Market Updates
Stocks Remained Depressed, Treasury Yields Drop On Slower Rate Hike Hopes
Barry Adams
16 Nov, 2022
New York City
Benchmark index dropped after Target issued gloomy holiday sales outlook and investors digested latest retail sales and industrial output data.
Retail sector stocks led the decliners after Target Corp reported a sharp fall in its latest quarterly earnings but showed a marked improvement in its bloated inventories.
But what ailed the market was the gloomy outlook for the holiday period as the retailer said consumers are sticking to the basics and avoiding full-price items and discretionary purchases.
The S&P 500 index fell 0.8% to 3,958.79 and the Nasdaq Composite index dropped 1.5% to 11,183.66.
Among the widely held tech stocks, Apple, Amazon, Meta Platforms and Intel dropped between 1% and 3.3%.
Crude oil fell $1.39 to $85.52 a barrel and natural gas futures rose 19 cents to $6.22 a thermal unit.
Treasury yields fell after the Federal Reserve Governor Chris Waller showed his willingness to slow rate hike following the two lighter-than-expected inflation reports.
"The data of the past few weeks have made me more comfortable considering stepping down to a 50-basis-point hike," Waller said at a gathering in Phoenix, Arizona today.
However, he stressed that the inflation is still too high and the Fed is not done in fighting 4-decade elevated inflation.
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