Wall Street ends lower after Powell remarks, as energy shares drag

  • Summary
  • Companies
  • Powell: Fed ‘strongly committed’ to inflation fight
  • Energy shares hit as oil prices slide
  • Defensives top-performing S&P sectors
  • Dow Inc falls as brokerage downgrades to “underperform”
  • Indexes down: Dow 0.15%, S&P 0.13%, Nasdaq 0.15%

June 22 ( Reuters ) – Wall Street ‘s independent indexes ended with slender losses on Wednesday after choppy trade as energy shares weighed and investors digested Federal Reserve Chair Jerome Powell ‘s comments on the central bank ‘s aim to bring down inflation. After opening lower, major U.S. indexes had erased losses following Powell ‘s testimony before a Senate committee, but then they faded into the near. Powell said the Fed is “ powerfully committed ” to bringing down ostentation that is running at a 40-year high while policymakers are not trying to cause a recess in the process. read more

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Investors are trying to assess how far stocks could fall as they weigh risks to the economy with the Fed hiking rates to tamp down surging inflation. The S & P 500 earlier this month fell complete 20 % from its January all-time high, confirming the coarse definition of a digest market, with the benchmark index last week logging its biggest hebdomadally share drop since March 2020.

“ Markets continue to be explosive, ” said King Lip, headman strategist at Baker Avenue Asset Management in San Francisco. “ surely we are not out of the woods yet … The concerns are placid there. ” The Dow Jones Industrial Average ( .DJI ) fell 47.12 points, or 0.15 %, to 30,483.13, the S & P 500 ( .SPX ) lost 4.9 points, or 0.13 %, to 3,759.89 and the Nasdaq Composite ( .IXIC ) dropped 16.22 points, or 0.15 %, to 11,053.08. The energy sector ( .SPNY ), which has been a impregnable performer this class, fell 4.2 % as vegetable oil prices slid. Declines in Exxon Mobil ( XOM.N ), Chevron ( CVX.N ) and Conocophillips ( COP.N ) were the biggest individual puff on the S & P 500 .A monitor displays stock market information on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York CityA monitor displays stock market information on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 18, 2022. REUTERS/Andrew Kelly/File Photo A 0.4 % decay in the heavyweight technology sector ( .SPLRCT ) besides weighed. Defensive areas very estate ( .SPLRCR ), healthcare ( .SPXHC ) and utilities ( .SPLRCU ) were the top-gaining S & P 500 sectors. veridical estate rose 1.6 %, healthcare gained 1.4 % and utilities added 1 %.

In caller news, Moderna Inc ( MRNA.O ) shares rose 4.7 % after the party said an update version of its COVID-19 vaccine generated a strong immune answer against fast-spreading Omicron subvariants. read more Dow Inc ( DOW.N ) shares slid 4.7 % after Credit Suisse downgraded the chemicals godhead ‘s stock to “ underperform. ” Declining issues outnumbered advancing ones on the NYSE by a 1.17-to-1 proportion ; on Nasdaq, a 1.08-to-1 ratio favored decliners. The S & P 500 posted one raw 52-week highs and 39 new lows ; the Nasdaq Composite recorded nine new highs and 207 fresh lows. About 12.2 billion shares changed hands in U.S. exchanges, compared with the 12.5 billion day by day average over the last 20 sessions.

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Reporting by Lewis Krauskopf in New York, Devik Jain, Anisha Sircar and Sruthi Shankar in Bengaluru and Boleslaw Lasocki in Gdansk; Additional reporting by Karen Brettell in New York; Editing by Cynthia Osterman

Our Standards : The Thomson Reuters Trust Principles .

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