{"id":13459,"date":"2022-05-13T05:32:14","date_gmt":"2022-05-13T05:32:14","guid":{"rendered":"https:\/\/harchi90.com\/wall-street-whipsaws-sp-closes-lower-on-worries-of-prolonged-inflation\/"},"modified":"2022-05-13T05:32:14","modified_gmt":"2022-05-13T05:32:14","slug":"wall-street-whipsaws-sp-closes-lower-on-worries-of-prolonged-inflation","status":"publish","type":"post","link":"https:\/\/harchi90.com\/wall-street-whipsaws-sp-closes-lower-on-worries-of-prolonged-inflation\/","title":{"rendered":"Wall Street whipsaws, S&#038;P closes lower on worries of prolonged inflation"},"content":{"rendered":"<div>\n<div class=\"article-body__context_widget__1xxEe article-body__element__2p5pI\">\n<div class=\"context-widget__content__1X4Oq\">\n<ul class=\"summary__summary__31feP\">\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Producer prices decelerated in April<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">S&#038;P 500 flirts with bear market confirmation<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Tapestry jumps after upbeat Q3 results<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Indexes: Dow down 0.33%, S&#038;P off 0.13%, Nasdaq up 0.06%<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">NEW YORK, May 12 (Reuters) &#8211; US stocks ended a whipsaw session slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it could remain elevated, prompting ever more aggressive tightening from the Federal Reserve.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">All three major US stock indexes seesawed and the S&#038;P 500 came within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">When the dust settled, the S&#038;P and the Dow ended modestly red, but the Nasdaq eked out a modest gain.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The indexes have gyrated wildly in recent sessions, often reversing initial rallies or sell-offs by the closing bell.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;These wild swings of upwards of 2% up or down are extremely rare, and showcase a very fragile investor psyche for that amount of volatility to happen in such a short time frame,&#8221; said Ryan Detrick, chief market strategist at LPL Financial in Charlotte , North Carolina.  &#8220;Continued concerns over inflation, which looks like it has peaked yet is staying stubbornly high, continues to concern investors, pushing the S&#038;P to the brink of a bear market.&#8221;<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Market leading megacap names, which thrived during the low interest environment of the pandemic, were the biggest drag, with Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) weighing the heaviest.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Recent economic data, most recently the Producer Prices report released before the opening bell, suggested price growth reached its zenith in March.  read more <\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Even so, the Fed is expected to hike key interest rates by at least 50 basis points at least three times in the coming months, in an effort to toss cold water on demand and rein in soaring prices.  read more <\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The US Senate on Friday confirmed Jerome Powell for a second term as Fed Chairman.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The move &#8220;was widely expected and it opens the door for the Fed to continue to battle the 40-year inflation highs, with many more interest rate hikes likely coming this year,&#8221; Detrick added.<\/p>\n<figure class=\"article-body__element__2p5pI\" data-testid=\"graphic-0\">\n<div class=\"reuters-graphic__image-container__Pqe8z\">\n<div data-testid=\"StatefulImage\" class=\"stateful-image__container__hH_Q_ stateful-image__light__2XHJA\">\n<div data-testid=\"Image\" class=\"stateful-image__image__ThpeM\"><noscript><\/noscript><\/div>\n<\/div>\n<\/div><figcaption data-testid=\"Body\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY reuters-graphic__figcaption__2fuWM\">Inflation<\/figcaption><\/figure>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Geopolitical tensions surrounding Russia&#8217;s war on Ukraine were dialed up by Finland&#8217;s announcement that it would apply for NATO membership, with Sweden expected to follow suit.  The Kremlin vowed to retaliate.  read more <\/p>\n<figure data-testid=\"image-0\" class=\"article-image__figure__3SBJc article-body__element__2p5pI\">\n<div data-testid=\"StatefulImage\" class=\"stateful-image__container__hH_Q_ stateful-image__light__2XHJA article-image__image__31ytm\">\n<div data-testid=\"Image\" class=\"stateful-image__image__ThpeM\"><noscript><img src=\"https:\/\/i0.wp.com\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/JTJYYJI4Y5LSTMFCC6HEYS4MFQ.jpg?ssl=1\" alt=\"Traders work on the floor of the NYSE in New York\" title=\"\" data-recalc-dims=\"1\"\/><\/noscript><\/div>\n<\/div><figcaption data-testid=\"Body\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY article-image__figcaption__ttQIt\">Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, May 11, 2022. REUTERS \/ Brendan McDermid<\/figcaption><\/figure>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The conflict, dubbed by Russian President Vladimir Putin as a &#8220;special military operation,&#8221; has fanned the flames of inflation by pressuring global energy and grain supplies.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The Dow Jones Industrial Average (.DJI) fell 103.81 points, or 0.33%, to 31,730.3, the S&#038;P 500 (.SPX) lost 5.1 points, or 0.13%, to 3,930.08 and the Nasdaq Composite (.IXIC) added 6.73 points, or 0.06%, to 11,370.96.<\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Six of the 11 major sectors of the S&#038;P 500 wrapped up the day in positive territory, with healthcare (.SPXHC) enjoying the largest percentage gain.<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Utilities (.SPLRCU) and tech stocks (.SPLRCT) suffered the biggest losses.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Earnings season is nearing the final stretch, and according to the most recent data, 79% of the S&#038;P 500 companies who have posted results delivered better-than-expected earnings, according to Refinitiv.<\/p>\n<p data-testid=\"paragraph-16\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Analysts now see aggregate first-quarter S&#038;P 500 earnings growth of 11%, up from 6.4% at quarter-end, per Refinitiv.<\/p>\n<p data-testid=\"paragraph-17\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Shares of luxury accessories company Tapestry Inc (TPR.N) jumped 15.5% after expressing confidence in a rebound in Chinese demand once COVID restrictions are lifted.  read more <\/p>\n<p data-testid=\"paragraph-18\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Beyond Meat Inc (BYND.O) dropped 4.2% after the plant-based food producer reported ballooning quarterly losses.  read more <\/p>\n<p data-testid=\"paragraph-19\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Twitter Inc shed 2.2%.  Its chief executive officer announced a hiring freeze and the departure of two of its leaders in view of the takeover effort by Elon Musk.  read more <\/p>\n<p data-testid=\"paragraph-20\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Declining issues outnumbered advancing ones on the NYSE by a 1.15-to-1 ratio;  on Nasdaq, a 1.15-to-1 ratio favored advancers.<\/p>\n<p data-testid=\"paragraph-21\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The S&#038;P 500 posted 1 new 52-week highs and 74 new lows;  the Nasdaq Composite recorded 6 new highs and 1,317 new lows.<\/p>\n<p data-testid=\"paragraph-22\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Volume on US exchanges was 16.17 billion shares, compared with the 13.03 billion average over the last 20 trading days.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Stephen Culp;  additional reporting by Devik Jain and Amruta Khandekar in Bengaluru;  Editing by Chizu Nomiyama and David Gregorio<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Producer prices decelerated in April S&#038;P 500 flirts with bear market confirmation Tapestry jumps after upbeat Q3 results Indexes: Dow down 0.33%, S&#038;P off 0.13%, Nasdaq up 0.06% NEW YORK, May 12 (Reuters) &#8211; US stocks ended a whipsaw session slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/wall-street-whipsaws-sp-closes-lower-on-worries-of-prolonged-inflation\/\"> <span class=\"screen-reader-text\">Wall Street whipsaws, S&#038;P closes lower on worries of prolonged inflation<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":13460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[56,73,8391,3128,3129,7844,430,250,24,5148,25,2275,2276,255,256,30,4004,7846,7847,7848,8393,8394,37,8392,41,267,268,21,509,76,64,7841,6921,44,5153,6920,46,272,87,22,2313,2315,2316,279,8395,6922,48,49,50,51,281,282,52,285,75,57,8396],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.reuters.com\/resizer\/freL7XSmhdORE6CqFD_3zcEoJJ0=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/JTJYYJI4Y5LSTMFCC6HEYS4MFQ.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/freL7XSmhdORE6CqFD_3zcEoJJ0=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/JTJYYJI4Y5LSTMFCC6HEYS4MFQ.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/13459"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=13459"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/13459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/13460"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=13459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=13459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=13459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}