Stock Market Today: Stocks Stay Shaky Amid Fed Uncertainty
The energy sector was a notable decliner as U.S. crude futures slumped to their lowest close of the year.
Stocks continued to sell off Tuesday, with the S&P 500 extending its daily losing streak to four. Amid a relatively bare economic calendar, investors' attention continued to be focused on next week's Federal Reserve meeting. Uncertainty over the central bank's next steps regarding monetary policy is impacting price action, particularly following the recent releases of data showing the U.S. economy remains resilient even in the face of this year's aggressive rate-hiking campaign.
"Market consolidation continues in U.S. equities as investors weigh the odds and impact of future Fed moves against persistent inflation and the threat of recession," says Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott. The market will likely remain choppy-to-higher into year-end, "with more emphasis on the 'choppy' part over the near-term," Wantrobski adds, "as benchmarks like the S&P digest recent gains against a still uncertain macro climate heading into the New Year."
Sign up for Kiplinger’s Free E-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.
Looking at today's price action, 10 of the 11 sectors finished in the red. Communication services (-2.9%) suffered the biggest drop on weakness in social media stocks Meta Platforms (META, -6.8%) and Snap (SNAP, -6.7%). Energy (-2.6%) was also a notable decliner as U.S. crude futures plummeted 3.5% to $74.25 per barrel – their lowest settlement of the year.
As for the major indexes, the tech-heavy Nasdaq Composite slumped 2.0% to 11,014, the broader S&P 500 Index fell 1.4% to 3,941, and the blue-chip Dow Jones Industrial Average gave back 1.0% to 33,596.
The Investment Case for Intel Stock
Semiconductor stocks had another miserable session, but one notable name had a less-terrible day than its peers. Intel (INTC) shed 2.0%, which wasn't great, but it was still better than fellow chip stocks Advanced Micro Devices (AMD, -4.6%) and Nvidia (NVDA, -3.8%). This comes after the chipmaker on Monday said it is on track to regain market share it has lost to competitors over the years.
"Whether INTC can catch up on manufacturing remains debatable, but we remain impressed by management's commitment to making the organization far more efficient and cost effective," says UBS Global Research analyst Timothy Arcuri, who has a Neutral (Hold) rating on INTC stock. Arcuri's not alone in his view that Intel remains a "show-me" story, but should investors feel that way too? Read on as we take a closer look at the investment case for Intel stock.
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Strategies to Optimize Your Social Security Benefits
To maximize what you can collect, it’s crucial to know when you can file, how delaying filing affects your checks and the income limit if you’re still working.
By Jason “JB” Beckett Published
-
Don’t Forget to Update Beneficiaries After a Gray Divorce
Some states automatically revoke a former spouse as a beneficiary on some accounts. Waivers can be used, too. Best not to leave it up to your state, though.
By Andrew Hatherley, CDFA®, CRPC® Published
-
Stock Market Today: Dow Slips After Travelers' Earnings Miss
The property and casualty insurer posted a bottom-line miss as catastrophe losses spiked.
By Karee Venema Published
-
Stock Market Today: Stocks Stabilize After Powell's Rate-Cut Warning
The main indexes temporarily tumbled after Fed Chair Powell said interest rates could stay higher for longer.
By Karee Venema Published
-
What Is Proxy Season and Should You Vote?
Proxy season is upon us, allowing investors to weigh in on corporate leadership and policies. Here, we look at proxy season and whether you should vote.
By Kyle Woodley Published
-
Stock Market Today: Stocks Reverse Lower as Treasury Yields Spike
A good-news-is-bad-news retail sales report lowered rate-cut expectations and caused government bond yields to surge.
By Karee Venema Last updated
-
Stock Market Today: Nasdaq Leads as Magnificent 7 Stocks Rise
Strength in several mega-cap tech and communication services stocks kept the main indexes higher Thursday.
By Karee Venema Published
-
Stock Market Today: Stocks Tumble After a Hot Inflation Print
Equities retreated after inflation data called the Fed's rate-cut plans into question.
By Dan Burrows Published
-
Stock Market Today: Stocks End Mixed Ahead of Key Inflation Reading
Equities struggled before tomorrow's big Consumer Price Index report.
By Dan Burrows Published
-
Stock Market Today: Stocks Closed Mixed in Choppy Trading
Volatility returned as market participants adjusted their expectations for rate cuts.
By Dan Burrows Published