Stock Market Overview
Fri, Dec 9th, 2022
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Markets Today: Stock Indexes Tumble as Bond Yields Rise on Strong U.S. PPI
Barchart - 1 hour ago
Morning Markets
December S&P 500 futures (ESZ22) this morning are down -0.54%, and December Nasdaq 100 E-Mini futures (NQZ22) are down -0.61%.
Stock indexes this morning erased overnight gains and are moderately lower after U.S. November producer prices rose more than expected, bolstering speculation the Fed will keep monetary policy tighter for longer. U.S. Nov PPI final demand rose +7.4% y/y, above expectations of +7.2% y/y.
The stronger-than-expected U.S Nov PPI report also boosted T-note yields that weighed on stocks, with the 10-year T-note yield up +2.2 bp to 3.504%. Fed officials have recently signaled that the Fed will downshift to a +50 bp rate hike at next week’s FOMC meeting after four straight +75 bp increases.
Stock indexes initially moved higher in overnight trading on strength in technology stocks, with Broadcom up more than +4% in pre-market trading after reporting better-than-expected Q4 revenue and forecasting Q1 revenue above expectatio... Read more
Wall Street drifts as US inflation slows but remains hot
AP - 23 minutes ago
Wall Street is drifting after a report showed inflation is slowing, though not quite as much as hoped
Workers at GM joint venture battery plant vote to join UAW
AP - 43 minutes ago
Workers at a General Motors joint venture electric vehicle battery factory in Ohio have voted to join the United Auto Workers union
France's TotalEnergies pulls out of Russian gas producer
AP - 56 minutes ago
French energy giant TotalEnergies says it will walk away from its stake in Russian natural gas producer Novatek and take a $3.7 billion loss
Wholesale inflation in US further slowed in November to 7.4%
AP - 1 hour ago
Wholesale prices in the United States rose 7.4% in November from a year earlier, a fifth straight slowdown and a hopeful sign that inflation pressures across the economy are continuing to cool
Chinese airline receives first domestic long-range jetliner
AP - 1 hour ago
A Chinese airline has become the first customer to take delivery of a long-range jetliner produced by a state-owned manufacturer set up to try to compete with Boeing and Airbus
Helping Ukraine is 'self-preservation,' finance chief says
AP - 1 hour ago
Ukraine's finance minister says crucial Western financial aid is “not charity” but “self-preservation" as donor countries share the price of turning back Russian aggression
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