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S&P 500 Pares Losses on Energy Rally, Dip-Buying in Tech

Stock Markets Oct 05, 2022 02:56PM ET
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By Yasin Ebrahim

Investing.com -- The S&P 500 pared some losses Wednesday, driven by rising energy stocks and dip-buying in tech despite Federal Reserve officials pushing back against the idea of the pause on rate hikes.

The S&P 500 fell 0.1%, the Dow Jones Industrial Average was flat, or up 10 points points, and the Nasdaq was down 0.3%.

San Francisco Federal Reserve President Mary Daly said that the Fed’s goal to keep tightening monetary policy until interest rates are at a restrictive level “hasn’t really changed,” easing investor bets on a Fed pivot.

Interest rates had reached a point that was potentially a “little bit restrictive, or just at neutral,” Daly added, though insisted that “more rate increases [was] necessary” to bring inflation down.

The ongoing hawkish remarks from the San Francisco Fed president arrived as data showed U.S. services activity rebounded by more than expected in September, pointing to underlying economic strength.

Treasury yields climbed, but tech stocks fought back from session lows as dip buyers helped big tech move off session lows.

A climb in chip stocks also supported the broader move off the lows in tech, with Marvell Technology Group Ltd (NASDAQ:MRVL) and Taiwan Semiconductor Manufacturing (NYSE:TSM) up more than 2%.

Twitter Inc (NYSE:TWTR), meanwhile, fell 0.7% after rallying more than 22% a day earlier as the social media giant confirmed Tuesday that Musk had agreed to revive the deal to buy the company for $54.20.

The deal is expected to close “without any major issues over the next few weeks,” Wedbush said in a note, though noted that now the “hard part will be fixing it [Twitter] with monetization and subscriber engagement.”

Tesla Inc (NASDAQ:TSLA), however, fell more than 3% on expectations that Musk will have to sell more Tesla shares to fund the $44 billion Twitter deal.

As well as a fall in Tesla, consumer discretionary stocks were also weighed down by weakness in cruise line stocks.

Carnival Corporation (NYSE:CCL) fell 5%, while Royal Caribbean Cruises (NYSE:RCL), Norwegian Cruise Line Ltd (NYSE:NCLH) were down more than 3%.

S&P 500 Pares Losses on Energy Rally, Dip-Buying in Tech
 

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Comments (3)
Dave Jones
Dave Jones Oct 05, 2022 3:49PM ET
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Spin spin spin. Good news is bad news. Bad news is good news. Good news is good news. Bad news is bad news. Roll up roll up folks for a chance to lose your money!
Casador Del Oso
Casador Del Oso Oct 05, 2022 3:49PM ET
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Normally I wouldn't pay attention to a post like this, but given the current circumstances I have to agree.
Jared Magnums
Jared Magnums Oct 05, 2022 3:49PM ET
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Your comment is a somewhat truth Dave.Its more about sentiment in the current market.That’s why you can see stock prices go up even on bad news in a bull market and vice versa.Clearly we are in a bear market so goos news being sold into and bad news stocks getting destoryed.Also we were recently at very oversold levels so had to expect some type bounce.
lakes Tenn
lakes Tenn Oct 05, 2022 3:12PM ET
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what a pretty shade of green
Mitchel Pioneer
Mitchel Pioneer Oct 05, 2022 3:12PM ET
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"S&P Pares Losses," one of the most prolific headlines in internet news history.  Nothing to see here, just another criminal miracle in the GREATEST FINANCIAL FRAUD IN THE WORLD.
 
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