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U.S. stocks lower as investors weigh Fed's next move

Stock Markets Dec 05, 2022 10:41AM ET
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By Liz Moyer

Investing.com -- U.S. stocks fell after last week’s stronger-than-expected jobs report for last month fueled speculation about the Federal Reserve’s next move on interest rates.

At 10:37 ET (15:37 GMT), the Dow Jones Industrial Average was down 237 points or 0.7%, while the S&P 500 was down 0.9% and the NASDAQ Composite was down 1%.

The ISM non-manufacturing PMI report on the services sector showed a reading of 56.5 versus expectations for 53.3. Last week, data on manufacturing showed it contracted for the first time since 2020 in October.

The Fed is meeting next week for its last policy confab for the year. The expectation is that it will raise rates again, but more likely by a smaller half-percentage point increment than it has at each of its last four meetings. 

Whether the moves will tame inflation without tipping the economy into a recession remains an open question, with some Wall Street economists foreseeing a brief downturn next year.

Shares of VF Corporation (NYSE:VFC), the maker of Timberland and other apparel, fell more than 7.7% after it warned on its profit outlook and launched a search for a new chief executive officer.

Oil rose after OPEC and its allies led by Russia decided to keep production cuts already agreed upon in October in place as a cap on Russian oil set in. 

Crude Oil WTI Futures rose 0.3% to $80.19 a barrel, while Brent Oil Futures crude rose 0.4% to $85.91 a barrel and Gold Futures fell 1.1% to $1789.

U.S. stocks lower as investors weigh Fed's next move
 

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Comments (9)
William Smith
William Smith Dec 06, 2022 1:28PM ET
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Horrible leadership in Washington leads to horrible stock markets.
siba patel
siba patel Dec 05, 2022 11:38AM ET
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every now and then, Fed will have a move ...
Hank Williams
Hank Williams Dec 05, 2022 11:17AM ET
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For those that don't get the reason for inflation. it's the shortage in emoyment. historically this has not been a problem.
Hank Williams
Hank Williams Dec 05, 2022 11:10AM ET
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I love the way WS has been discounting a recession since June. I expect markets to be setting new highs by the end of March.
Corrupt Fed
Corrupt Fed Dec 05, 2022 10:49AM ET
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ya whoever thinks the corrupt fed "reacts" to the markets hasn't been paying close enough attention. They actually make the markets move in the direction they want and they tip off all their banker buddies beforehand.
First Last
First Last Dec 05, 2022 10:49AM ET
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The Fed reacts to economic data, not so much the market.  The market reacts to economic data, not so much the Fed.
Mitchel Pioneer
Mitchel Pioneer Dec 05, 2022 10:44AM ET
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Ah yes, 10AM sharp and the miraculous intraday "recovery" commences.  Criminally manipulated, predictable JOKE.
First Last
First Last Dec 05, 2022 10:44AM ET
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Economic reports released at 10am
Rony Cherian
Rony Cherian Dec 05, 2022 10:39AM ET
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either move up or move down.stick to the course. enough of this stupidity
Stefan Kunco
Stefan Kunco Dec 05, 2022 10:34AM ET
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again again and again
Pete Poenaru
Pete Poenaru Dec 05, 2022 10:23AM ET
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I wonder what will be tomorrow ....last week market want up because of Fed's today it's going down because of Fed's. ....... LOL. What a joke
 
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