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S&P 500 Jumps as Investors Mull Fed Minutes

Stock Markets Jul 06, 2022 02:59PM ET
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© Reuters

By Yasin Ebrahim

Investing.com -- The S&P 500 jumped Wednesday, powered by tech as the Federal Reserve's June meeting minutes reaffirmed the central bank's commitment to stop inflation becoming entrenched.   

The S&P 500 rose 0.6%, the Dow Jones Industrial Average gained 0.4%, or 134 points, the Nasdaq was up 0.7%

The Fed's minutes show members were in favor of "moving to a restrictive stance of policy, and they recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist." 

Tech stocks did most of the heavy lifting, picking from where they left off a day earlier, to help steady the broader market.

Meta Platforms Inc (NASDAQ:META), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), and Amazon.com (NASDAQ:AMZN) were in the green, with the latter up more than 1%.

Amazon said it had taken a stake in Grubhub to provide Amazon Prime subscribers with food-delivery perks including food-delivery fee waivers. Uber (NYSE:UBER) and DoorDash (NYSE:DASH) fell sharply, down more than 4% and 7% respectively.

For a second-straight day, energy stocks were a major drag on the broader market as oil prices deepened their losses from a more than 9% slump a day earlier, pressured by concerns that a recession will severely hurt demand.

Citigroup warned earlier this week that oil prices could plummet to $65 a barrel by the end of this year and fall to about $45 by the end of 2023 if the economy falls into recession.

A key part of the Treasury yield curve, the 10-year yield over the two-year yield, remained inverted – a key recession indicator, though steepened slightly from a day earlier following better-than-expected economic data.

Services activity was better-than-expected in June, while job openings beat economists’ estimates, pointing to a labor market that is likely running too hot, which isn’t good news for bets on inflation peaking.

“While employment growth is slowing gradually, that slowdown is more driven by supply constraints rather than demand weakness, which creates continued upside for wages,” Jefferies said in a note.

In other news, Rivian Automotive (NASDAQ:RIVN) said it delivered more than 4,000 vehicles in the second quarter, keeping it on track to deliver 25,000 vehicles this year, sending its shares 11% higher.

S&P 500 Jumps as Investors Mull Fed Minutes
 

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Comments (15)
Sk Ram
Sk Ram Jul 06, 2022 4:45PM ET
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makes no sense... . just a little pull back after the sell off, it's all
Kerry Ditto
Kerry Ditto Jul 06, 2022 4:35PM ET
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Russell 3000 etf, +0.22%. It may be described as a confused, flat market.
Kerry Ditto
Kerry Ditto Jul 06, 2022 4:32PM ET
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0.3% is normally not described as a jump.
Paulo Russomanno
Paulo Russomanno Jul 06, 2022 4:10PM ET
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In about 24 days we will see the FED raising rates another .75 or eventually 1.00 percentual point..... panick will come again to the stock market. Remember the worst months which are sept, oct and part of november still have to come.....who is still alive by thanksgiving deserve a big celebration .....
Stan Smith
Stan Smith Jul 06, 2022 3:56PM ET
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So we can add 'Mulling' to the list of things that are great for stocks
john smith
john smith Jul 06, 2022 3:56PM ET
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I was thinking the same thing🤡 town
Casador Del Oso
Casador Del Oso Jul 06, 2022 3:53PM ET
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SP500 up 10 points now.
Chih Pin Wu
Chih Pin Wu Jul 06, 2022 3:45PM ET
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fighting leeks
Chih Pin Wu
Chih Pin Wu Jul 06, 2022 3:45PM ET
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fighting leeks
Chih Pin Wu
Chih Pin Wu Jul 06, 2022 3:45PM ET
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fighting leeks
Mitchel Pioneer
Mitchel Pioneer Jul 06, 2022 3:40PM ET
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BIGGEST INVESTMENT JOKE IN THE WORLD.
 
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