Bulletin
Investor Alert

Market Snapshot Archives | Email alerts

May 12, 2022, 4:31 p.m. EDT

Dow, S&P 500 finish off day’s lows after Powell is confirmed for second term as Fed chair

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Dow Jones Industrial Average (DJIA)
  • X
    S&P 500 Index (SPX)
  • X
    NASDAQ Composite Index (COMP)

or Cancel Already have a watchlist? Log In

By Joy Wiltermuth and William Watts

1 2

He also said it “matters a lot where we land,” particularly as higher grocery bills, elevated gas prices and soaring rents translate to stretched paychecks. “It’s probably safe to say we’re not getting to 4% too quickly.”

Fed Chair Powell has made fighting hot inflation a key focus in the past six months, including by outlining the central bank’s plans to quickly raise rates and to start shrinking its near $9 trillion balance sheet. He has said it’s possible to tighten financial conditions without derailing the economy.

On the labor front, weekly jobless claims rose 1,000 to 203,000 in the week ended May 7, the Labor Department reported.

Lynch called current market pressures the “other side of the slope,” or a reversal of when Main Street was collapsing early in the pandemic but Wall Street was rising. “I think there’s a lot of concern about earnings and a recession as interest rates rise.”

Related : An inventory crunch is making life impossible for home buyers. Our interactive map can help you track the availability of houses for sale near you.

The cryptocurrency market has been particularly roiled, as the stablecoin Tether /zigman2/quotes/226258617/realtime USDTUSD +0.0100% said it performed a $1 billion swap after it fell as low as 95 cents on the dollar.

Treasury Secretary Janet Yellen said Thursday that turbulence in the cryptocurrency market is not a hazard for the stability of the U.S. financial system, in testimony at the House Financial Service Committee, while calling on Congress to pass a “comprehensive framework” for digital assets so that there are no gaps in regulation.

Which companies were in focus?

  • Walt Disney /zigman2/quotes/203410047/composite DIS -0.90% shares fell 0.9% after the entertainment giant forecast that streaming subscriber growth may tail off after better-than-forecast additions in its fiscal second quarter.

  • Twitter Inc. /zigman2/quotes/203180645/composite TWTR -0.26% shares fell 2.2% after the company said two executives, general managers for revenue and consumer, are leaving the company ahea d of Tesla Inc. Chief Executive Elon Musk’s takeover of the social-media giant.

  • Beyond Meat Inc. /zigman2/quotes/211617595/composite BYND -5.75% shares lost 4.2% Thursday after the company said it got a revenue got a boost from the launch of Beyond Meat Jerky, through a collaboration with PepsiCo Inc., /zigman2/quotes/208744353/composite PEP +0.37% , but making the product hurt margins for the quarter.

  • GameStop Corp. /zigman2/quotes/203755179/composite GME -7.09% shares gained 10.1% and those of AMC Entertainment Holdings /zigman2/quotes/200235402/composite AMC -6.30% rose 8% as meme stocks enjoyed an upswing .

  • AmerisourceBergen Corp. /zigman2/quotes/201066379/composite ABC +2.92% shares shed 6%, after the drug products and distribution company’s largest investor sold off a chunk of its stake .

  • Coinbase Global Inc. /zigman2/quotes/225893452/composite COIN -10.55% shares advanced 8.9% Thursday, but were down more than 75% on the year, after the company’s CEO recently repeated that bankruptcy is not likely despite the plunge in crypto assets from recent highs.

How did other assets do?

  • Oil futures closed higher, with the U.S. benchmark  CL  up 0.4% to settle at $106.13 a barrel. Gold futures  GC00  fell, with gold for June delivery down 1.6% to settle at $1,824.60 an ounce.

  • Bitcoin BTCUSD fell 2.5%, near $28,500.

  • The Stoxx Europe 600  XX:SXXP  closed down 0.8%, while London’s FTSE 100  UK:UKX  fell 1.6%.

  • The Shanghai Composite  CN:SHCOMP  finished down 0.1%, while the Hang Seng Index  HK:HSI  fell 2.2% and Japan’s Nikkei 225  JP:NIK  lost 1.8%.

Steve Goldstein contributed reporting

/zigman2/quotes/226258617/realtime
US : Kraken
1.00
+0.0001 +0.0100%
Volume: 75.44M
Aug. 9, 2022 9:52p
loading...
/zigman2/quotes/203410047/composite
US : U.S.: NYSE
$ 108.13
-0.98 -0.90%
Volume: 8.78M
Aug. 9, 2022 4:03p
P/E Ratio
74.55
Dividend Yield
0.00%
Market Cap
$198.74 billion
Rev. per Employee
$408,500
loading...
/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 42.83
-0.11 -0.26%
Volume: 8.31M
Aug. 9, 2022 4:03p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$32.86 billion
Rev. per Employee
$697,157
loading...
/zigman2/quotes/211617595/composite
US : U.S.: Nasdaq
$ 37.05
-2.26 -5.75%
Volume: 2.90M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.50 billion
Rev. per Employee
$326,712
loading...
/zigman2/quotes/208744353/composite
US : U.S.: Nasdaq
$ 174.50
+0.65 +0.37%
Volume: 3.23M
Aug. 9, 2022 4:00p
P/E Ratio
26.26
Dividend Yield
2.64%
Market Cap
$239.93 billion
Rev. per Employee
$264,932
loading...
/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 40.37
-3.08 -7.09%
Volume: 6.95M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$13.23 billion
Rev. per Employee
$509,358
loading...
/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 22.45
-1.51 -6.30%
Volume: 62.37M
Aug. 9, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$12.38 billion
Rev. per Employee
$124,591
loading...
/zigman2/quotes/201066379/composite
US : U.S.: NYSE
$ 144.72
+4.10 +2.92%
Volume: 1.40M
Aug. 9, 2022 4:00p
P/E Ratio
16.62
Dividend Yield
1.27%
Market Cap
$29.45 billion
Rev. per Employee
$5.09M
loading...
/zigman2/quotes/225893452/composite
US : U.S.: Nasdaq
$ 87.68
-10.34 -10.55%
Volume: 17.41M
Aug. 9, 2022 4:00p
P/E Ratio
7.70
Dividend Yield
N/A
Market Cap
$21.76 billion
Rev. per Employee
$1.93M
loading...

1 2
This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.