Wall Street falls as consumer data raises inflation concerns

JPM reports better-than-expected third-quarter earnings S&P 500, Nasdaq, weekly downtrend US consumer sentiment rises in October; Worsening inflation estimates Dow fell 1.34%, S&P 500 fell 2.37%, Nasdaq fell 3.08% NEW YORK, Oct 14 (Reuters) – US stocks on Friday said the Fed’s aggressive rate hike path could trigger a recession as inflation expectations worsened. It declined as concerns remained the same. Investors have digested the early stages of the earnings season. In the last session of the volatile week, stocks opened higher and reversed course after data from the University of Michigan showed consumer sentiment improved in October, but inflation expectations worsened as gasoline prices rose. “Retail sales data also indicates resilience among consumers,” said Anthony Saglimbene, chief market strategist for Ameriprise. “It said. Finance in Troy, Michigan. Register now and register for unrestricted access to Reuters.com “The story of witnessing peak inflation is not yet clear and this is depressing the market.” Readings showed inflation Fed officials were broadly in agreement when commenting on the need to raise rates, St. He said it guarantees continued “front loading,” but that doesn’t necessarily mean it should raise rates above the central bank’s most recent forecast, but the Dow Jones Industrial Average (.DJI) was down 403.89 points, or 1.34%. is the 37th time the S&P 500 gained or lost more than 2% over just seven sessions throughout 2021. During the week, the Dow was down 1.15%, the S&P 500 fell 1.56% and the Nasdaq fell 3.11%. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, USA on October 7, 2022. Read more REUTERS/Brendan McDermid , narrow 0.03% gain after JPorgan Chase & Co (JPM.N)’s quarterly earnings , and increased 1.66%, Citigroup Inc (CN) increased 0.65% and Wells Fargo & Co (WFC.N) rose 1.86%, increasing their respective shares.” The message I got from them is that despite the difficult situation, things are looking pretty good from an economic point of view, but they’ve increased their bad debt reserves in anticipation of your going. “It’s going to slow down further,” said Brian Jacobsen, chief investment strategist at Allspring Global Investments, Menomoni Falls, Wisconsin. UnitedHealth rose 0.63% as one of the three Dow components rose the day after health insurers reported better-than-expected earnings. According to Refinitiv data, analysts expect third-quarter earnings for S&P 500 companies to grow 3.6% year-over-year, well below the 11.1% increase expected in early July. Shares of Kroger Co (KR.N) fell 7.32% after the supermarket chain announced it would acquire smaller competitor Albertsons Companies Inc (ACI.N) for $24.6 billion. Tesla Inc (TSLA.O) has put an electric vehicle on hold and the automaker puts on hold plans to start production of battery cells at a plant outside Berlin due to technical problems. The volume of trading on the US exchange was 10.88 billion shares, compared to an average of 11.48 billion shares for the entire session over the past day. st 20 trading days. Decreasing issues increased by a 4.20:1 ratio over increasing issues on the NYSE. On the Nasdaq, it was down 2.87 to 1. The S&P 500 had five new 52-week highs and seven new lows. The Nasdaq Composite Index recorded 71 new highs and 235 new lows. Register Now Register for Free Unlimited Access to Reuters.com Additional Reports by Herbert Lash and Noel Randewich; EDIT: Chizu Nomiyama and David GregorioOur Standard: Thomson Reuters Trust Principle.
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