US close: Dow Jones extends losses
By Iain Gilbert
Date: Wednesday 28 Sep 2022
(Sharecast News) - Wall Street stocks turned in a mixed performance on Tuesday after the blue-chip Dow Jones closed at its lowest level in more than two years in the previous session.
At the close, the Dow Jones Industrial Average was down 0.43% at 29,134.99, while the S&P 500 was 0.21% weaker at 3,647.29 and the Nasdaq Composite saw out the session 0.25% stronger at 10,829.50.
The Dow closed 125.82 points lower on Tuesday, extending losses recorded in the previous session amid a surging dollar and heightened bond yields.
The greenback was in focus yet again on Tuesday as the British pound bounced back more than 1% in early trading to sit at $1.083 just 24 hours after hitting a record low against the USD as investors looked for further clarity regarding UK monetary policy amid calls for aggressive rate hikes in order to stabilise the pound.
Oil prices were slightly higher on Tuesday after tumbling to their lowest level since January in the previous session, with West Texas Intermediate crude futures up more than 1% at over $78 per barrel.
Comments from Cleveland Fed president Loretta Mester also drew an amount of investor attention, with the central banker saying inflation was "unacceptably high" and that uncertainties had made monetary policy decisions "not trivial".
"When there is uncertainty, it can be better for policymakers to act more aggressively," she said. "Aggressive and pre-emptive action can prevent the worst-case outcomes from actually coming about." Mester added that she would be "very cautious" when assessing inflation data.
On the macro front, new orders for manufactured durable goods slipped 0.2% month-on-month in August, according to the Census Bureau, following a revised 0.1% drop in July and better than estimates for a larger fall of 0.4%.
Elsewhere, US house price growth eased in July, according to the latest S&P CoreLogic/Case-Shiller national home price index. The national home price index, which covers all nine US census divisions, rose 15.8% on the year, down from 18.1% a month earlier. This marked the slowest pace of growth since April 2021.
Still on data, new home sales in the soared 28.8% month-on-month in August to a seasonally adjusted annual rate of 685,000, according to the Census Bureau, the biggest increase since June 2020, the highest level in five months, and above market expectations for a reading of 500,000.
Finally, the Conference Board's September consumer confidence index increased to 103.2 in August, according to the Conference Board, up from 95.3 in July and following three straight monthly declines.
In the corporate space, Cracker Barrel shares rose in early trading after the restaurant and retailer posted a quarterly profit beat and issued some upbeat revenue guidance, while Blackberry shares slipped in extended trading after the group reported a drop in Q2 cybersecurity revenues.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $148.90 1.76%
Dow Chemical Co. (DOW) $43.85 0.92%
Home Depot Inc. (HD) $268.69 0.79%
Apple Inc. (AAPL) $151.76 0.66%
Travelers Company Inc. (TRV) $151.18 0.42%
Nike Inc. (NKE) $96.29 0.24%
Boeing Co. (BA) $127.51 0.13%
Chevron Corp. (CVX) $141.02 0.04%
American Express Co. (AXP) $137.57 0.03%
Unitedhealth Group Inc. (UNH) $508.74 0.00%
Dow Jones - Fallers
McDonald's Corp. (MCD) $236.70 -2.90%
Procter & Gamble Co. (PG) $131.98 -2.75%
Coca-Cola Co. (KO) $56.38 -2.57%
Walt Disney Co. (DIS) $95.85 -2.31%
Visa Inc. (V) $177.87 -1.51%
Goldman Sachs Group Inc. (GS) $291.21 -1.10%
JP Morgan Chase & Co. (JPM) $105.85 -0.88%
Walgreens Boots Alliance, Inc. (WBA) $32.43 -0.80%
3M Co. (MMM) $112.41 -0.52%
Johnson & Johnson (JNJ) $164.94 -0.46%
S&P 500 - Risers
CF Industries Holdings Inc. (CF) $95.87 6.10%
HF Sinclair Corporation (DINO) $50.63 6.08%
FMC Technologies Inc. (FTI) $8.43 4.59%
Norwegian Cruise Line Holdings Ltd (NCLH) $13.96 4.26%
Mosaic Company (MOS) $48.44 4.15%
Macy's Inc. (M) $15.82 4.01%
Royal Caribbean Cr (RCL) $45.76 3.91%
Marathon Petroleum Corporation (MPC) $92.73 3.70%
Carnival Corp. (CCL) $9.20 3.60%
Micron Technology Inc. (MU) $50.58 3.48%
S&P 500 - Fallers
Digital Realty Trust (DLR) $97.76 -3.98%
Perrigo Company plc (PRGO) $36.17 -3.96%
Philip Morris International Inc. (PM) $87.02 -3.49%
Global Payments Inc. (GPN) $107.99 -3.42%
Coty Inc. Class A (COTY) $6.85 -3.38%
Kraft Heinz Co. (KHC) $32.95 -3.26%
Colgate-Palmolive Co. (CL) $72.70 -3.23%
Clorox Co. (CLX) $135.45 -3.18%
AES Corp. (AES) $22.25 -3.14%
Hanesbrands Inc. (HBI) $7.39 -3.03%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $50.58 3.48%
American Airlines Group (AAL) $12.27 3.46%
Vertex Pharmaceuticals Inc. (VRTX) $284.74 2.88%
Tesla Inc (TSLA) $282.94 2.51%
Expedia Group Inc. (EXPE) $91.82 2.37%
Autodesk Inc. (ADSK) $187.96 2.16%
Seagate Technology Plc (STX) $56.53 2.06%
Marriott International - Class A (MAR) $138.68 1.81%
Ross Stores Inc. (ROST) $84.40 1.77%
Paypal Holdings Inc (PYPL) $85.75 1.77%
Nasdaq 100 - Fallers
Kraft Heinz Co. (KHC) $32.95 -3.26%
Align Technology Inc. (ALGN) $214.22 -2.47%
Hasbro Inc (HAS) $69.44 -2.36%
Comcast Corp. (CMCSA) $30.26 -2.04%
Dollar Tree Inc (DLTR) $136.04 -1.58%
eBay Inc. (EBAY) $37.57 -1.47%
Meta Platforms Inc. (META) $134.40 -1.44%
Verisk Analytics Inc. (VRSK) $171.03 -1.38%
Mondelez International Inc. (MDLZ) $57.58 -1.32%
JD.com, Inc. (JD) $52.66 -1.27%
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