Stocks End Thursday Session With Modest Losses

Fears over the Fed's next move dampened sentiment today

Digital Content Manager
Nov 17, 2022 at 4:32 PM
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The major indexes were able to recuperate some of their deeper losses on Thursday, finishing the day modestly in the red, with the Dow shedding 7 points, and the S&P 500 and Nasdaq both shedding roughly 0.3%. Sentiment on Wall Street was soured today by hawkish comments from St. Louis Federal Reserve President James Bullard. Bullard said in a speech that the Fed's current policy rate is "not yet in a zone that may be considered sufficiently restrictive." In response, bond yields are back in the rise, with the 10-year Treasury yield rising back to 3.773%. 

Continue reading for more on today's market, including:

  • What could weigh Spotify stock next month. 
  • Signal says this retail stock might bounce soon. 
  • Plus, Macy's post-earnings jump; cruise stock to avoid; and what to know about the "Red Cup rebellion."

The Dow Jones Industrial Average (DJI - 33,546.32) lost 7.5 points, or 0.02% for the day. Cisco Systems (CSCO) led the Dow with a 5% win, while Salesforce (CRM) paced the laggards with a 3.5% drop.

The S&P 500 Index (SPX - 3,946.56) lost 12.2 points, or 0.3% for the day, while the Nasdaq Composite Index (IXIC - 11,144.96) lost 38.7 points, or 0.4%.

Lastly, the Cboe Volatility Index (VIX - 23.93) shed 0.2 point, or 0.8% for the session.

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5 Things to Know Today 

  1. Jeff Bezos is warning Americans not to buy big-ticket items this holiday shopping season as inflation spikes and a recession looms. (MarketWatch)
  2. House Speaker Nancy Pelosi will step down from her congressional leadership role after two decades as a leading House Democrat. (CNBC)
  3. How options traders played Macy's beat-and-raise
  4. Beware this cruise stock, says analyst. 
  5. Is the "Red Cup rebellion" hurting Starbucks stock?  

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Oil, Gold Prices Inch Lower 

Oil prices plummeted today, settling at their lowest close since late September as sentiment over inflation, Covid-19 cases in China, and a looming recession worsens. December-dated crude lost $3.95, or 4.6% to trade at $81.64 per barrel.

Gold prices also dropped lower after this morning's hawkish Fed comments strengthened the dollar. December-dated gold lost $12.80 or roughly 0.7%, to settle at $1,763 an ounce.

 

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