Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

U.S. stocks wobble again on mixed economic data ahead of Powell speech

Stock Markets Nov 30, 2022 10:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
XAU/USD
+0.02%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
-0.99%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.53%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Gold
+0.10%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
+1.67%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
+1.70%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Liz Moyer

Investing.com -- U.S. stocks were wobbling again on Wednesday as investors await a speech from Federal Reserve Chair Jerome Powell this afternoon, and listen for clues as to the central bank’s next move.

At 9:50 ET (14:50 GMT), the Dow Jones Industrial Average was down 69 points or 0.2%, while the S&P 500 fell 0.1% and the NASDAQ Composite rose 0.3%.

Powell’s speech follows public appearances by several other Fed officials this week. James Bullard, the St. Louis Fed president, drove home the message that interest rates will have to be kept higher for longer to tame inflation, with the benchmark rate staying above 5% into 2024.

Investors had been looking for the Fed to eventually pause its rate increases and perhaps pivot to rate cuts. The Fed’s meeting next month is its last for this year, and expectations are that it will raise rates again, but probably at a smaller half-percentage-point increment.

Hopes for a slowdown in rate hikes and data that the economy is cooling have lifted stocks, with the S&P headed for its second month of gains. 

ADP’s private payrolls report said employers added 127,000 jobs in November, below expectations of 200,000. The government’s more comprehensive job report for November will come out on Friday.

Meanwhile, the second estimate of third-quarter gross domestic product said the economy expanded at a 2.9% annualized rate, beating expectations for 2.7%.

Electric vehicle maker Tesla's (NASDAQ:TSLA) November China sales got a lift from price cuts and incentives for its Model 3 and Model Y, according to Reuters, citing data from China Merchants Bank International. Shares of Tesla rose 2%.

Oil rose. Crude Oil WTI Futures was up 3.2% to $80.70 a barrel, while Brent Oil Futures crude was up 3% to $86.84 a barrel. Gold Futures rose 1.3% to $1,771.

U.S. stocks wobble again on mixed economic data ahead of Powell speech
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email