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S&P 500, Nasdaq end higher as investors eye economic path

Economy Jul 05, 2022 06:16PM ET
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2/2 © Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 16, 2022. REUTERS/Brendan McDermid 2/2

By Echo Wang

NEW YORK (Reuters) - The S&P 500 ended slightly higher on Tuesday as investors kept their focus on the growth trajectory of the U.S. economy, and the tech-heavy Nasdaq closed higher while the Dow slipped.

U.S. stocks have been under relentless selling pressure this year, with the benchmark S&P 500 index recording its steepest first-half percentage drop since 1970, as the Federal Reserve moves away from easy-money policy by raising borrowing costs.

Investors are waiting for minutes from the Fed's meeting in June on Wednesday as they brace for another 75-basis-point rate hike at the end of the month.

Traders are also keeping a watch on economic data, including a June nonfarm payrolls report expected on Friday, and on company commentaries for signs of peaking inflation and cooling economic growth, with another earnings season around the corner.

Data showed new orders for U.S.-manufactured goods increased more than expected in May, reflecting that demand for products remains strong even as the Fed seeks to cool the economy.

Separately, business growth across the euro zone slowed further in June and European natural gas prices surged again, reigniting worries of a recession in the bloc.

"The risks of an outright recession are nonzero and the probability is growing at this point that a recession could emerge later - this year, or perhaps even into early 2023," said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis. "And the U.S. labor market continues to look quite healthy."

The Dow Jones Industrial Average fell 129.44 points, or 0.42%, to 30,967.82, the S&P 500 gained 6.06 points, or 0.16%, to 3,831.39 and the Nasdaq Composite added 194.39 points, or 1.75%, to 11,322.24.

Benchmark U.S. Treasury yields tumbled on Tuesday and a key part of the yield curve inverted for the first time in three weeks as economic growth concerns dented risk appetite and increased demand for the safe-haven U.S. debt.

Eight of the 11 major S&P sectors ended down, with communication services leading the gainers and energy notching the largest percentage drop, marking five-month lows as recession fears darkened the outlook for oil demand.

Volume on U.S. exchanges was 12.39 billion shares, compared with the 13.03 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.33-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favored advancers.

The S&P 500 posted 1 new 52-week high and 51 new lows; the Nasdaq Composite recorded 13 new highs and 308 new lows.

S&P 500, Nasdaq end higher as investors eye economic path
 

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Comments (23)
Chris Sundo
Chris Sundo Jul 06, 2022 12:30AM ET
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'U.S. stocks have been under relentless selling pressure this year,..'--It's sickening (to the mind and body) that government-supported organizations are allowed to short-sell a declining market and not only TRANSFER WEALTH from the Have-Nots to the Haves, scare momi & popi to sell at the bottom, but also RADICALLY destroy 401k's and the government invested pension funds. -- Moreover, Why is the gov't not doing their FIRST JOB of protecting the weak (pensioners) from the strong (Wall Street and gov't associated financial institutions and their related companies who recklessly short a declining market)? == Why did Trump, Biden, and the Fed not see this rampant inflation coming when they recklessly handed out helicopter money and million-dollar loans to those who  don't need the money? Could they not learn from history? / Germany / Argentina? -- Biden is now lamenting a measly 5 - 10% when 401k's are down 50% or more. -- What nonsense leaders have we elected?
Adamo Nals
Adamo Nals Jul 05, 2022 7:33PM ET
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Oh yeah and we have a little thing called massive rate hikes no matter what anyone says the fed is not going to pull back and 9 trillion on the balance sheet that has to come off. So no the fed will not be taking a break anytime soon. The market had it completely wrong today. Energy will be going much much much higher and the market will be going much much lower
Silindokuhle Sithole
Silindokuhle Sithole Jul 05, 2022 7:33PM ET
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I see the market going down to pre pandemic levels, this is just noise. We will close the week on the red again. Energies up, stonks down.
Adamo Nals
Adamo Nals Jul 05, 2022 7:31PM ET
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All you need to know is when you have an administration at war with fossil fuels on these pullbacks you buy as much energy exposure as you can. Remember oil and energy were dead money for 15+ years. It just doesn’t stop after six months especially when you have 1000 tailwinds for oil
Otb Investor
Otb Investor Jul 05, 2022 4:09PM ET
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we won't be in this agony on multiple fronts if DT was running the show.
First Last
First Last Jul 05, 2022 4:09PM ET
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Trading with the threat of Trump's next tweet jerking the market down & down was so fun.</sarc>
Brad Albright
Brad Albright Jul 05, 2022 4:09PM ET
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Rudy Giuliani, Lindsey Graham, John Eastman, Jenna Ellis, Cleta Mitchell, and Kenneth Chesebro.
First Last
First Last Jul 05, 2022 4:09PM ET
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If you examine a histogram of # of Trump tweets per day, you would see it increased steadily from low teens at beginning of his term to around 100 at the end.  "Running the show" --  Ha ha!  I know I get less trading done when I'm posting more.  And with Trump posting as potus again, everyone will get less trading done.
Midnight Trader
Midnight Trader Jul 05, 2022 4:09PM ET
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I see by your grammar you’re one of trumps “ poorly educated “
Jay Garrelts
Jay Garrelts Jul 05, 2022 3:13PM ET
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Before stimulus the USD had lost 98% of its value since 1971
Raymond Van Der Westhuizen
Raymond Van Der Westhuizen Jul 05, 2022 3:13PM ET
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By stimulus do you mean QE? QE devalues the dollar actually.
Jay Garrelts
Jay Garrelts Jul 05, 2022 3:13PM ET
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Raymond Van Der Westhuizen no Trump and Bidens stimulus I guess its 9 trillion dollars now together
Raymond Van Der Westhuizen
Raymond Van Der Westhuizen Jul 05, 2022 3:13PM ET
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Jay Garrelts yes thats called QE and it devalues the USD. The recent strength in USD is caused by tightening the money supply. “Printing money” devalues a currency.
Jay Garrelts
Jay Garrelts Jul 05, 2022 3:09PM ET
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Thank you Mr. Trump and Mr. Biden for $8 trillion dollars doubling the money supply causing massive inflation
Matt Kay
Matt Kay Jul 05, 2022 3:09PM ET
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9 trillion now
Otb Investor
Otb Investor Jul 05, 2022 3:00PM ET
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But hey that Brandon puppet is at least 'Presidential', and that's more important than the economy, right?
Otb Investor
Otb Investor Jul 05, 2022 2:59PM ET
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Hey yo'll meek sheep, don't you just love what Brandon has done?
James Victorino
James Victorino Jul 05, 2022 2:58PM ET
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you suddenly have all these dip buyers still buying stonks at premium prices. The indices have 300 pt daily swings based on no positive catalyst so much that they are beginning to resemble penny stocks.
Ronald Warren
Ronald Warren Jul 05, 2022 2:58PM ET
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Algos keep the market swinging to keep traders in the game. A flat market sux.
Otb Investor
Otb Investor Jul 05, 2022 2:57PM ET
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Hey all meek sheep demonrats, don't you just love what Brandon has done? But hey, at least that senile puppet is 'Oresidential', right?
 
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