NEW YORK — Stocks oscillated between small gains and losses in early trading on Wall Street, leaving the outlook uncertain for the market to break a four-day losing streak. The S&P 500 was down 0.2% at the start of Wednesday and the tech-heavy Nasdaq fell 0.6%. The Dow Jones Industrial Average of the 30 major blue chips slipped 0.1%. Treasury yields were lower and crude oil prices were higher. European markets were slightly lower and Asian markets closed lower overnight. Campbell’s Soup rose 3% after reporting earnings and revenue that easily beat analysts’ forecasts. More inflation data is expected at the end of the week.
THIS IS A BREAKING NEWS UPDATE. AP’s previous story follows below.
Wall Street futures fell slightly on Wednesday ahead of new data on jobs and wholesale prices, as the Federal Reserve weighs its next step in its fight to calm inflation.
Dow Jones Industrials futures fell 0.4% and the S&P 500 fell 0.7% just over an hour before the opening bell.
Stronger-than-expected economic data this week dragged U.S. markets lower on expectation that the Federal Reserve will be forced to stay aggressive with interest rates at its final policy meeting of 2022.
This week, the Dow Jones fell 2.4%, the S&P 3.2% and the tech-heavy Nasdaq composite nearly 4%.
The US will release weekly unemployment data on Thursday and wholesale prices on Friday. The reports typically don’t move markets, but are given extra attention as they are among the final data dumps ahead of the Fed meeting next week.
The United States releases critical consumer price data on Tuesday, the same day the Fed opens its two-day meeting.
Most economists expect the Fed to raise interest rates by half a percentage point. It has raised its benchmark rate six times since March, bringing it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the benchmark rate to peak at 5% to 5.25% by mid-2023.
Wall Street and the Fed are eager for any trend that suggests inflation is slowing. The Fed’s aggressive rate hikes risk tipping the economy into a recession.
Global stocks also fell on Wednesday, with Hong Kong’s benchmark down more than 3%, as Beijing announced it was scaling back its “zero-COVID” policies.
In Asian trading, the Hang Seng index in Hong Kong fell 3.2% to 18,814.82. The Shanghai Composite Index fell 0.4% to 3,199.62.
The announcement by China’s National Health Commission rescinded rules for isolating people with COVID-19 and scrapped virus testing requirements for some public places.
Experts say it may be at least mid-2023 before controls that disrupt travel, trade and industry can be fully lifted, but global markets have swirled on speculation that major changes could be coming. produce, helping to bring the world’s second-largest economy back to a “normal” post-pandemic state.
Tokyo’s Nikkei 225 slid 0.7% to 27,686.40 and Seoul’s Kospi fell 0.4% to 2,382.81. The Shanghai Composite lost 0.4% to 3,199.62, while Australia’s S&P/ASX 200 fell 0.9% to 7,229.40.
Shares also fell in Mumbai and Bangkok.
China reported that its imports and exports fell in November as global demand weakened and virus controls weighed on the second-largest economy.
In Europe at midday, the German DAX and the CAC 40 in Paris each fell by 0.6%. Britain’s FTSE 100 fell a slight 0.1%.
Benchmark U.S. crude oil remained unchanged at $74.25 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international price standard, edged down 10 cents to $79.25 a barrel.
The dollar fell from 136.94 yen to 137.38 Japanese yen. The euro fell from $1.0468 to $1.0521.
Small company stocks also fell, dragging the Russell 2000 Index down 1.5%. Major indices are poised for a weekly loss after posting back-to-back weekly gains.
——
Kurtenbach reported from Bangkok; Ott reported from Washington.
NEW YORK — Stocks oscillated between small gains and losses in early trading on Wall Street, leaving the outlook uncertain for the market to break a four-day losing streak. The S&P 500 was down 0.2% at the start of Wednesday and the tech-heavy Nasdaq fell 0.6%. The Dow Jones Industrial Average of the 30 major blue chips slipped 0.1%. Treasury yields were lower and crude oil prices were higher. European markets were slightly lower and Asian markets closed lower overnight. Campbell’s Soup rose 3% after reporting earnings and revenue that easily beat analysts’ forecasts. More inflation data is expected at the end of the week.
THIS IS A BREAKING NEWS UPDATE. AP’s previous story follows below.
Wall Street futures fell slightly on Wednesday ahead of new data on jobs and wholesale prices, as the Federal Reserve weighs its next step in its fight to calm inflation.
Dow Jones Industrials futures fell 0.4% and the S&P 500 fell 0.7% just over an hour before the opening bell.
Stronger-than-expected economic data this week dragged U.S. markets lower on expectation that the Federal Reserve will be forced to stay aggressive with interest rates at its final policy meeting of 2022.
This week, the Dow Jones fell 2.4%, the S&P 3.2% and the tech-heavy Nasdaq composite nearly 4%.
The US will release weekly unemployment data on Thursday and wholesale prices on Friday. The reports typically don’t move markets, but are given extra attention as they are among the final data dumps ahead of the Fed meeting next week.
The United States releases critical consumer price data on Tuesday, the same day the Fed opens its two-day meeting.
Most economists expect the Fed to raise interest rates by half a percentage point. It has raised its benchmark rate six times since March, bringing it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the benchmark rate to peak at 5% to 5.25% by mid-2023.
Wall Street and the Fed are eager for any trend that suggests inflation is slowing. The Fed’s aggressive rate hikes risk tipping the economy into a recession.
Global stocks also fell on Wednesday, with Hong Kong’s benchmark down more than 3%, as Beijing announced it was scaling back its “zero-COVID” policies.
In Asian trading, the Hang Seng index in Hong Kong fell 3.2% to 18,814.82. The Shanghai Composite Index fell 0.4% to 3,199.62.
The announcement by China’s National Health Commission rescinded rules for isolating people with COVID-19 and scrapped virus testing requirements for some public places.
Experts say it may be at least mid-2023 before controls that disrupt travel, trade and industry can be fully lifted, but global markets have swirled on speculation that major changes could be coming. produce, helping to bring the world’s second-largest economy back to a “normal” post-pandemic state.
Tokyo’s Nikkei 225 slid 0.7% to 27,686.40 and Seoul’s Kospi fell 0.4% to 2,382.81. The Shanghai Composite lost 0.4% to 3,199.62, while Australia’s S&P/ASX 200 fell 0.9% to 7,229.40.
Shares also fell in Mumbai and Bangkok.
China reported that its imports and exports fell in November as global demand weakened and virus controls weighed on the second-largest economy.
In Europe at midday, the German DAX and the CAC 40 in Paris each fell by 0.6%. Britain’s FTSE 100 fell a slight 0.1%.
Benchmark U.S. crude oil remained unchanged at $74.25 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international price standard, edged down 10 cents to $79.25 a barrel.
The dollar fell from 136.94 yen to 137.38 Japanese yen. The euro fell from $1.0468 to $1.0521.
Small company stocks also fell, dragging the Russell 2000 Index down 1.5%. Major indices are poised for a weekly loss after posting back-to-back weekly gains.
——
Kurtenbach reported from Bangkok; Ott reported from Washington.