Stocks Totter on Recession Apprehension
Stocks were mixed on Wednesday as investors kept an eye on the bond market and signs of an economic slowdown. The Dow Jones Industrials slid 53.81 points to move into noon hour EDT at 33,126.33. The SP 500 lost 9.5 points to 4,151.18. The NASDAQ Composite remained above breakeven 16.14 points to 12,191.37. Overseas, Credit Suisse issued a profit warning for the second quarter, citing tighter monetary policy and the war in Ukraine. Target, which issued its own warning on Tuesday, was under pressure again on Wednesday after being downgraded to neutral from buy by Bank of America. Meanwhile, the Atlanta Federal Reserve’s GDPNow tracker now shows a growth rate of just 0.9% for the second quarter, down from 1.3% last week. Mortgage demand hit its lowest level in 22 years last week, according to the Mortgage Bankers Association. Semiconductor stocks struggled on Wednesday, with Intel falling more than 4% after management comments at a Bank of America conference led a Citi analyst to predict a negative pre-announcement for the second quarter.
Stocks Totter on Recession Apprehension
Stocks were mixed on Wednesday as investors kept an eye on the bond market and signs of an economic slowdown. The Dow Jones Industrials slid 53.81 points to move into noon hour EDT at 33,126.33. The SP 500 lost 9.5 points to 4,151.18. The NASDAQ Composite remained above breakeven 16.14 points to 12,191.37. Overseas, Credit Suisse issued a profit warning for the second quarter, citing tighter monetary policy and the war in Ukraine. Target, which issued its own warning on Tuesday, was under pressure again on Wednesday after being downgraded to neutral from buy by Bank of America. Meanwhile, the Atlanta Federal Reserve’s GDPNow tracker now shows a growth rate of just 0.9% for the second quarter, down from 1.3% last week. Mortgage demand hit its lowest level in 22 years last week, according to the Mortgage Bankers Association. Semiconductor stocks struggled on Wednesday, with Intel falling more than 4% after management comments at a Bank of America conference led a Citi analyst to predict a negative pre-announcement for the second quarter.