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Stocks ended mixed after a day of wavering between gains and losses Monday as the market cools off following a rare winning week. The S&P 500 edged 0.3% lower, the Dow Jones Industrial Average slipped 0.2% and the Nasdaq fell 0.8%. Small-company stocks rose. Declines in technology and communication stocks, and in several big retailers and travel-related companies weighed on the market. Those losses checked gains in energy stocks and elsewhere. Treasury yields rose. Stocks closed out last week with solid gains and the S&P 500 had its best day in two years on Friday.
Turkey’s president says he will do “whatever is necessary for our country’s rights and interests” at the NATO summit in Spain Tuesday. Recep Tayyip Erdogan said Monday he’d provide documents and visuals on “terror groups,” including Kurdish militants and the network of exiled cleric Fethullah Gulen blamed for a 2016 attempted coup in Turkey. Ankara has objected to Sweden’s and Finland’s bids to join NATO, citing what it considers to be a lax approach to groups Turkey deems national security threats, including the Kurdistan Workers’ Party, or PKK, and its Syrian extension. Turkey has demanded the two Nordic countries extradite wanted individuals and lift arms restrictions imposed after Turkey’s 2019 military incursion into northeast Syria.
Democratic officials across the nation hope to harness their party's collective outrage and sadness to improve their political outlook this fall after the Supreme Court's stunning decision to overturn Roe v. Wade. Abortion was an afterthought for much of the year for many voters. It was overshadowed by record gas prices, surging inflation and President Joe Biden’s low popularity. But on Friday, a Supreme Court majority of conservative justices ensured that abortion would be a central issue in U.S. politics for the foreseeable future. Polling shows that relatively few Americans wanted to see Roe overturned.
Produce on display March 28 at Ozzie’s Fresh Market in Brooklyn, New York. Food prices have been rising quickly in a pattern that has continue…
Stocks rallied on Wall Street Friday, sending the S&P 500 up 3.1% for its best gain in two years. The benchmark index also ended the week 6.4% higher, erasing the brutal loss it took a week earlier. It was just the second winning week for the benchmark index in the last 12. Stocks climbed this week as pressure from rising Treasury yields let up somewhat and investors speculate the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought as it fights to control inflation. It’s been a reprieve from Wall Street’s tumble through most of the year.
Shares are higher in Asia, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses. Trading was wobbly throughout the day as investors remained focused on another day of testimony before Congress by Federal Reserve Chair Jerome Powell. The S&P 500 rose 1%, the Dow Jones Industrial Average added 0.6% and the Nasdaq rose 1.6%. Powell reaffirmed the central bank's goal of “keeping inflation expectations well and truly anchored” as the Fed tries to rein in surging prices. The yield on the 10-year Treasury note, which helps set mortgage rates, fell to 3.09%.
Asian stock markets are mixed after Wall Street edged lower amid fears higher interest rates will chill global economic activity. Shanghai and Hong Kong advanced, while Tokyo and Seoul declined. Oil prices fell more than $3 per barrel to near $100. Federal Reserve Chair Jerome Powell, talking to members of Congress, said while the U.S. central bank doesn’t need to “provoke a recession,” one is a possibility due to rate hikes to cool inflation that is running at four-decade highs. Wall Street’s benchmark S&P 500 index lost 0.1%. Central banks in the United Sates and Europe are trying to stop inflation that is running at four-decade highs.
Asian shares are mostly lower as markets shrug off a Wall Street rally and await the congressional testimony of Federal Reserve Chair Jerome Powell. The Japanese yen slipped to 136 to the dollar. Oil prices also were lower. Stocks ended higher Tuesday on Wall Street after reopening from a holiday on Monday. Last week, the Fed hiked its key short-term interest rate by the most since 1994, the central bank’s latest effort to tame the worst inflation in 40 years. The S&P 500 rose 2.4% on Tuesday, recouping about 40% of last week's losses. More than 85% of the stocks in the benchmark index gained ground. The Dow Jones Industrial Average rose 2.1% and the Nasdaq climbed 2.5%.
Around the world, drivers are looking at the numbers on the gas pump and rethinking their habits and finances. Walking, biking, public transport, or going car-free are options for the lucky ones. But for minibus operators in the Philippines or a graphic artist in California with clients to visit, it's not so simple. Those without access to adequate public transportation or who otherwise can’t forgo their car have little other choice than to grit their teeth and pay. Energy prices fueled by Russia’s war in Ukraine and the global rebound from the COVID-19 pandemic are a key driver of inflation that is rising worldwide.
Inflation is taking a toll on infrastructure projects across the U.S. Rising prices for materials such as asphalt, steel and iron pipes are driving up the costs to build roads, bridges, rail lines and water mains. The prices for some infrastructure materials have risen even faster than general consumer prices. State and local officials say inflation is diminishing the value of a $1 trillion federal infrastructure law signed by President Joe Biden just seven months ago. Some officials say inflation has forced them to delay or scale back the scope of projects.
