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Wall Street ends lower as investors digest economic data

Economy Dec 09, 2022 07:56PM ET
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© Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2022. REUTERS/Brendan McDermid
 
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By Ankika Biswas and Noel Randewich

(Reuters) - Wall Street ended lower on Friday as investors assessed economic data and awaited a potential 50-basis point interest rate hike by the U.S. Federal Reserve at its policy meeting next week, while apparel company Lululemon slumped following a disappointing profit forecast.

U.S. producer prices rose slightly more than expected in November amid a jump in the costs of services, but the trend is moderating, with annual inflation at the factory gate posting its smallest increase in 1-1/2 years, data showed.

"Today's data shows that inflation is coming down, but it's lingering and is stickier than most assume," said Anthony Saglimbene, chief market strategist at Ameriprise Financial (NYSE:AMP) in Troy, Michigan.However, in December, consumer sentiment improved, while inflation expectations eased to a 15-month low, a University of Michigan survey showed.

Futures trades suggest a 77% chance the Fed will raise interest rates by 50 basis points next week, with a 23% chance of a 75-basis point hike, with those odds little changed after Friday's economic data.

Consumer prices data for November, due Tuesday, will provide fresh clues on the central bank's monetary tightening plans.

Lululemon Athletica (NASDAQ:LULU) Inc tumbled almost 13% after the Canadian athletic apparel maker forecast lower-than-expected holiday-quarter revenue and profit.

Netflix Inc (NASDAQ:NFLX) gained 3.1% after Wells Fargo (NYSE:WFC) upgraded the video streaming giant to "overweight" from "equal weight".

The S&P 500 declined 0.73% to end the session at 3,934.38 points.

The Nasdaq declined 0.70% to 11,004.62 points, while Dow Jones Industrial Average declined 0.90% to 33,476.46 points.

Of the 11 S&P 500 sector indexes, 10 declined, led lower by energy, down 2.33%, followed by a 1.28% loss in health care.

The energy index recorded a seventh straight session of losses, its longest losing streak since December 2018, as oil prices looked set for weekly losses on recession concerns. [O/R]

Wall Street's main indexes have fallen this week after logging two straight weekly gains. Weighing heavily on investors are fears of a potential recession next year due to extended the central bank's rate hikes.

For the week, the S&P 500 dropped 3.4%, the Dow lost 2.8% and the Nasdaq shed 4%.

U.S. stocks ended a recent run of losses on Thursday after data showed initial jobless claims rose modestly last week.

Broadcom (NASDAQ:AVGO) Inc jumped 2.6% after the chipmaker forecast current-quarter revenue above Wall Street estimates.

Boeing (NYSE:BA) Co climbed 0.3% after Reuters report the plane maker plans to announce a deal with United Airlines for orders of 787 Dreamliner next week.

Declining stocks outnumbered rising ones within the S&P 500 by a 3.3-to-one ratio.

The S&P 500 posted 5 new highs and 1 new lows; the Nasdaq recorded 54 new highs and 213 new lows.

Volume on U.S. exchanges was relatively light, with 9.9 billion shares traded, compared to an average of 10.9 billion shares over the previous 20 sessions.

Wall Street ends lower as investors digest economic data
 

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Comments (28)
Daniel Diggen
Daniel Diggen Dec 10, 2022 4:34PM ET
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I want to invest
Brad Albright
Brad Albright Dec 10, 2022 11:07AM ET
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Great to see https://investing.com has fixed the comment spam problem.
Stephon Starrantino
Stephon Starrantino Dec 09, 2022 5:47PM ET
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Fraud
Jay Garrelts
Jay Garrelts Dec 09, 2022 5:13PM ET
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Thank you Trump and Biden for doubling the nation’s money supply both are a joke just like credit scores fiat money and you peoples thought process
Brad Albright
Brad Albright Dec 09, 2022 5:13PM ET
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You peoples?
Ac Tektrader
Ac Tektrader Dec 09, 2022 4:09PM ET
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lakes... biden inherited the policy mess that the trump administration created.
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Brad Albright
Brad Albright Dec 09, 2022 4:09PM ET
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Bill Powers, comment cop.
ottin nerner
ottin nerner Dec 09, 2022 4:09PM ET
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who printed 14 trillion after he took office, and implemented socialist fiscal policies????
First Last
First Last Dec 09, 2022 4:09PM ET
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ottin nerner   How much did US money supply increase under Trump's term?  How much increase since Jan 2021?
First Last
First Last Dec 09, 2022 4:09PM ET
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How much of the increase since Jan 2021 is because "Biden inherited the policy mess that the trump administration created", e.g., mishandling the beginning of the covid pandemic?
Jay Garrelts
Jay Garrelts Dec 09, 2022 4:09PM ET
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ottin nerner Trump created more money in two months than since the signing of the constitution
Ac Tektrader
Ac Tektrader Dec 09, 2022 3:25PM ET
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the corrupt incompetent trump administration set the stage for this economic mess.....
rob finch
rob finch Dec 09, 2022 3:25PM ET
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in 2007?
First Last
First Last Dec 09, 2022 3:25PM ET
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rob finch   In 2007, Trump was setting  the stage for economic mess for his business partners and contractors.
Ac Tektrader
Ac Tektrader Dec 09, 2022 3:06PM ET
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. blaming the markets or fed .ect.... makes no sense to me.....the markets operate technically the information being broadcasted is already in the markets.sometmes there are short term reactions like the sudden drop this morning but those moves can usually be hedged.... commodity markets are a little more involved,.... example....the amount of Russian oil being pushed into the system is extraordinary..... commodities have to be monitored, but still the technical picture will ultimately signal direction..,.the hardest part is getting around the need to be right.....use stops, and be willing to admit when you're wrong...and if possible, change direction. that can be hard for most people to do.
Prabhat Negi
Prabhat Negi Dec 09, 2022 3:03PM ET
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there is no reason for the markets to pump before March next year.. if they do.. it's just to liquidate shorts .. few understand this
Ac Tektrader
Ac Tektrader Dec 09, 2022 2:52PM ET
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helen, lewis and Tom more spammers trying to separate you from your money
Brenda Holes
Brenda Holes Dec 09, 2022 1:59PM ET
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Buy
 
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