Wall Street whipsaws, S&P closes lower on worries of prolonged inflation



(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Producer prices decelerate in April

* S&P 500 flirts with bear market confirmation

* Tapestry jumps after upbeat Q3 results

* Indexes: Dow down 0.33%, S&P off 0.13%, Nasdaq up 0.06% (Updates with closing prices)

By Stephen Culp

NEW YORK, May 12 (Reuters) - U.S. 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.

All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.

When the dust settled, the S&P and the Dow ended modestly red, but the Nasdaq eked out a modest gain.

The indexes have gyrated wildly in recent sessions, often reversing initial rallies or sell-offs by the closing bell.

"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," said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina. "Continued concerns over inflation, which looks like it has peaked yet is staying stubbornly high, continues to concern investors, pushing the S&P to the brink of a bear market."

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.

Recent economic data, most recently the Producer Prices report released before the opening bell, suggested price growth reached its zenith in March.

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.

The U.S. Senate on Friday confirmed Jerome Powell for a second term as Fed Chairman.

The move "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," Detrick added.

Geopolitical tensions surrounding Russia's war on Ukraine were dialed up by Finland's announcement that it would apply for NATO membership, with Sweden expected to follow suit. The Kremlin vowed to retaliate.

The conflict, dubbed by Russian President Vladimir Putin as a "special military operation," has fanned the flames of inflation by pressuring global energy and grain supplies.

The Dow Jones Industrial Average .DJI fell 103.81 points, or 0.33%, to 31,730.3, the S&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.

Six of the 11 major sectors of the S&P 500 wrapped up the day in positive territory, with healthcare .SPXHC enjoying the largest percentage gain.

Utilities .SPLRCU and tech stocks .SPLRCT suffered the biggest losses.

Earnings season is nearing the final stretch, and according to the most recent data, 79% of the S&P 500 companies who have posted results delivered better-than-expected earnings, according to Refinitiv.

Analysts now see aggregate first-quarter S&P 500 earnings growth of 11%, up from 6.4% at quarter-end, per Refinitiv.

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.

Beyond Meat Inc BYND.O dropped 4.2% after the plant-based food producer reported ballooning quarterly losses.

Twitter Inc TWTR.K 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.

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.

The S&P 500 posted 1 new 52-week highs and 74 new lows; the Nasdaq Composite recorded 6 new highs and 1,317 new lows.

Volume on U.S. exchanges was 16.17 billion shares, compared with the 13.03 billion average over the last 20 trading days.



Inflation Link



Reporting by Stephen Culp; additional reporting by Devik Jain
and Amruta Khandekar in Bengaluru; Editing by Chizu Nomiyama and
David Gregorio

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明