Stock Market Today: Tech Tumbles on Another Weak Day for Stocks
Another hot inflation reading sparks concerns that Fed policy will get tighter, sooner, weighing on technology shares.


The market sagged again Tuesday ahead of tomorrow's conclusion of the latest Federal Open Market Committee meeting, with technology stocks showing the greatest weakness.
The Labor Department delivered another sign of surging inflation today, announcing that wholesale prices jumped 9.6% year-over-year in November. That number was ahead of economist expectations for 9.2% and marked the fastest rate since the department started keeping tabs in November 2010.
Several experts believe that all but guarantees the Fed will announce a faster tapering of asset purchases, which in turn is raising fears that interest-rate hikes could follow soon.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"Our base case is that the Fed doubles its pace of QE tapering which would, in theory, put the March meeting in play for policy rate liftoff," says Lauren Goodwin, economist and portfolio strategist at New York Life Investments. "We also expect the Fed's median 'dots' to show rate hikes earlier in 2022, with likely two hikes next year."
"Yet, bond yields don't seem to be worried about inflation sticking around as the 10-year [Treasury] sits 20 basis points below pre-Thanksgiving levels," notes Lindsey Bell, chief money and markets strategist at Ally Invest. "While the Fed is more heavily leaning on inflation readings for cues on pace and timing of its monetary unwind, I believe the greater predictor of both inflation and Fed policy will be the job market."
Still, the news weighed on the rate-sensitive tech sector (-1.6%), as did a note from JPMorgan analyst Sterling Auty, who lowered his ratings on Adobe (ADBE, -6.6%), Zscaler (ZS, -7.8%) and Datadog (DDOG, -6.5%), among other software stocks. Microsoft (MSFT, -3.3%) and Intuit (INTU, -4.4%) also weighed on the sector.
All that put the greatest burden on the Nasdaq Composite, which was off 1.1% to 15,237. The S&P 500 dropped a more modest 0.8% to 4,634, and the Dow Jones Industrial Average escaped with a mere 0.3% decline to 35,544.
Other news in the stock market today:
- The small-cap Russell 2000 sank again, off 1.0% to 2,159.
- U.S. crude oil futures fell 0.8% to finish at $70.73 per barrel.
- Gold futures shed 0.9% to settle at $1,772.30 an ounce.
- Bitcoin prices rebounded, however, gaining 2.4% to $47,805.73. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Beyond Meat (BYND) jumped 9.3% after Piper Sandler analyst Michael Lavery upgraded the stock to Neutral from Underweight, the equivalents of Hold and Sell, respectively. The move amid Lavery's expectations that the plant-based protein-maker could launch its McPlant burger – currently being tested in eight McDonald's (MCD) locations across the U.S. – nationwide beginning in March, which is earlier than previously expected. Neither Beyond Meat nor McDonald's has commented.
- MGM Resorts International (MGM) gained 2.2% after the casino operator said it is selling the operations of its Mirage casino on the Las Vegas Strip to Hard Rock International for roughly $1.1 billion. The sale is forecast to close in the second half of next year, pending regulatory approval.
Diverisfied Portfolios for Dirt-Cheap Prices
Coming up is a holiday tradition that people from all walks of life across this great nation participate in every year: getting their investment lives in order.
The end of the year is a popular time for people to re-evaluate their portfolios, especially 401(k)'ers who tend to check in once a year – hence our 401(k) fund series, which looks at major fund families such as Fidelity and Vanguard that boast oodles of products that are popular retirement-plan funds.
But other fund families deserve watching, too, especially if you're investing in a brokerage, IRA or another vehicle where you can access mutual funds and exchange-traded funds (ETFs) alike.
Today, we take a look at some top funds from Charles Schwab – a provider that has built itself a name in recent years for its ultra-competitive low costs. Read on as we highlight 10 names that seem built to handle what 2022 has to offer.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Why is My First Medicare Bill So High?
Your first Medicare bill may be higher than expected for several reasons. If your premiums aren't taken out of your Social Security benefit, the bill can be huge.
-
11 Unforgettable Road Trips to Take in Retirement
More than a travel trend, the road trip is a quintessential American tradition, with millions of us taking them each year. Here's a guide to helping you choose your next adventure.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages – until it wasn't.
-
Dow Rips 846 Points to New All-Time High: Stock Market Today
Fed Chair Jerome Powell seems ready to cut interest rates in the fall but will still rely on incoming economic data about inflation and employment.
-
Tech Sells Off While Trump Stirs the Fed: Stock Market Today
We've reached another important part of earnings season, though markets remain captivated by the president, the Fed, and interest rate policy.
-
Dow Retreats From a Record High: Stock Market Today
Quietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
-
What Tariffs Mean for Your Sector Exposure
New, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
-
Stocks Rally on Apple Strength: Stock Market Today
The iPhone maker will boost its U.S. investment by $100 billion, which sent the Dow Jones stock soaring.
-
Dow Dives 542 Points on Soft Jobs Data: Stock Market Today
The last day of a busy week ends with the first greater-than-1% move in either direction in more than a month.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.