Mixed results ahead of key economic data release

Tech stocks led the market lower on Tuesday ahead of this week’s release of key economic reports and quarterly earnings from the world’s largest banks.

The Dow Jones Industrial Average rose 35.78 points, or 0.12%, to 29,238.66. The S&P 500 fell 23.69 points, or 0.66%, to 3,588.70 and the Nasdaq Composite fell 115.91 points, or 1.10%, to 10,426.19.

The Labor Department is expected to release its producer price report, a measure of wholesale inflation, on Wednesday. The department will release its consumer price index on Thursday.

The Federal Reserve uses data from both reports to determine whether to raise interest rates and by how much. The Fed has raised interest rates five times this year, and officials there have said they expect more hikes to dampen inflation, which is at four-decade highs.

Financial institutions JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Morgan Stanley (MS) and Citigroup (C) all report earnings on Friday.

Qualcomm (QCOM) was a big loser on the day, falling $4.57 or 3.99% to close at $110.03. Intel (INTC) closed at $25.04, down $0.16 or 0.63%.

Some of the stocks that fell on Tuesday were Apple (AAPL), which fell $1.44 a share, or 1.03%, to $138.98, and Netflix (NFLX), which fell $15.69 a share, or fell 6.82% to $214.29.

“This is a terrible stock market environment grappling with a flagging economy, uncertainty about earnings and how long the Fed’s tightening will last, and sentiment issues with an extremely risk-averse investor psychology,” David Bahnsen, Bahnsen Group’s chief investment officer, wrote them in a Tuesday note to customers.

https://www.ibtimes.com.au/stock-market-today-mixed-results-ahead-release-key-economic-data-1839419?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Mixed results ahead of key economic data release

Fry Electronics Team

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