Wall Street Wavers Wednesday 12/07 09:43
Stocks wavered between small gains and losses on Wall Street Wednesday,
leaving prospects uncertain for the market to break a four-day losing streak.
NEW YORK (AP) -- Stocks wavered between small gains and losses on Wall
Street Wednesday, leaving prospects uncertain for the market to break a
four-day losing streak.
The S&P 500 fell 0.1% as of 10:14 a.m. Eastern. The Dow Jones Industrial
Average rose 26 points, or 0.1%, to 33,627 and the tech-heavy Nasdaq fell 0.5%.
Every major index is on track for weekly losses.
Treasury yields fell significantly. The yield on the 10-year Treasury
slipped to 3.44% from 3.53% late Tuesday.
Investors have been dealing with a relative lack of news ahead of updates on
inflation and consumer sentiment later this week and the Federal Reserve's
meeting next week.
China rolled back more of its strict COVID-19 rules that have hindered that
nation's economy and added more uncertainty to global supply chains.
Markets in Asia closed lower overnight and European markets were mostly
Investors rewarded several companies for solid earnings reports. Campbell
Soup rose 3.6% after reporting strong results.
Inflation, the Fed's aggressive interest rate increases and recession
worries remain the big concerns for Wall Street. Economic updates later this
week could give investors more insight into inflation's path ahead and how the
Fed will continue fighting high prices.
The U.S. will release data on weekly unemployment claims on Thursday. The
jobs market has been a strong area of the otherwise slowing economy and that
has made it more difficult for the Fed to tame inflation.
The government will release a report on wholesale prices Friday that will
provide more details on how inflation is affecting businesses. The University
of Michigan will release a December survey on consumer sentiment on Friday.
The reports do not typically move markets but are receiving elevated
attention as they are some of the final data dumps before the Fed meets next
The central bank is expected to raise interest rates by a half-percentage
point at its meeting next week. It has raised its benchmark rate six times
since March, driving it to a range of 3.75% to 4%, the highest in 15 years.
Wall Street expects the benchmark rate to reach a peak range of 5% to 5.25% by
the middle of 2023.