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U.S. Stocks Mixed Ahead of Central Bank Decisions on Interest Rates

Stock Markets Jun 08, 2022 10:23AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks were mixed as investors weighed economic data ahead of central bank meetings.

At 10:46 AM ET, the Dow Jones Industrial Average was down 123 points, or 0.4%, while the S&P 500 fell 0.2% and the NASDAQ Composite rose 2%.

In Europe, economic output rose 0.6% for the month for the first quarter from the previous quarter and 5.4% from the same period last year. Both beat expectations a day ahead of the European Central Bank's meeting, when it will decide on the direction of interest rates. The Federal Reserve meets next week. Investors have been worried that central banks will act too aggressively on rates and tip economies into recession in the process of trying to tame inflation.

The yield on the 10-Year Treasury bond rose above 3%.

Novavax Inc (NASDAQ:NVAX) stock dipped 0.6% on Wednesday, a day after an advisory panel to the Food and Drug Administration recommended the use of its Covid-19 vaccine in adults. That would make Novavax the fourth approved vaccine in the U.S.

Credit Suisse Group (NYSE:CS) shares rebounded and were trading 0.8% higher after the bank warned on profits for the second quarter, citing tighter monetary policy and Russia's war on Ukraine.

Spirit Airlines Inc (NYSE:SAVE) stock fell 0.3% after it postponed a shareholder meeting on Friday to vote on a takeover offer from Frontier Group Holdings Inc (NASDAQ:ULCC). JetBlue Airways Corp (NASDAQ:JBLU) raised its competing offer for the discount airlines.

Oil rose. Crude Oil WTI Futures was up 0.2% to $119.58 a barrel, while Brent Oil Futures was up 0.5% to $121.15 a barrel.Gold Futures rose 0.3% to $1,856 an ounce.

U.S. Stocks Mixed Ahead of Central Bank Decisions on Interest Rates
 

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Jack Waters
Jack Waters Jun 08, 2022 4:03PM ET
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Find it unbelievable that anyone is buying now.
 
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