rain.png
Friday December 9th, 2022 3:22PM

Stocks are mostly higher in the early going on Wall Street

By The Associated Press

NEW YORK (AP) — Stocks are mostly higher in the early going on Wall Street but trading remained unsteady ahead of the Thanksgiving holiday in the U.S. The S&P 500 was holding on to a gain of 0.2% in the first few minutes of trading Tuesday, but the tech-heavy Nasdaq turned lower and was down 0.4%. The Dow Jones Industrial Average was up 0.6%. Best Buy was sharply higher after the Minneapolis consumer electronics chain did better than analysts expected and said a trail-off in stores sales for the year will not be as bad as it had projected earlier. European markets were higher.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Major global stock markets advanced Tuesday after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown.

London and Frankfurt opened higher. Shanghai and Tokyo gained, while Wall Street futures were lower. Oil prices gained.

Wall Street's benchmark S&P 500 index declined Monday after a Federal Reserve official rattled investors last week by saying already-elevated interest rates might have to go higher than expected to stop surging inflation.

China's increasing restrictions on millions of people in multiple cities to fight virus outbreaks are adding to concern the world's second-largest economy might weaken further.

“Fears over China’s COVID situation are putting pressure on the global outlook for demand,” Anderson Alves of ActivTrades said in a report.

In early trading, the FTSE 100 in London gained 0.8% to 7,434.43. The DAX in Frankfurt added 0.4% to 14,435.27 and the CAC 40 in Paris was up 0.3% at 6,652.73.

On Wall Street, the S&P 500 future was off 0.1%. That for the Dow Jones Industrial Average was off less than 0.1%.

On Monday, the S&P 500 fell 0.4% and the Nasdaq composite, dominated by tech stocks, dropped 1.1%.

The Dow edged down 0.1%. It was supported by a 6.3% gain for Walt Disney Co. after the entertainment company announced former CEO Bob Iger would return to the job.

Apple slid 2.2% and Visa fell 2.1%.

Tesla tumbled 6.8%. The electric automaker’s shares are down more than 50% this year on fears CEO Elon Musk will be distracted by his $44 billion purchase of Twitter.

Consumer and energy stocks also declined. Target fell 3% and Exxon Mobil dropped 1.4%.

In Asia, the Shanghai Composite Index gained 0.1% to 3,088.94 and the Nikkei 225 in Tokyo rose 0.6% to 28,115.74. The Hang Seng in Hong Kong sank 1.3% to 17,424.41.

The Kospi in Seoul shed 0.6% to 2,405.27 while Sydney’s S&P-ASX 200 gained 0.6% to 7,181.30.

India’s Sensex advanced 0.3% to 61,318.85. New Zealand and Jakarta declined while Singapore advanced.

Concerns about China rose after the major cities of Guangdong and Shijiazhuang ordered millions of residents to stay home and told factory operators to isolate their workforces. Other cities including the capital, Beijing, closed stores and tightened restrictions on movement.

Casino operator Wynn Resorts, which depends on Chinese gamblers visiting the southern territory of Macao for a big share of its revenue, fell 2.2% on Monday. Las Vegas Sands, which also operates casinos in Macao, slid 2.9%.

Bond yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.82% from 3.83% late Friday.

U.S. markets close Thursday for the Thanksgiving holiday and have a shortened trading day Friday.

On Wednesday, the Fed is due to release minutes from its latest meeting. That might give investors more insight into plans to fight inflation that is near a four-decade high.

Traders worry unusually large rate hikes by the Fed and other central banks this year might tip the global economy into recession. They expect the Fed to raise rates again at its December meeting but by one-half percentage point after four hikes of 0.75 percentage points, three times its usual margin.

The president of the St. Louis Federal Reserve Bank, James Bullard, dashed hopes the Fed might be easing off rate hike plans. He suggested the U.S. central bank's key lending rate might need to rise to 5% to 7% before inflation is under control. That would be almost double the current range of 3.75% to 4%, up from close to zero in March.

In energy markets, benchmark U.S. crude gained 46 cents to $80.50 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, advanced 56 cents to $88.01 per barrel in London.

The dollar declined to 141.31 yen from Monday's 142.17 yen. The euro gained to $1.0280 from $1.0240.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Sweden arrests 2 suspected spies in predawn raid
Swedish authorities have arrested two people on suspicion of espionage in a pre-dawn operation in the Stockholm area
10:18AM ( 15 minutes ago )
Thanksgiving might bring changes in holiday-travel habits
The holiday travel rush is already on, and it could spread out over more days than usual this year
10:14AM ( 19 minutes ago )
Jury begins deliberating in Oath Keepers sedition trial
Jurors have started deliberating in the Capitol riot case accusing Oath Keepers founder Stewart Rhodes and four associates of a violent plot to stop the transfer of presidential power from Republican Donald Trump to Democrat Joe Biden
10:12AM ( 21 minutes ago )
Associated Press (AP)
China anti-virus curbs spur fears of global economic impact
The Chinese government says more than 253,000 coronavirus cases have been found in the past three weeks and the daily average is rising
9:26AM ( 1 hour ago )
'Stock up on blankets': Ukrainians brace for horrific winter
One of Ukraine's energy chiefs says rolling blackouts across Ukraine could continue through March
9:23AM ( 1 hour ago )
A rail strike looms and impact on US economy could be broad
American consumers and nearly every industry will be affected if freight trains grind to a halt next month
9:14AM ( 1 hour ago )
AP Business
Prosecution rests in Trump Organization tax fraud case
Prosecutors in the Trump Organization’s criminal tax fraud trial have rested their case
5:26PM ( 17 hours ago )
Iger back on top in a Disney plot twist that few saw coming
Bob Iger, the enterprising entertainment executive who brought Star Wars, Pixar and Marvel under the Disney marquee and challenged the streaming dominance of Netflix, will replace his handpicked successor, CEO Bob Chapek, whose two-year tenure has been marked by clashes, missteps and a weakening financial performance
5:05PM ( 17 hours ago )
Supreme Court takes Jack Daniel's case against dog toy maker
The Supreme Court says it will hear a dispute over a dog toy that got whiskey maker Jack Daniel’s barking mad
2:51PM ( 19 hours ago )
AP Business - Corporate News
Global stocks gain after Wall St slide, China virus fears
Major global stock markets are higher after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown
4:44AM ( 5 hours ago )
Asian stocks mixed after Wall St slide, China virus fears
Asian stock markets are mixed after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown
12:38AM ( 9 hours ago )
EXPLAINER: Rail strike would have wide impact on US economy
American consumers and nearly every industry will be affected if freight trains grind to a halt next month
12:01AM ( 10 hours ago )
AP Business - Economy
Global stocks down after Wall St weekly loss on rate fears
Global stock markets are lower after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation
4:48AM ( 1 day ago )
Red Cross: Afghans will struggle for their lives this winter
A senior official with the International Committee of the Red Cross says that Afghans will struggle for their lives as the country braces for its second winter under Taliban rule and faces plummeting humanitarian conditions
2:14AM ( 1 day ago )
Asian stocks down after Wall St weekly loss on rate fears
Asian stock markets are lower after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation
1:35AM ( 1 day ago )
AP Business - Financial Markets
Reality TV's Chrisleys get hefty sentences in fraud case
Reality TV stars Todd and Julie Chrisley have been sentenced to lengthy prison terms after being convicted earlier this year on charges including bank fraud and tax evasion
11:40PM ( 10 hours ago )
Reality TV's Chrisleys sentenced for bank fraud, tax evasion
Reality TV stars Todd and Julie Chrisley have been sentenced to lengthy prison terms after being convicted earlier this year on charges including bank fraud and tax evasion
9:36PM ( 12 hours ago )
Ukraine to civilians: Leave liberated areas before winter
Ukrainian authorities are evacuating civilians from liberated areas in the southern Kherson and Mykolaiv regions
4:12PM ( 18 hours ago )
AP Business - Industries
Brazilian economist will lead regional development bank
Latin American governments have selected Brazilian economist Ilan Goldfajn to lead the region’s largest development bank
1:03PM ( 1 day ago )
US futures head higher in a largely positive week for retail
Wall Street is heading higher before the opening bell as earnings season winds down  in a week weighed down yet again by anxiety over the Federal Reserve’s next potential inflation-fighting interest rate increase Futures for the S&P are up 0.7% Friday and the Dow rose 0.5%
8:43AM ( 4 days ago )
Barbados spearheads push on climate disaster financing
As climate-amped disasters ratchet up the suffering, the staid international finance system designed for an earlier age may be on the brink of change, driven by those on the front lines
5:22AM ( 4 days ago )
AP Business - Financial Services
Sweden arrests 2 suspected spies in predawn raid
Swedish authorities have arrested two people on suspicion of espionage in a pre-dawn operation in the Stockholm area
10:18AM ( 15 minutes ago )
Thanksgiving might bring changes in holiday-travel habits
The holiday travel rush is already on, and it could spread out over more days than usual this year
10:14AM ( 19 minutes ago )
Jury begins deliberating in Oath Keepers sedition trial
Jurors have started deliberating in the Capitol riot case accusing Oath Keepers founder Stewart Rhodes and four associates of a violent plot to stop the transfer of presidential power from Republican Donald Trump to Democrat Joe Biden
10:12AM ( 21 minutes ago )
World Cup stunner: Saudi Arabia beats Messi's Argentina 2-1
Saudi Arabia scored one of the biggest World Cup upsets ever by beating an Argentina team led by Lionel Messi 2-1
10:07AM ( 27 minutes ago )
Slavery's ghost haunts cotton gin factory's transformation
A construction project in Alabama demonstrates the difficulty of telling complicated U.S. history in 2022
10:06AM ( 28 minutes ago )