Tags: financial markets

Stocks Drift Lower, Extending Losses Into 4th Straight Week

Stocks Drift Lower, Extending Losses Into 4th Straight Week
The floor of the New York Stock Exchange on Sept. 6, 2022, with the Advantage Ukraine Initiative message displayed on screens throughout (AP)

Tuesday, 06 September 2022 04:12 PM EDT

Stocks drifted lower on Wall Street, extending the market’s losses into a 4th straight week. The S&P 500 fell 0.4% Tuesday. Technology companies posted some of the biggest losses, pulling the Nasdaq composite down even more.

The Dow Jones Industrial Average also fell. Markets are coming off of a three-week losing streak as investors worry about inflation and the Federal Reserve’s determination to fight it with high interest rates.

Bed Bath & Beyond fell following the death of its chief financial officer. ADT jumped after State Farm said it was taking a stake in the home security company.

The company that wants to take Trump Media public, Digital World Acquisition, plunged 15.9% following reports it didn’t receive enough shareholder support for an extension to close the deal.

ADT jumped 14.8% after State Farm said it was taking a 15% stake in the home security company.

Trading began Tuesday at the New York Stock Exchange after Ukrainian President Volodymyr Zelenskyy virtually rang the opening bell. He gave a pitch for a program to attract large-scale investments to his country as it continues to battle Russian forces.

Markets have been slipping in recent weeks and shedding much of the gains made in July and early August as inflation remains hot and the Federal Reserve stays on track to continue raising interest rates to try and tame stubbornly persistent high prices. The big concern is that the Fed might go too far in raising rates and slam the brakes too hard on an already slowing economy, potentially causing a recession.

Wall Street has been closely watching economic data for clues that inflation might be easing, which traders hope will give the Fed a reason to ease up on rate hikes. The Fed has already raised interest rates four times this year and is expected to raise short-term rates by another 0.75 percentage points at its next meeting later this month, according to CME Group.

“There’s a fairly consensus view now that the Fed is going to be higher for longer and err on the side of inflation reduction over employment and growth,” said Mark Hackett, chief of investment research at Nationwide.

Bond yields rose. The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, rose to 3.33% from 3.19% late Thursday. The two-year Treasury yield, which tends to track expectations for Fed action, rose to 3.50% from 3.39%.

European markets mostly rose as did those in Asia. The Shanghai Composite Index rose 1.4% after China promised Monday to accelerate easier lending and other policies to shore up economic growth that sank to 2.5% over a year earlier in the first half of 2022, less than half the official annual target.

© Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


StreetTalk
Stocks drifted lower on Wall Street, extending the market's losses into a 4th straight week. The S&P 500 fell 0.4% Tuesday. Technology companies posted some of the biggest losses, pulling the Nasdaq composite down even more.
financial markets
452
2022-12-06
Tuesday, 06 September 2022 04:12 PM
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