US indices are flat by the end of the week, what to expect next week?
2022.11.18 15:12
US indices are flat by the end of the week, what to expect next week?
Budrigannews.com – The S&P 500 struggled on Friday’s direction as investors weighed on further hawkish remarks from Fed officials and the latest wave of quarterly earnings.
0.15% decline, 0.1% obtained, or 23 points, a decline of 0.61%.
Boston Federal Reserve Governor James Collins said there would be “all possible increments” of a rate hike on the table for the Fed’s meeting, including a 75 basis point rate hike. The comments echoed similar remarks from members of the Federal Reserve, who argue that further monetary policy tightening is needed to quell inflation.
It continues to strengthen against the backdrop of hawkish remarks from members of the Federal Reserve, putting pressure on market growth sectors like technology and consumer discretion.
Alphabet (NASDAQ:) and Microsoft (NASDAQ:) led the decline, while Apple (NASDAQ:) and Meta Platforms Inc (NASDAQ:) traded flat.
Amazon.com Meanwhile, the e-commerce giant tumbled more than 2 percent as it confirmed that job cuts will continue until next year amid a “challenging” economy.
Applied Materials (NASDAQ:) lost its chip shares as it gave up some gains despite a third-quarter report that beat analysts’ estimates.
Energy also had a significant impact on the broader market as it fell amid ongoing concerns about weak demand in China amid ongoing Covid-19 restrictions.
Commerzbank said the fall in oil prices was “due to concerns about demand accompanying the increase in Covid cases in China, and it is unlikely that coronavirus restrictions will be eased soon.”
Meanwhile, a flurry of revenue from retailers continued to show mixed performance.
Foot Locker (NYSE:) raised its full-year guidance after reporting a better-than-expected third quarter and sent its shares more than 7% higher.
The apparel and footwear retailer also said it expects “less challenging environments in Q4 than previously expected.”There was a message from management that Comp would fall 6-8 percent and Comp would rise fromー37 toー30.
According to Goldman Sachs, gap (NYSE:) reported a third quarter swing as “sales momentum increased as a result of sequential improvements in comp among brands.”
Williams-Sonoma (NYSE:), meanwhile, reported better-than-expected quarterly results, but raised its guidance through fiscal 2024, citing macroeconomic uncertainty. Its shares fell 7%.
In other news, Carvana (NYSE:) fell 1,500 percent as used car retailers are set to cut 8 jobs, or 5 percent of their workforce, CNBC quoted an internal memo.
