Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

S&P 500 Stumbles as Tech Struggles to Hold Gains

Stock Markets Sep 27, 2022 21:32
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
-0.16%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.01%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MSFT
-0.59%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOOGL
-0.90%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
-2.11%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VLO
+0.27%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- The S&P 500 fell Tuesday, after struggling to hold onto gains as investors remained wary of making big bets on stocks just as data pointing to a stronger consumer strengthened bets on the Federal Reserve sticking with its plan for further rate hikes.

The S&P 500 fell 0.1%, theDow Jones Industrial Average slipped 0.4%, or 111 points, and the Nasdaq was up 0.2%. All three-major averages fell deeper in bear-market territory.

Big tech was unable to hold onto the bulk of its gains as the dip-buying action ran out of stem and Treasury yields moved off session lows.

Apple Inc (NASDAQ:AAPL) eased from session highs to remain just above the flatline, while Alphabet Inc Class A (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) turned negative.

Twitter (NYSE:TWTR), meanwhile, was flat after Elon Musk’s deposition by Twitter lawyers was rescheduled for Oct. 6-7.

The delay comes ahead of a trial, set for Oct. 17, that will decide the “ultimate fate of the $44 billion Twitter deal,” Wedbush said. “Twitter's stock will continue to trade on deal odds as the long and ugly courtroom battle now begins to play out in Delaware courts,” it added.

Data showing stronger consumer confidence reinforced expectations that the Federal Reserve is likely to stay the course and lift its benchmark rate above 4% by the end of the year.

The Conference Board’s consumer confidence gauge rose to 108.0 in October from 103.68 in September, beating economists’ forecast for a reading of 104.

Consumer sentiment is a leading indicator of consumer spending, which plays a major role in overall economic activity.

The pick-up in consumer confidence, which was driven by falling gas prices, Pantheon Macroeconomics said, “might not last as people absorb the hit from the recent drop in stock prices and the Fed’s latest rate hikes, with the promise of more to come.”

Federal Reserve Bank of St. Louis President James Bullard indicated on Tuesday that the Fed had more work to do, calling for further rate hikes that would need to stay at higher rate for “some time to make sure we’ve got the inflation problem under control.”

Energy stocks recovered from a rout a day earlier, supported by a more than 2% rise in oil prices rose on bets of supply disruptions in the U.S. Gulf of Mexico as Hurricane Ian is expected to make landfall in Florida on Wednesday.

Valero Energy Corporation (NYSE:VLO), Marathon Petroleum Corp (NYSE:MPC), and Baker Hughes Co (NASDAQ:BKR) led the gains in energy.

Cruise line stocks including Carnival Corporation (NYSE:CCL), Royal Caribbean Cruises (NYSE:RCL), and Norwegian Cruise Line (NYSE:NCLH) were boosted by news that Canada would end Covid-19 travel restrictions next month.

Crypto-related stocks also reversed course as bitcoin failed to hold above $20,000. Coinbase Global (NASDAQ:COIN) and Riot Blockchain Inc (NASDAQ:RIOT) were in the red. 

In other news, electric motorcycle maker LiveWire Group, a subsidiary of Harley-Davidson (NYSE:HOG), which went public through a special-purpose acquisition company, reversed gains on its debut to trade more than 1% lower.

S&P 500 Stumbles as Tech Struggles to Hold Gains
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email