{"id":1634220,"date":"2022-09-06T13:19:52","date_gmt":"2022-09-06T17:19:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1634220"},"modified":"2022-09-06T13:19:58","modified_gmt":"2022-09-06T17:19:58","slug":"wall-street-in-the-red-as-fed-worries-persist","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-in-the-red-as-fed-worries-persist\/","title":{"rendered":"Wall Street in the red as Fed worries persist"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwall-street-in-the-red-as-fed-worries-persist%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1634220&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Sruthi Shankar<\/p>\n<p>(Reuters) \u2013     Wall Street\u2019s main indexes slipped on Tuesday as a stronger-than-expected reading on the U.S. services sector fed into expectations that the Federal Reserve will keep raising interest rates to tame inflation.<\/p>\n<p>The tech-heavy Nasdaq was set for its seventh consecutive day of losses in what could be its longest such losing streak since November 2016.<\/p>\n<p>Rate-sensitive shares of Apple, Amazon.com Inc and Microsoft Corp fell about a percent each as benchmark U.S. Treasury yields rose to their highest levels since June. [US\/]\n<p>\u201cThe primary concern by far, for almost everyone, is really just what\u2019s going to happen with the Fed and interest rates,\u201d said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.<\/p>\n<p>\u201cWhile the Fed\u2019s definitely going to keep hiking its interest rates, I think there\u2019s zero question about that. The only question is how much and how fast.\u201d<\/p>\n<p>A survey from the Institute for Supply Management (ISM) showed the U.S. services industry picked up in August for the second straight month amid stronger order growth and employment, while supply bottlenecks and price pressures eased.<\/p>\n<p>However, numbers from S&#038;P Global showed services sector PMI fell short of flash estimates for August.   <\/p>\n<p>Traders see about 75% chance of a third 75-basis-point rate hike at the Fed\u2019s policy meeting later this month. <\/p>\n<p>Focus will be on Fed Chair Jerome Powell\u2019s speech on Thursday as well the U.S. consumer prices data next week for clues on the path of monetary policy.<\/p>\n<p>Markets started September on a weak note as hawkish comments from Fed policymakers and data signaling momentum in the U.S. economy raised fears of aggressive interest rate hikes.<\/p>\n<p>The benchmark S&#038;P 500 closed at a six-week low on Friday as worries about the European gas crisis overshadowed relief from the monthly jobs data, which pointed to a slight easing of wage pressures. The index is down nearly 18% so far this year, while the Nasdaq has shed nearly 26% as rising interest rates hurt megacap technology and growth stocks.<\/p>\n<p>Among the major S&#038;P sectors, consumer discretionary and communication services fell the most, while defensive utilities and real estate rose.<\/p>\n<p>At 12:17 p.m. ET, the Dow Jones Industrial Average was down 104.63 points, or 0.33%, at 31,213.81, the S&#038;P 500 was down 9.49 points, or 0.24%, at 3,914.77, and the Nasdaq Composite was down 49.39 points, or 0.42%, at 11,581.47.<\/p>\n<p>The CBOE Volatility index, also known as Wall Street\u2019s fear gauge, rose to 26.5 points.<\/p>\n<p>Bed Bath &#038; Beyond Inc fell 16.6% after Chief Financial Officer Gustavo Arnal fell to his death from New York\u2019s Tribeca skyscraper.<\/p>\n<p>Digital World Acquisition Corp tumbled 16.3% after Reuters reported the blank-check acquisition firm that agreed to merge with Donald Trump\u2019s social media company failed to secure enough shareholder support for an extension to complete the deal.<\/p>\n<p>Declining issues outnumbered advancers for a 1.91-to-1 ratio on the NYSE and 1.72-to-1 ratio on the Nasdaq.<\/p>\n<p>The S&#038;P index recorded no new 52-week highs and 22 new lows, while the Nasdaq recorded 16 new highs and 253 new lows.<\/p>\n<p> (Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/wall-st-extends-losses\/a-trader-works-on-the-trading-floor-at-the-new\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI850JI-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI850JI-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Sruthi Shankar (Reuters) \u2013 Wall Street\u2019s main indexes slipped on Tuesday as a stronger-than-expected reading on the U.S. services sector fed into expectations that the Federal Reserve will keep<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1634220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1634220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1634220"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1634220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1634220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1634220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1634220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}