Wall Street Retreats For 4Th Straight Session On Fed Outlook

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Snap surges as it restructures ad business, lays off staff Bed Bath & Beyond sinks in corporate repair Dow down 0.57%, S&P 500 down 0.45%, Nasdaq down 0.26%

NEW YORK, Aug 31 (Reuters) – U.S. stocks fell for a fourth straight session on Wednesday and poised for their weakest August performance in seven years as concerns about aggressive rate hikes from the Federal Reserve continued. Declines in the technology sector ( .SPLRCT ) and more specifically chipmakers ( .SOX ) weighed on after soft forecasts for Seagate ( STX.O ), down 3.42%, and HP Inc , which declined 7.22%. The three major indexes were on track for their biggest monthly percentage declines in August since 2015. After hitting a four-month high in mid-August, the S&P 500 has retreated in recent weeks, down more than 7% by Tuesday’s close and dropping several levels of closely monitored technical support. Sign up now for FREE unlimited access to Reuters.comSign up Selling pressure accelerated after Fed Chairman Jerome Powell’s hawkish remarks on Friday about maintaining tight monetary policy “for some time” dashed hopes for more moderate rate hikes, with the benchmark index falling more than 5% the last four meetings. “It’s been a tough move since President Powell’s speech in Jackson Hole, we had this huge drop and there was some hope that maybe the market would stabilize a little bit, but every little bounce was met with selling pressure,” Yung said. -Yu Ma, chief investment strategist at BMO Wealth Management in Chicago. “The market is kind of coming back to the macro picture, which is now somewhat calibrated to expectations of more Fed hawkishness and the idea that the economy could slow more than expected, even the corporate earnings question is back on the table. “ Cleveland Federal Reserve President Loretta Mester said on Wednesday that the central bank would need to raise interest rates somewhat above 4 percent by early next year and keep them there in order to bring inflation back to the Fed’s target and that recession risks over the next year or two have risen. read more The Dow Jones Industrial Average (.DJI) fell 181.55 points, or 0.57%, to 31,609.32. the S&P 500 (.SPX) lost 17.89 points, or 0.45%, to 3,968.27. and the Nasdaq Composite (.IXIC) was down 31.04 points, or 0.26%, at 11,852.09. Data earlier in the day showed ADP private payrolls rose by 132,000 jobs in August, missing economists’ forecasts for a 288,000 job gain, according to a Reuters poll. However, the report was suspended for June and July as the methodology was revised following a poor track record of timing with the government’s payrolls report. read more Jobs data from the Labor Department is due on Friday and is expected to show that non-farm payrolls rose by 300,000 last month after registering an increase of 528,000 in July. Another strong report is likely to further bolster expectations that the Fed will continue with big rate hikes after three consecutive 75 basis point hikes. Philadelphia Semiconductor SE (.SOX) lost 1.37% after Seagate cut first-quarter profit expectations, citing macroeconomic concerns that are forcing cloud companies and PC makers to reduce inventory levels. read more In addition, HP Inc forecast low quarterly and full-year earnings due to slowing PC sales. Snap Inc (SNAP.N) rose 8.44% after it said it would cut 20% of its staff, restructure its ad sales unit and close some projects to focus on improving its sales and user numbers Snapchat. read more Chewy Inc fell 8.50% after the online pet supply retailer cut its full-year 2022 sales outlook. Bed Bath & Beyond Inc ( BBBY.O ) plunged 21.87 percent after it said it would close 150 stores, cut jobs and overhaul its merchandising strategy in a bid to turn around its money-losing business. read more Declining issues outnumbered advancing ones on the NYSE by a ratio of 1.93 to 1. On the Nasdaq, a ratio of 1.27 to 1 favored the decliners. The S&P 500 hit no new 52-week highs and 11 new lows. the Nasdaq Composite recorded 12 new highs and 161 new lows. Sign up now for FREE unlimited access to Reuters.comSign up Report by Chuck Mikolajczak. edited by Jonathan Oatis Our Standards: The Thomson Reuters Trust Principles.

title: “Wall Street Retreats For 4Th Straight Session On Fed Outlook Klmat” ShowToc: true date: “2022-10-29” author: “Eliza Liles”

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Snap surges as it restructures ad business, lays off staff Bed Bath & Beyond sinks in corporate repair Dow down 0.57%, S&P 500 down 0.45%, Nasdaq down 0.26%

NEW YORK, Aug 31 (Reuters) – U.S. stocks fell for a fourth straight session on Wednesday and poised for their weakest August performance in seven years as concerns about aggressive rate hikes from the Federal Reserve continued. Declines in the technology sector ( .SPLRCT ) and more specifically chipmakers ( .SOX ) weighed on after soft forecasts for Seagate ( STX.O ), down 3.42%, and HP Inc , which declined 7.22%. The three major indexes were on track for their biggest monthly percentage declines in August since 2015. After hitting a four-month high in mid-August, the S&P 500 has retreated in recent weeks, down more than 7% by Tuesday’s close and dropping several levels of closely monitored technical support. Sign up now for FREE unlimited access to Reuters.comSign up Selling pressure accelerated after Fed Chairman Jerome Powell’s hawkish remarks on Friday about maintaining tight monetary policy “for some time” dashed hopes for more moderate rate hikes, with the benchmark index falling more than 5% the last four meetings. “It’s been a tough move since President Powell’s speech in Jackson Hole, we had this huge drop and there was some hope that maybe the market would stabilize a little bit, but every little bounce was met with selling pressure,” Yung said. -Yu Ma, chief investment strategist at BMO Wealth Management in Chicago. “The market is kind of coming back to the macro picture, which is now somewhat calibrated to expectations of more Fed hawkishness and the idea that the economy could slow more than expected, even the corporate earnings question is back on the table. “ Cleveland Federal Reserve President Loretta Mester said on Wednesday that the central bank would need to raise interest rates somewhat above 4 percent by early next year and keep them there in order to bring inflation back to the Fed’s target and that recession risks over the next year or two have risen. read more The Dow Jones Industrial Average (.DJI) fell 181.55 points, or 0.57%, to 31,609.32. the S&P 500 (.SPX) lost 17.89 points, or 0.45%, to 3,968.27. and the Nasdaq Composite (.IXIC) was down 31.04 points, or 0.26%, at 11,852.09. Data earlier in the day showed ADP private payrolls rose by 132,000 jobs in August, missing economists’ forecasts for a 288,000 job gain, according to a Reuters poll. However, the report was suspended for June and July as the methodology was revised following a poor track record of timing with the government’s payrolls report. read more Jobs data from the Labor Department is due on Friday and is expected to show that non-farm payrolls rose by 300,000 last month after registering an increase of 528,000 in July. Another strong report is likely to further bolster expectations that the Fed will continue with big rate hikes after three consecutive 75 basis point hikes. Philadelphia Semiconductor SE (.SOX) lost 1.37% after Seagate cut first-quarter profit expectations, citing macroeconomic concerns that are forcing cloud companies and PC makers to reduce inventory levels. read more In addition, HP Inc forecast low quarterly and full-year earnings due to slowing PC sales. Snap Inc (SNAP.N) rose 8.44% after it said it would cut 20% of its staff, restructure its ad sales unit and close some projects to focus on improving its sales and user numbers Snapchat. read more Chewy Inc fell 8.50% after the online pet supply retailer cut its full-year 2022 sales outlook. Bed Bath & Beyond Inc ( BBBY.O ) plunged 21.87 percent after it said it would close 150 stores, cut jobs and overhaul its merchandising strategy in a bid to turn around its money-losing business. read more Declining issues outnumbered advancing ones on the NYSE by a ratio of 1.93 to 1. On the Nasdaq, a ratio of 1.27 to 1 favored the decliners. The S&P 500 hit no new 52-week highs and 11 new lows. the Nasdaq Composite recorded 12 new highs and 161 new lows. Sign up now for FREE unlimited access to Reuters.comSign up Report by Chuck Mikolajczak. edited by Jonathan Oatis Our Standards: The Thomson Reuters Trust Principles.

title: “Wall Street Retreats For 4Th Straight Session On Fed Outlook Klmat” ShowToc: true date: “2022-10-30” author: “James Stow”

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Snap surges as it restructures ad business, lays off staff Bed Bath & Beyond sinks in corporate repair Dow down 0.57%, S&P 500 down 0.45%, Nasdaq down 0.26%

NEW YORK, Aug 31 (Reuters) – U.S. stocks fell for a fourth straight session on Wednesday and poised for their weakest August performance in seven years as concerns about aggressive rate hikes from the Federal Reserve continued. Declines in the technology sector ( .SPLRCT ) and more specifically chipmakers ( .SOX ) weighed on after soft forecasts for Seagate ( STX.O ), down 3.42%, and HP Inc , which declined 7.22%. The three major indexes were on track for their biggest monthly percentage declines in August since 2015. After hitting a four-month high in mid-August, the S&P 500 has retreated in recent weeks, down more than 7% by Tuesday’s close and dropping several levels of closely monitored technical support. Sign up now for FREE unlimited access to Reuters.comSign up Selling pressure accelerated after Fed Chairman Jerome Powell’s hawkish remarks on Friday about maintaining tight monetary policy “for some time” dashed hopes for more moderate rate hikes, with the benchmark index falling more than 5% the last four meetings. “It’s been a tough move since President Powell’s speech in Jackson Hole, we had this huge drop and there was some hope that maybe the market would stabilize a little bit, but every little bounce was met with selling pressure,” Yung said. -Yu Ma, chief investment strategist at BMO Wealth Management in Chicago. “The market is kind of coming back to the macro picture, which is now somewhat calibrated to expectations of more Fed hawkishness and the idea that the economy could slow more than expected, even the corporate earnings question is back on the table. “ Cleveland Federal Reserve President Loretta Mester said on Wednesday that the central bank would need to raise interest rates somewhat above 4 percent by early next year and keep them there in order to bring inflation back to the Fed’s target and that recession risks over the next year or two have risen. read more The Dow Jones Industrial Average (.DJI) fell 181.55 points, or 0.57%, to 31,609.32. the S&P 500 (.SPX) lost 17.89 points, or 0.45%, to 3,968.27. and the Nasdaq Composite (.IXIC) was down 31.04 points, or 0.26%, at 11,852.09. Data earlier in the day showed ADP private payrolls rose by 132,000 jobs in August, missing economists’ forecasts for a 288,000 job gain, according to a Reuters poll. However, the report was suspended for June and July as the methodology was revised following a poor track record of timing with the government’s payrolls report. read more Jobs data from the Labor Department is due on Friday and is expected to show that non-farm payrolls rose by 300,000 last month after registering an increase of 528,000 in July. Another strong report is likely to further bolster expectations that the Fed will continue with big rate hikes after three consecutive 75 basis point hikes. Philadelphia Semiconductor SE (.SOX) lost 1.37% after Seagate cut first-quarter profit expectations, citing macroeconomic concerns that are forcing cloud companies and PC makers to reduce inventory levels. read more In addition, HP Inc forecast low quarterly and full-year earnings due to slowing PC sales. Snap Inc (SNAP.N) rose 8.44% after it said it would cut 20% of its staff, restructure its ad sales unit and close some projects to focus on improving its sales and user numbers Snapchat. read more Chewy Inc fell 8.50% after the online pet supply retailer cut its full-year 2022 sales outlook. Bed Bath & Beyond Inc ( BBBY.O ) plunged 21.87 percent after it said it would close 150 stores, cut jobs and overhaul its merchandising strategy in a bid to turn around its money-losing business. read more Declining issues outnumbered advancing ones on the NYSE by a ratio of 1.93 to 1. On the Nasdaq, a ratio of 1.27 to 1 favored the decliners. The S&P 500 hit no new 52-week highs and 11 new lows. the Nasdaq Composite recorded 12 new highs and 161 new lows. Sign up now for FREE unlimited access to Reuters.comSign up Report by Chuck Mikolajczak. edited by Jonathan Oatis Our Standards: The Thomson Reuters Trust Principles.

title: “Wall Street Retreats For 4Th Straight Session On Fed Outlook Klmat” ShowToc: true date: “2022-11-30” author: “Rodney Masi”

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Snap surges as it restructures ad business, lays off staff Bed Bath & Beyond sinks in corporate repair Dow down 0.57%, S&P 500 down 0.45%, Nasdaq down 0.26%

NEW YORK, Aug 31 (Reuters) – U.S. stocks fell for a fourth straight session on Wednesday and poised for their weakest August performance in seven years as concerns about aggressive rate hikes from the Federal Reserve continued. Declines in the technology sector ( .SPLRCT ) and more specifically chipmakers ( .SOX ) weighed on after soft forecasts for Seagate ( STX.O ), down 3.42%, and HP Inc , which declined 7.22%. The three major indexes were on track for their biggest monthly percentage declines in August since 2015. After hitting a four-month high in mid-August, the S&P 500 has retreated in recent weeks, down more than 7% by Tuesday’s close and dropping several levels of closely monitored technical support. Sign up now for FREE unlimited access to Reuters.comSign up Selling pressure accelerated after Fed Chairman Jerome Powell’s hawkish remarks on Friday about maintaining tight monetary policy “for some time” dashed hopes for more moderate rate hikes, with the benchmark index falling more than 5% the last four meetings. “It’s been a tough move since President Powell’s speech in Jackson Hole, we had this huge drop and there was some hope that maybe the market would stabilize a little bit, but every little bounce was met with selling pressure,” Yung said. -Yu Ma, chief investment strategist at BMO Wealth Management in Chicago. “The market is kind of coming back to the macro picture, which is now somewhat calibrated to expectations of more Fed hawkishness and the idea that the economy could slow more than expected, even the corporate earnings question is back on the table. “ Cleveland Federal Reserve President Loretta Mester said on Wednesday that the central bank would need to raise interest rates somewhat above 4 percent by early next year and keep them there in order to bring inflation back to the Fed’s target and that recession risks over the next year or two have risen. read more The Dow Jones Industrial Average (.DJI) fell 181.55 points, or 0.57%, to 31,609.32. the S&P 500 (.SPX) lost 17.89 points, or 0.45%, to 3,968.27. and the Nasdaq Composite (.IXIC) was down 31.04 points, or 0.26%, at 11,852.09. Data earlier in the day showed ADP private payrolls rose by 132,000 jobs in August, missing economists’ forecasts for a 288,000 job gain, according to a Reuters poll. However, the report was suspended for June and July as the methodology was revised following a poor track record of timing with the government’s payrolls report. read more Jobs data from the Labor Department is due on Friday and is expected to show that non-farm payrolls rose by 300,000 last month after registering an increase of 528,000 in July. Another strong report is likely to further bolster expectations that the Fed will continue with big rate hikes after three consecutive 75 basis point hikes. Philadelphia Semiconductor SE (.SOX) lost 1.37% after Seagate cut first-quarter profit expectations, citing macroeconomic concerns that are forcing cloud companies and PC makers to reduce inventory levels. read more In addition, HP Inc forecast low quarterly and full-year earnings due to slowing PC sales. Snap Inc (SNAP.N) rose 8.44% after it said it would cut 20% of its staff, restructure its ad sales unit and close some projects to focus on improving its sales and user numbers Snapchat. read more Chewy Inc fell 8.50% after the online pet supply retailer cut its full-year 2022 sales outlook. Bed Bath & Beyond Inc ( BBBY.O ) plunged 21.87 percent after it said it would close 150 stores, cut jobs and overhaul its merchandising strategy in a bid to turn around its money-losing business. read more Declining issues outnumbered advancing ones on the NYSE by a ratio of 1.93 to 1. On the Nasdaq, a ratio of 1.27 to 1 favored the decliners. The S&P 500 hit no new 52-week highs and 11 new lows. the Nasdaq Composite recorded 12 new highs and 161 new lows. Sign up now for FREE unlimited access to Reuters.comSign up Report by Chuck Mikolajczak. edited by Jonathan Oatis Our Standards: The Thomson Reuters Trust Principles.