Dec 1 (Reuters) – Wall Street was mixed on Thursday as a selloff in Salesforce weighed on the Dow while traders digested US data suggesting the Federal Reserve’s rate hikes are working completed the transaction.
On Wednesday, the S&P 500 rose more than 3% on optimism that the Fed could ease its rate hike campaign.
we manufacturing activity has decreased Rising borrowing costs weighed on demand for commodities, and the Fed’s rate hikes are evidence that the economy has cooled, according to data.
Personal Consumption Expenditure (PCE) Price Index Rose At 0.3%, the same as in September, the index rose 6.0% in the 12 months to October, after rising 6.3% the previous month.
Excluding volatile food and energy components, the PCE price index rose 0.2%, a tenth lower than expected, after rising 0.5% in September.
“Normally, this morning’s data set is pretty risk-on, but after yesterday’s rally, I don’t think it’s enough to push it one more leg,” said Ross Mayfield, an investment strategy analyst at Baird. Stated.Wednesday’s gains boosted his S&P 500 index (.SPX) Federal Reserve Board (FRB) Chairman Jerome Powell time to slow down pace of interest rate increases.
Traders now see a 79% chance that the Fed will raise its key benchmark rate by 50 basis points in December, and a 21% chance of raising rates by 75 basis points.
sales force inc. (CRM.N) Down 8.3% after software maker says Brett Taylor will resign as co-CEO in January.
Dollar General Corp (DG.N) 7.5% drop after discount retailers Downward revision of full-year profit forecastwhile Costco Wholesale Corporation (COST.O) It fell 6.6% after membership retail chains reported slower sales growth in November.
The S&P 500 dropped 0.08% to end the session with 4,076.79 points.
Nasdaq rose 0.13% to 11,482.45 points, boosted by Nvidia’s rise of more than 1% each. (NVDA.O) and facebook owner meta platform (META.O).
The Dow Jones Industrial Average fell 0.56% to 34,396.53 points, cut by Salesforce.
7 of S&P 500’s 11 Sector Indices Fall; Financial Stocks Led Downs (.SPSY)down 0.71%, followed by consumer staples, down 0.47%. (.SPLRCS).
Initial claims for state unemployment benefits for the week ending Nov. 26 fell from 16,000 to a seasonally adjusted 225,000, according to a U.S. Labor Department report on Thursday.
Investors are now awaiting Friday’s nonfarm jobs report for clues on how the rate hike has affected the labor market.
With one month left in 2022, the S&P 500 is down about 14% year-to-date and the Nasdaq is down about 27%.
Gainers Outnumber Losers in S&P 500 (.AD.SPX) At a ratio of 1.1 to 1.
The S&P 500 hit 32 new highs and did not make new lows. The Nasdaq posted 118 new highs and 91 new lows.
Volume on US exchanges was relatively high, with 11.7 billion shares traded, averaging 11.3 billion shares over the last 20 sessions.
Reported by Ankika Biswas and Shreyashi Sanyal, Bangalore, and Noel Randewich, Oakland, CA. Edited by Shounak Dasgupta and David Gregorio
Our criteria: Thomson Reuters Trust Principles.
