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Stock market today: Dow ends higher as Fed minutes show end of jumbo hikes 'soon'

Stock Markets Nov 23, 2022 04:03PM ET
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By Yasin Ebrahim

Investing.com -- The Dow closed higher Wednesday, as the Federal Reserve’s November meeting minutes showed support for slowing of rate hikes “soon” at a time when data continue to point to a slowing economy.

The Dow Jones Industrial Average gained 0.28%, or 96 points, the Nasdaq rose 1%, and the S&P 500 rose 0.6%,

“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” the Fed's minutes showed.

The further hint at a slowing pace of rates reaffirmed investor expectations that the central bank is likely to slow hikes to 50 basis points at its December meeting.

“We continue to expect the Fed to hike by 50bp in December but then by only 25bp in January, with no further hikes,” Pantheon Macroeconomics said in a note following the Fed meeting.

The bets on a slower pace of rate hikes come in the wake of data Wednesday showing weaker-than-expected housing, manufacturing and services activity.  

Treasury yields slipped further into the red following the minutes, paving the way for growth sectors of the market including consumer discretionary and tech to add to early-day gains.

Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) led the gains for big tech rising more than 1%. Apple (NASDAQ:AAPL) rose less than 1% even as iPhone supply worries continued to linger amid Covid-19 lockdowns at China-based supplier Foxconn.

Despite the supply worries, Apple is seeing "strong" iPhone upgrade activity from AT&T and Verizon and in-store activity has been "solid,” Wedbush said in a note.

Consumer stocks, meanwhile, were led higher by a more than 7% rise in Tesla (NASDAQ:TSLA) after Citigroup upgraded the stock to neutral from sell, citing a more balanced valuation following the recent pullback.

The earnings front, meanwhile, delivered mixed quarterly results.

Deere & Company (NYSE:DE) delivered a full-year outlook pointing to ongoing demand after reporting quarterly results that topped Wall Street estimates, sending its shares more than 6% higher.

Nordstrom (NYSE:JWN) fell 5% as better-than-expected quarterly results were offset by slowing sales that raised concerns that the department store may have to increase promotional activity, hurting margins.

“[W]e struggle to see how JWN will achieve its implied 7.9% to 9.1% EBIT margin in 4Q,” Credit Suisse said in a note.

Energy stocks struggled to join in on the rally as falling oil prices weighed on investor sentiment amid data showing a larger-than-expected drop in weekly U.S. crude stockpiles and reports that G7 nations are weighing up a price cap on Russian oil in a range of $65 to $70 per barrel.

Schlumberger NV (NYSE:SLB), ConocoPhillips (NYSE:COP), and Halliburton (NYSE:HAL) were the biggest drags in the sector.

Stock market today: Dow ends higher as Fed minutes show end of jumbo hikes 'soon'
 

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Comments (10)
Joe Rizzuto
Joe Rizzuto Nov 24, 2022 7:31AM ET
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bogus manipulation by the fed. why was Bullard a few days ago talking up higher for longer when he knew the minutes from meeting 3 weeks ago were talking about slowing the pace? garbage! the fed should meet every month. minutes should be out the next day. fed bobbleheads can say whatever they want in between.
trevor hron
trevor hron Nov 23, 2022 7:26PM ET
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Whats up with all the board spamming? Not a single informative comment.
Mitchel Pioneer
Mitchel Pioneer Nov 23, 2022 6:10PM ET
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Another miracle "in late trade," and a financial knife in the back of America heading into another holiday.  There's no respite, as Wall Street continues their reign of financial terror on the US working class.  BIGGETST INVESTMENT JOKE IN THE WORLD.
MAP SR
MAP SR Nov 23, 2022 5:39PM ET
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There will be no stone left on stone
Ahmed Taylor
Ahmed Taylor Nov 23, 2022 5:00PM ET
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indexes should go up with a republican control house. The Democrats only received 47% of national votes during midterms
Kol Harrison
Kol Harrison Nov 23, 2022 4:57PM ET
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Kol Harrison
Kol Harrison Nov 23, 2022 4:56PM ET
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me ish
me ish Nov 23, 2022 4:53PM ET
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a slowing in the pace soon - still equals further rate hikes for quite some time to come whilst inflation is still raging at very high levels and diesel is about to become scarce and therefore increase in price more, pushing up the prices of pretty much everything - oh, and then the US railworkers may well go on strike in a few weeks time - but sure - nothing to see here - keeping pumping the stock market - even though debt is getting unsustainable and consumers have very few savings left and getting into worse and worse unsustainable debt - and assets such as housing, stocks and crypto are all down with housing slowing and reversing faster and faster now - and banks are tightening lending requirements as they are low on liquidity and preparing for mass defaults - that sounds like huge amounts of economic and market pain to come.
Kris Jay
Kris Jay Nov 23, 2022 4:53PM ET
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ignored the Fed will be raising rates higher part.   but housing actually came in stronger than expected.    I think it lags by at least six months.   Hopefully Powell puts a damper on this on the 30th.
Chad Richer Than You
Chad Richer Than You Nov 23, 2022 4:45PM ET
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As $3800 on S and P is overdue
damian del
mudlog79 Nov 23, 2022 4:23PM ET
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slowing not lowing...🙄
me ish
me ish Nov 23, 2022 4:23PM ET
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wait till the next CPI figure is higher- as OPEC are going to keep the global cost of oil up high and the world is short on diesel!!!
 
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