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Stocks Give Up Gains as Recession Fears Rise Again

Stock Markets Jun 23, 2022 01:31PM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks were mixed after Federal Reserve Chair Jerome Powell wrapped up his two-day semiannual testimony on Capitol Hill, telling lawmakers about the state of the economy and answering questions about inflation and central bank policy.

At 1:25 PM ET the Dow Jones Industrial Average was down 100 points or 0.3%, while the S&P 500 was down 0.1% and the NASDAQ Composite was up 0.3%.

Stocks closed Wednesday on a sour note after Powell told lawmakers in the Senate a recession was possible but that the central bank was “strongly committed” to taming inflation using interest rate hikes. He also said the economy was strong enough to endure multiple rate increases.

UBS joined Goldman Sachs and Citigroup in raising the odds of a recession at some point in the next year. The Swiss banking company put the odds at 69%.

Shares of home builder KB Home (NYSE:KBH) rose more than 8% after it renewed its outlook for the year despite saying it sees the housing market moderating this year. 

Funko Inc (NASDAQ:FNKO) shares rose 11% after an upgrade from JPMorgan to overweight. The analysts called the toy industry a safe haven in the current market.

Darden Restaurants Inc (NYSE:DRI) shares fell 0.1% even after it reported profit of $2.24 a share on revenue of $2.6 billion, both beating expectations

Shares of Occidental Petroleum Corporation (NYSE:OXY) fell 0.2% after Warren Buffett’s conglomerate Berkshire Hathaway (NYSE:BRKa) disclosed it bought more than $500 million of shares to raise its stake to 16.3%.

Oil couldn't hold onto earlier gains. Crude Oil WTI Futures fell more than 1% to under $105 a barrel, while Brent Oil Futures fell 1% to $110 a barrel. Gold Futures fell 0.5% to $1,829.

Stocks Give Up Gains as Recession Fears Rise Again
 

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Comments (12)
Ac Tektrader
Ac Tektrader Jun 23, 2022 4:24PM ET
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mitchel, if you're an investor may be cash is the safest place for you to park your investment capital .
Ac Tektrader
Ac Tektrader Jun 23, 2022 4:12PM ET
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poor mitch, he can't seem to get it right...
Ac Tektrader
Ac Tektrader Jun 23, 2022 4:10PM ET
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seasonality suggests a rally into the 4 of July weekend.... still in a bear market the surprises are always on the down side.....
Jun 23, 2022 4:03PM ET
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Buy Gold
Viren Patel
Viren Patel Jun 23, 2022 3:47PM ET
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wanna rewrite this morons...
Steffen vdm
Steffen vdm Jun 23, 2022 3:46PM ET
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when you hold the graph upsidedown and you are colour blind, then this article makes sense
Edward Chong
Edward Chong Jun 23, 2022 3:46PM ET
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Haha
Mitchel Pioneer
Mitchel Pioneer Jun 23, 2022 3:11PM ET
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What a surprise, the US Ponzi Scheme is green "in late trade."  Criminally manipulated, predictable joke.
Samer Diab
Samer Diab Jun 23, 2022 3:11PM ET
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the bottom was in last Friday stop crying
First Last
First Last Jun 23, 2022 3:11PM ET
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Samer Diab   Mitch was crying going into last Friday, too
Ac Tektrader
Ac Tektrader Jun 23, 2022 3:11PM ET
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mitch are you ever going to figure it out...
Ac Tektrader
Ac Tektrader Jun 23, 2022 2:40PM ET
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Mitchel,these moves are predictable for most market traders. you're becoming the laughing stock of the trading world....
Samer Diab
Samer Diab Jun 23, 2022 2:40PM ET
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Mitchel is an investor not a trader lol.
Mitchel Pioneer
Mitchel Pioneer Jun 23, 2022 2:17PM ET
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Another magic show in the laughingstock of the investing world.
Ryan Lennon
Ryan Lennon Jun 23, 2022 2:17PM ET
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go away...no one cares
Gary Moses
Gary Moses Jun 23, 2022 2:17PM ET
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Ryan Lennon if know 1 cares, Why are you Responding. Michaels just having Fun.
Sun Moon
Sun Moon Jun 23, 2022 2:10PM ET
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Those pesky "recession fears", tamped down in the AM, "rising again" in the PM.  They're regular little prairie dogs
 
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