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S&P 500 ends down as Apple dips and traders eye Powell speech

Stock Markets Nov 29, 2022 07:31PM ET
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© Reuters. FILE PHOTO: A specialist trader works with his son during a traditional bring-your-kids-to-work day on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 25, 2022. REUTERS/Brendan McDermid
 
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By Shreyashi Sanyal and Noel Randewich

(Reuters) - The S&P 500 ended down on Tuesday, with losses in Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.

Investors also focused on recent protests against COVID-19 curbs in China, including at the world's biggest iPhone factory.

Apple's stock dropped 2.1%, down for a fourth straight session.

Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.

"No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say," said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte.

Shares of Amazon, Nvidia (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA) each lost more than 1%.

The benchmark S&P 500 index is headed for its second straight month of gains in November amid bets that recent inflation readings showing a slight cooling in prices will lead the Fed to scale back the scale of its interest rate hikes.

The Fed has delivered four straight 75 basis point rate hikes, and it is expected to shift down the pace to a 50-bps move in December. [FEDWATCH]

A survey on Tuesday showed U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.

Mainland China's recent wave of civil disobedience comes as the number of COVID cases hit record daily highs and large parts of several cities face new lockdowns, further threatening the world's second largest economy.

The S&P 500 energy sector index rallied 1.3%, while gains in oil prices on expectations of a loosening of China's strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting.

The S&P 500 declined 0.16% to end the session at 3,957.60 points.

The Nasdaq declined 0.59% to 10,983.78 points, while Dow Jones Industrial Average rose 0.01% to 33,852.13 points.

Despite the S&P 500's decline, advancing issues outnumbered falling ones by a 1.3-to-one ratio.

The S&P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.

U.S.-listed shares of Chinese companies Alibaba (NYSE:BABA) Group Holding Ltd, Pinduoduo (NASDAQ:PDD) Inc and JD (NASDAQ:JD).com Inc jumped more than 5% after China broadened equity financing channels for property developers.

Shares of Chinese internet firm Bilibili (NASDAQ:BILI) Inc soared 22% after posting upbeat quarterly results.

Volume on U.S. exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.2 billion shares over the previous 20 sessions.

S&P 500 ends down as Apple dips and traders eye Powell speech
 

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Comments (17)
Nov 30, 2022 5:35AM ET
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time to end those apple sweatshops and start massive lawsuits against app store dictatorship
Brad Albright
Brad Albright Nov 30, 2022 5:35AM ET
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Hey, Mr. Red Wave. How's it going?
Kerry Ditto
Kerry Ditto Nov 30, 2022 1:33AM ET
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one's life Is forever, a process never ending. it is continuation of never ending series of different forms of life. So, when someone says if this is last day of your life, blah, blah, it is meaningless misunderstanding.
Brad Albright
Brad Albright Nov 30, 2022 1:33AM ET
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Is pot allowed in your dorm room?
Kerry Ditto
Kerry Ditto Nov 30, 2022 12:15AM ET
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if today is just one of days you will live forever, which stock would you buy? AAPL
Anne Fanning
Anne Fanning Nov 30, 2022 12:15AM ET
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PDD
Kerry Ditto
Kerry Ditto Nov 30, 2022 12:07AM ET
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Powell probably will say something neutral, mkt will go sideways and a few stocks like aapl will jump but a few stocks like tsla will fall.
Kerry Ditto
Kerry Ditto Nov 29, 2022 10:38PM ET
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AAPL should rise big. Misguided information pushed it down unfairly and unwisely. China stocks rising is the indication. China Covid problem appears exaggerated.
Jame barron
Jame barron Nov 29, 2022 2:48PM ET
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Ac Tektrader
Ac Tektrader Nov 29, 2022 2:22PM ET
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bitcoin is signaling lower price targets than12000....
Ac Tektrader
Ac Tektrader Nov 29, 2022 2:18PM ET
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crypto is making billionaires into millionaires....
Human S
Human S Nov 29, 2022 2:04PM ET
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Maybe crypto make you world richest man but investing in crypto somehow similar to participating in lucky draw at present situation. So can only invest if we are already rich and have excess funds
Ac Tektrader
Ac Tektrader Nov 29, 2022 1:52PM ET
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crypto continues to crash
Flat Top
Flat Top Nov 29, 2022 1:52PM ET
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You are fighting an uphill battle
 
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