© Reuters.
By Liz Moyer
Investing.com — U.S. stocks accelerated losses heading into the close of trading on Wednesday as investors studied data that showed the economy was cooling.
At 16:01 ET (21:01 GMT), the was down 614 points or 1.8%, while the was down 1.6% and the was down 1.2%. All three indexes rose to start the day.
The downward move weighed on what had been a January rally. The S&P is up 3% so far this month, and the Nasdaq is up 5%. The Dow has been lagging, up just 1%.
The Federal Reserve’s , a periodic report on economic conditions throughout its 12 districts, said price growth is expected to moderate though there won’t be much economic growth for the next few months.
for December fell more than expected, giving investors hope that interest rate increases by the Federal Reserve wouldn’t have to be as aggressive as they were last year. Holiday sales rose 5.3% but came in below analyst expectations.
The market has already been betting that the Fed’s next rate move would be smaller than the moves it made last year, with being a quarter of a percentage point rate increase in February.
Adding to the hope that inflation is waning, also rose less than expected for the year.
Microsoft Corporation (NASDAQ:) shares fell 1.9% after it said it was cutting 10,000 jobs and taking a $1.2 billion charge as it braces for slower revenue growth.
Moderna, Inc. (NASDAQ:) shares rose 3.3% after the COVID-19 vaccine maker said it had success with older adults in a trial of its experimental vaccine for RSV, a contagious respiratory virus.
Charles Schwab Corp. (NYSE:) stock fell 2.5% after it fell short of expectations for .
Be the first to comment