clearn.png
Monday October 3rd, 2022 4:13AM

Stocks fall on Wall Street, extending market's losses

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks fell broadly in afternoon trading on Wall Street Monday as worries about rising inflation and interest rate hikes weigh on investors and extend the market's losses.

The S&P 500 fell 0.9% as of 1:40 p.m. Eastern and roughly three out of every four stocks within the index lost ground. The decline follows a weak finish last week that sank the benchmark index for a third straight week.

The Dow Jones Industrial Average fell 222 points, or 0.7%, to 33,593 and the Nasdaq shifted between small gains and losses.

U.S. stocks are following global markets lower, especially in China, over worries that strict lockdown measures there might crimp the world’s second-largest economy and potentially hurt global economic growth. Hong Kong’s Hang Seng slumped 3.7%. The Shanghai Composite fell 5.1%.

China’s capital, Beijing, began mass testing of more than 3 million people on Monday and restricted residents in one part of the city to their compounds, sparking worries of a wider lockdown similar to Shanghai. That city has been locked down for more than two weeks and that has already prompted the International Monetary Fund to trim its growth forecast for China’s economy.

Prices for ultra-safe U.S. government bonds rose as traders shied away from risk. The yield on the 10-year Treasury, which affects rates on mortgages and other consumer loans, fell significantly to 2.80% from 2.90% late Friday.

Energy companies were among the biggest losers as U.S. crude oil prices slipped 5%. Exxon Mobil fell 5.6%.

Banks and industrial stocks stocks also fell. Bank of America fell 2.1% and Lockheed Martin fell 2.2%.

Communications stocks managed to eke out small gains, mainly because of Twitter. The social media company rose 5.5% is reportedly negotiating a buyout offer from Tesla CEO Elon Musk.

Rising inflation remains a key concern for investors. Investors continue to focus on the measures being taken by central banks to temper the impact on businesses and consumers. The chair of the Federal Reserve has indicated the central bank may hike short-term interest rates by double the usual amount at upcoming meetings, starting next week. The Fed has already raised its key overnight rate once, the first such increase since 2018.

Investors have a heavy week of corporate earnings ahead. Reactions to the latest round of corporate report cards have been mixed and several disappointing profit reports last week shook what’s been the market’s main pillar of support.

Beverage giant Coca-Cola was mostly unchanged on Monday after reporting strong financial results. Google, parent, Alphabet, and General Motors will report their results on Tuesday, along with Microsoft and Visa. Boeing, Ford and Facebook parent, Meta, are on deck to report results on Wednesday.

Thursday is an especially busy day and will include reports from industrial giant Caterpillar, McDonald's, Amazon and Apple, among others.

Wall Street will also get some key economic data this week. The Conference Board will release its measure of consumer confidence for April on Tuesday. The Commerce Department will release its first-quarter gross domestic product report on Thursday.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Stocks fall on Wall Street, extending market's losses
Stocks fell broadly in morning trading on Wall Street Monday as worries about rising inflation and interest rate hikes weigh on investors and extend the market's losses
10:35AM ( 3 minutes ago )
Live updates | US: Sale approved for ammunition for Ukraine
The U.S. State Department says it has approved the sale of $165 million in legacy Warsaw Pact ammunition and other nonstandard ammunition to Ukraine to help in its defense against Russia
10:21AM ( 16 minutes ago )
Court won't revive ban on secret filming at slaughterhouses
The Supreme Court has rejected an appeal by Kansas to revive a law that banned secret filming at slaughterhouses and other livestock facilities but that was struck down by lower courts
10:16AM ( 22 minutes ago )
Associated Press (AP)
Live updates | ICC joins multinational war crimes probe
The International Criminal Court’s prosecution office is joining a joint investigation team set up by Ukraine, Lithuania and Poland to probe atrocities committed during the war in Ukraine
9:31AM ( 1 hour ago )
Death toll up to 12 in Poland mine accidents; 11 missing
The death toll from two coal mine accidents last week in southern Poland has risen to 12
9:23AM ( 1 hour ago )
Russia hits rail, fuel facilities in attacks deep in Ukraine
Russia has unleashed a string of attacks against Ukrainian rail and fuel facilities, striking crucial infrastructure far from the front line of its eastern offensive
9:12AM ( 1 hour ago )
AP Business
Global shares fall amid interest rate, earnings worries
European stocks have opened lower, tracking losses in Asia as worries over interest rate hikes dominate an array of investor concerns
5:13AM ( 5 hours ago )
Asian shares fall amid interest rate, earnings worries
Asian shares have declined after U.S. stocks tumbled last week as global markets’ expectations for higher interest rates set the tone
2:56AM ( 7 hours ago )
China promotes coal in setback for efforts to cut emissions
China is promoting coal-fired power as the ruling Communist Party tries to revive a sluggish economy, prompting warnings that Beijing is setting back efforts to cut climate-changing carbon emissions from the biggest global source
10:49PM ( 11 hours ago )
AP Business - Corporate News
Live updates | Japan: Macron's reelection key to G-7 unity
Japan welcomed the reelection of French President Emmanuel Macron as key to the unity of Group of Seven
2:11AM ( 8 hours ago )
Live updates | Ukraine leader congratulates Macron on win
Ukraine's leader has congratulated Emmanuel Macron on winning a second term as president of France — and beating a far-right rival seen as close to Russia
6:27PM ( 16 hours ago )
France's youngest president wins again, troubles and all
In just five years as France's president, Emmanuel Macron has gone from a young newbie in politics to a key world player and weighty decision-maker in the European Union
5:17PM ( 17 hours ago )
AP Business - Economy
Live updates | Zelenskyy, Erdogan discuss evacuation
Ukraine’s President Volodymyr Zelenskyy says he has discussed the evacuation of civilians from Mariupol in a call with Turkish President Recep Tayyip Erdogan
10:05AM ( 1 day ago )
Stocks open lower on Wall Street, capping another bumpy week
Stocks are opening lower on Wall Street, capping a bumpy week as the Federal Reserve promises to be more aggressive about fighting inflation
9:44AM ( 3 days ago )
US, world markets retreat after Powell's hawkish rate stance
Wall Street was pointed toward losses before markets opened on Friday, following global shares lower after Federal Reserve Chair Jerome Powell indicated aggressive increases in interest rates were needed to fight inflation
8:20AM ( 3 days ago )
AP Business - Financial Markets
Live updates | Zelenskyy: US talks effective, encouraging
Ukraine’s President Volodymyr Zelenskyy has hailed talks with U_S_ Secretary of State Antony Blinken and U_S_ Defense Secretary Lloyd Austin as “encouraging" and "effective.”
7:08AM ( 3 hours ago )
Live updates | Russia to open Mariupol evacuation corridor
The Russian military says it will open a humanitarian corridor for civilians to evacuate from the besieged steel plant in Mariupol
6:07AM ( 4 hours ago )
Live updates | Blaze at oil storage facility in west Russia
Russian authorities say a fire has engulfed an oil storage facility in western Russia
5:39AM ( 4 hours ago )
AP Business - Industries
Russia's standing in G-20 not threatened by Ukraine invasion
Despite Russia's invasion of Ukraine, Moscow's membership in the Group of 20 remains firmly intact
8:54AM ( 2 days ago )
American Express profits fall slightly, but spending jumps
American Express’ first-quarter profits fell roughly 6% from a year earlier, but the company saw a 30% jump in spending on its namesake cards in the quarter as its cardmembers returned to their habits of shopping, traveling and dining
12:27PM ( 2 days ago )
Live updates | Russia-Ukraine War
Britain’s defense ministry says Russia’s decision to stop trying to take a staunchly defended steel plant in Mariupol is an effort to free up troops for deployment in other parts of eastern Ukraine
3:20AM ( 3 days ago )
AP Business - Financial Services
10 miners missing at 2nd coal mine in Poland after tremor
Coal mining authorities say contact has been lost with 10 miners following an underground tremor and methane gas discharge at a second mine in southern Poland
10:26AM ( 2 days ago )
US military drops appeal of Hawaii order to drain fuel tanks
The U.S. government is dropping its appeal of a Hawaii order requiring it to remove fuel from a massive military fuel storage facility that leaked petroleum into the Navy’s water system at Pearl Harbor last year
8:45AM ( 2 days ago )
Looking to deepen pain for Putin, West studying oil and gas
The United States unleashed some of its toughest actions against Russian President Vladimir Putin right after he rolled his troops into Ukraine
11:55PM ( 2 days ago )
AP Business - Utilities
Live updates | US: Sale approved for ammunition for Ukraine
The U.S. State Department says it has approved the sale of $165 million in legacy Warsaw Pact ammunition and other nonstandard ammunition to Ukraine to help in its defense against Russia
10:21AM ( 17 minutes ago )
Court won't revive ban on secret filming at slaughterhouses
The Supreme Court has rejected an appeal by Kansas to revive a law that banned secret filming at slaughterhouses and other livestock facilities but that was struck down by lower courts
10:16AM ( 22 minutes ago )
Slovenia's populist leader loses power as trend continues
Only months ago, Robert Golob was virtually unknown in politics, didn’t belong to any party, but had a clear goal: remove Slovenian populist Prime Minister Janez Jansa from power and stop a democratic backslide in the tiny Alpine state
10:12AM ( 26 minutes ago )
Nobelist Louise Glück to publish her first prose narrative
Nobel laureate Louise Glück is still breaking new ground at age 79
9:57AM ( 40 minutes ago )
Live updates | Russia expels 40 German diplomats
Russia is expelling 40 German diplomats in response to Germany expelling the same number of Russian diplomats earlier this month
9:56AM ( 41 minutes ago )