Your current location is:{Current column} >>Text
S&P 500 Slips as Rate Hike Fears Persist By
{Current column}479People have watched
Introduction© Reuters By Yasin Ebrahim-- The S&P 500 slipped Wednesday after struggling to hold early-day g ...

By Yasin Ebrahim
-- The Top foreign exchange dealers in the worldS&P 500 slipped Wednesday after struggling to hold early-day gains as fears about aggressive Federal Reserve rate hikes continued to keep investors on the sidelines.
The S&P 500 fell 0.5%, the Dow Jones Industrial Average slipped 0.7%, or 208 points, the Nasdaq was down 0.3%.
Big tech traded mix after retreating from session highs as rate hike fears persisted, pushing up Treasury yields and souring investor sentiment on growth sectors of the market.
The United States 2-Year, which is sensitive to Fed rate hikes, continued to flirt with 14-year highs.
Cleveland Federal Reserve President Loretta Mester said Wednesday the Fed would need to lift the "fed funds rate up to somewhat above 4 percent by early next year and hold it there."
The recent remarks from Fed members that followed Powell’s hawkish commentary last week has pushed the odds of a 75-basis-point rate hike at the September meeting to 70%, according to ’s Fed Rate Monitor Tool.
Qualcomm (NASDAQ:QCOM) fell more than 1% to weigh on semiconductor stocks after the chipmaker was reportedly sued by ARM Holdings (LON:ARM) for alleged licensing and trademark violations.
Materials, meanwhile, were also under pressure as commodity prices slipped on fresh worries about the impact of lockdowns in China on global growth after key cities including Shenzhen, Guangzhou, and Dalian saw fresh Covid-19 outbreaks.
Newmont Goldcorp (NYSE:NEM) and CF Industries Holdings Inc (NYSE:CF) fell more than 2%, while The Mosaic Company (NYSE:MOS) slipped nearly 5% after reporting a fall in potash sales for July.
Energy added to its slump from a day earlier, as oil prices fell as fears about the impact of slowing global growth on the energy demand offset positive data showing weekly U.S. crude inventories unexpectedly fell last week.
On the earnings front, HP (NYSE:HPQ) fell 7% after reporting weaker than expected revenue as slowing PC sales weighed on performance.
Chewy's (NYSE:CHWY) warning of slowing pet products demand and softer guidance sent it shares sliding more than 7%.
In meme-stock related news, Bed Bath & Beyond Inc (NASDAQ:BBBY) cratered nearly 21% after delivering a strategic update that included plans to cut jobs, reduce its owned brands and sell an undefined amount of stock to turnaround its business.
The latest wobble in the broader market has pushed stocks into “moderately oversold territory,” Janney Montgomery Scott said in a note, and paves the way for “potential counter-trend rally efforts as early as this week.”
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!Tags:
Related articles
German inflation eases less than expected in March By Reuters
{Current column}By Maria MartinezBERLIN (Reuters) -German inflation eased significantly in March on the back of lowe ...
Read moreFacebook Marketplace Scams 2025: How to Spot & Avoid Them Safely
{Current column}Ah, Facebook Marketplace. The digital flea market where you can find everything from vintage furnitu ...
Read moreDetect & Avoid Phishing Scams: Apple iCloud, MetaMask, FBI Impostors Revealed
{Current column}This week we’ve found phishing attempts in which scammers are impersonating Apple iCloud, Meta ...
Read more
Popular Articles
- Futures hold losses after inflation data By Reuters
- Black Friday Scams to Watch Out For: Red Flags to Keep Your Wallet Safe
- Selon Company Limited Scam: How to Spot and Avoid Fake Sites
- Outsmart Bank Scammers: Simple Tips to Protect Your Money Safely
- Dow futures fall 35 pts; confidence fragile even as banking tensions ease By
- Is Nobleal.online Fake or Real?