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S&P 500, Nasdaq end lower; BoE comments add to market jitters late

Published Oct 11, 2022 07:03AM ET Updated Oct 11, 2022 04:52PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 7, 2022. REUTERS/Brendan McDermid
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session.

Trading was volatile, with investors cautious ahead of key U.S. inflation data and the start of third-quarter earnings later this week.

The Dow ended higher, helped by Amgen Inc (NASDAQ:AMGN) shares, which jumped 5.7% after a report that Morgan Stanley (NYSE:MS) upgraded the drugmaker's stock to "overweight" from "equal weight."

All three major indexes fell in afternoon trading after Bank of England Governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support program for the country's bond market.

"What caused the latest downturn was an announcement the Bank of England was going to stop supporting the gilt (UK bonds) market in three days," said Randy Frederick, managing director, trading and derivatives at Charles Schwab (NYSE:SCHW) in Austin.

Earlier on Tuesday, the Pensions and Lifetime Savings Association urged the BoE to extend the bond-buying programme until Oct. 31 "and possibly beyond."

Growth and technology stocks underperformed as U.S. Treasury yields rose amid concern that U.S. inflation data this week will not stop the Fed's rapid hiking of interest rates. The S&P technology sector was down 1.5%.

The producer price index report is due Wednesday and consumer price index data is due Thursday.

The Dow Jones Industrial Average rose 36.44 points, or 0.12%, to 29,239.32, the S&P 500 lost 23.65 points, or 0.65%, to 3,588.74 and the Nasdaq Composite dropped 115.91 points, or 1.1%, to 10,426.19.

The Fed has been aggressively raising rates to curb inflation and is expected to continue with more increases into next year.

Stocks have been hit in recent weeks by worries about how aggressive the Fed may still need to be with hiking rates and the potential impact on the economy.

The S&P banks index was down 2.6% ahead of quarterly results from some major banks later this week. The reports are expected to kick off the third quarter reporting period for S&P 500 companies.

Adding to recent fears about the economy, the International Monetary Fund predicted a meager 1.6% growth in the U.S. economy this year.

Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored decliners.

The S&P 500 posted one new 52-week high and 104 new lows; the Nasdaq Composite recorded 33 new highs and 590 new lows.

Volume on U.S. exchanges was 11.65 billion shares, compared with the 11.73 billion average for the full session over the last 20 trading days.

S&P 500, Nasdaq end lower; BoE comments add to market jitters late
 

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Comments (14)
Kerry Ditto
Kerry Ditto Oct 11, 2022 9:20PM ET
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maybe core cpi would have fallen significantly to 5 something. if true. fed could pause. let's hope so.
Joeri Willems
Jurinho Oct 11, 2022 7:00PM ET
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why is https://investing.com not deleting all these spam/scam/commercial jam messages in this forum? yikes. ip bans please!
Maurice 2
Maurice 2 Oct 11, 2022 7:00PM ET
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Good question.
Jim Horn
Jim Horn Oct 11, 2022 7:00PM ET
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yes I'm sick of it!! If they don't we move on..
Ma Lu
Ma Lu Oct 11, 2022 7:00PM ET
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It's an advertisement site and they make good money with it. Did you notice that you cannot really block these users?
Joeri Willems
Jurinho Oct 11, 2022 7:00PM ET
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Ma Lu  True but the messages can be posted for free :D So what is the commercial value of that?
Krishnendu Maity
Krishnendu Maity Oct 11, 2022 3:16PM ET
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lol. What a joke.
Matt Kay
Matt Kay Oct 11, 2022 2:52PM ET
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This website is bot invested propaganda machine
Athie Mlatha
Athie Mlatha Oct 11, 2022 2:21PM ET
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S&P500 drop from 3639.18 to 3595.43 which is a support, tomorrow’s news could push the price down. Since most of wall street investors withdraw their investments. Die to FED interest rate decission, which will lead the countries economy to recession. Folks tomorrow, will be a bubble bust the s&p500 will break through support after FOMC minutes release 🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦
Robin Hood
RobinHdJr Oct 11, 2022 12:57PM ET
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So no stock buybacks before end of year then? Or we joe consumers are being made to think this
Stan Smith
Stan Smith Oct 11, 2022 12:56PM ET
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LOL.. stocks are soaring. I guess the FED surprises you with their pumps as much as us
Robin Hood
RobinHdJr Oct 11, 2022 12:56PM ET
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If only they would release their trades to the public. I'm certain they've been shorting the market since January, conflict of interest and insider trading rules be what may. Some are above the law
Mike Sim
Mike Sim Oct 11, 2022 12:44PM ET
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Magic show right on schedule today…PREDICTABLE LIKE THE SUN COMING UP
Moni Das
Moni Das Oct 11, 2022 12:30PM ET
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I am New bisnasman
Oct 11, 2022 12:07PM ET
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they trying to hold the July 20 lows is literally a transparent manipulation? where are your ethics now fed?
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First Last
First Last Oct 11, 2022 12:07PM ET
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Robin Hood   Those trades were made under Trump and became public under Biden.  After which those Fed members resigned and new ethics rules were adopted.
First Last
First Last Oct 11, 2022 12:07PM ET
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Those trades complied with the Fed’s Trump-era ethics rules, so can't punish.
Robin Hood
RobinHdJr Oct 11, 2022 12:07PM ET
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First Last  Phoney baloney. It happened, that is all there is to it. Resignation sike! They early retired, complete with taxpayer funded pension. SEC never did an investigation as they were requested to, so I'm curious how you are so certain no rules were broken.  Do you work for the Fed?
Bill Powers
Bill Powers Oct 11, 2022 12:07PM ET
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are you aware the u.s. president doesn't create ethic rules for the federal reserve?
First Last
First Last Oct 11, 2022 12:07PM ET
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Bill Powers   I was pointing out when things happened, not that the potus should be blamed.  But since you made that connection:  Are you aware Trump threatened to fire/demote Fed members who didn't do what he wished?  If he was willing to threaten, he could've threatened for better ethics .rules, but that wasn't his priority
 
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