Investors looked beyond the Federal Reserve's rhetoric and shifted focus to the central bank's actions. Crude oil declined for the second day in a row and extended the 2-day loss to more than 10%.
The S&P 500 index declined for the second day in a row and Treasury yields edged higher after Fed officials stressed that the central bank is far from done raising rates.
Fed officials carried out another round of campaign to cool market expectations. Treasury yields inched higher and stocks fell. Crude oil fell more than 4% on China demand worries after coronavirus infections spiked up.
Retail sector stocks led the decliners on the growing worries of weak holiday sales. Treasury yields fell after comments from Fed Governor Wallace. European markets halted 4-day advance.
Benchmark indexes advanced after the second measure of inflation showed a slight cooling. The lighter-than-expected wholesale inflation follows the declining pace of consumer price inflation released last week.
Benchmark indexes sold-off in the final hour of trading and large tech stocks led the decliners. Bond yields rebounded after Fed officials reaffirm central bank's commitment in fighting inflation.
After a week of surge, stocks lacked direction on Wall Street and debate on the future rate path raged on. Treasury yields edged up higher and the dollar inched lower.
World markets extended weekly gains in Friday's trading and major indexes advanced for the second day in a row on the hopes of slower future interest rate hikes. The collapse of FTX reverberates around the world with billions of losses.
Beazer Homes said gross margin rose on higher average home sale price. Doximity launched a stock repurchase plan. Duolingo offered a cautious outlook. LegalZoom quarterly loss shrank.
Major averages soared after inflation moderated in October and raised the prospects of slower interest rate hikes. The dollar eased and gold advanced. Treasury yields fell for short and long durations.
ZipRecruiter expanded its stock repurchase program. Tapestry lowered its annual outlook. Rivian reported quarterly loss shrank and reiterated its annual production outlook.
Consumer inflation eased in October on a monthly and annual basis but stayed elevated as rapid price increase spread to the cost of housing and services with no sign of abating.
