English
French
German
Italian
Russian
Spanish
U.S. stocks are wobbling to start a new month as new economic data loom
U.S. stocks are wobbling to start a new month as new economic data loom By Investing.com
Breaking News
‘;
Stock Markets 17 hours ago (Mar 01, 2023 10:45AM ET)
(C) Reuters.
By Liz Moyer
Investing.com — U.S stocks are wobbling to start a new month after ending February on a down note.
At 10:39 ET (15:39 GMT), the Dow Jones Industrial Average was up 18 points or 0.1%, while the S&P 500 was down 0.2% and the NASDAQ Composite was down 0.3%.
Investors are worried that the Federal Reserve will have to raise rates more than expected to tame inflation after hotter-than-expected data. Two-year Treasuries hit a four-month high earlier on Wednesday.
Futures traders are now betting that the Fed will raise rates to 5.25% to 5.50% by the end of the summer, higher than the central bank itself forecast as recently as December. The current range is 4.50% to 4.75%, implying at least two more quarters of percentage point hikes starting in March.
ISM manufacturing data for February was slightly weaker than expected at 47.7 versus the forecast for 48. The reading was higher than the 47.4 reported earlier. The jobs report for February is due out next week.
Shares of COVID-19 vaccine maker Novavax Inc (NASDAQ:NVAX) tumbled 25% after it said it might not be able to stay operational. It is slashing spending as it prepares to roll out a vaccine for the fall. Shares of Eli Lilly (NYSE:LLY) rose 1.7% after it agreed to cut the price of insulin by 70% after pressure from President Joe Biden to lower the cost of diabetes treatment.
AMC Entertainment Holdings Inc (NYSE:AMC) shares were down 5.5% after the movie theater chain reported a drop in revenue and said industry box office sales might take longer than expected to recover from the pandemic.
Oil rose. Crude Oil WTI Futures were up 0.3% to $77.28 a barrel and Brent Oil Futures were up 0.5% at $83.90 a barrel. Gold Futures were up 0.6% to $1,848.
U.S. stocks are wobbling to start a new month as new economic data loom
Terms And Conditions
Privacy Policy
Risk Warning
(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
