yield on the 10-year Treasury note hit a high of 4.983% on Thursday, approaching the common level of 5%. The return last exceeded the 5 percent mark in 2007.

“If the Fed says money is going to get cheaper, that’s good for stocks.” “If the Fed says money supply is going to increase, that’s going to be bad for stocks,” said David Waddell, CEO of Waddell & Colleagues.“Even small changes in money prices resulting from Powell’s comments have a significant impact on the market.”

weekly jobless claims fell below 200,000, another sign of the economy’s continued strength despite rising interest rates.

investors also analyzed the current earnings reports. According to FactSet, more than 15% of S&P 500 companies have already published reports this season. Of these, more than 74% exceeded Wall Street expectations.

Electric vehicle giant Tesla lost more than 9.0 liters as the company missed analysts’ expectations for third-quarter profit and sales. CEO Elon Musk also warned that the company’s Cybertruck would not generate very positive cash flow more than a year after production began. Meanwhile, Netflix shares rose more than 15 inches. The streaming giant reported third-quarter earnings that beat estimates. The company gained traction through strong subscription advertising.

Outside technology stocks, AT&T rose more than 6.0% above expectations in the third quarter, while investment firm Blackstone fell 6% after a weaker-than-expected report.

Netflix Gains, Chip Stocks Limit Losses for Nasdaq

The Nasdaq Composite and Nasdaq 100 pared losses during the session on advances in technology stocks and popular chipmakers.

Netflix was the biggest gainer in the Nasdaq 100 index, rising more than 15% on strong quarterly results and subscriber growth.

Amazon rose nearly 3%, while recently beaten chipmakers Advanced Micro Devices, ASML Holding, and Nvidia rose 2.4%, 2.2%, and 1%.6% Other notable winners include Atlassian, Qualcomm and Adobe.

Tesla was the worst performer in the concentrated index, losing 9% due to disappointing earnings and cautious forecasts. Lam Research fell almost 6% in its light forecast. Other notable laggards include Lucid Group, Enphase Energy, and Applied Materials, which lost about four channels.

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