Dow Snaps 5-Session Win Streak| MENAFN.COM

Wednesday, 28 September 2022 12:41 GMT

Dow Snaps 5-Session Win Streak

(MENAFN- Dow Snaps 5-Session Win Streak


Stocks fell on Wednesday as the rally on Wall Street that has pushed prices higher since mid-June appeared to lose steam as traders assessed the latest retail data and minutes from the Federal Reserve.
The Dow Jones Industrials fell 171.69 points to conclude at 33,980.32.
The S&P 500 fell 31.16 points to 4,274.04.
The NASDAQ Composite ditched 164.43 points, or 1.3%, to 12,938.12.
Stocks were volatile as traders assessed the latest minutes, which showed that the Fed would continue its aggressive hiking campaign until it can tame inflation.
Meanwhile, traders continued to comb through corporate earnings from the retail sector. Target shares slipped 2.6% after the retailer posted earnings that widely missed expectations as it grapples with excess inventory, while Lowe's traded marginally higher despite a mixed quarter.
Retail sales data released Wednesday remain unchanged in July amid declines in auto sales and gasoline prices, although consumers did increase spending online.
Wall Street also looked ahead to the release of minutes from the Fed's most recent meeting, which could offer further insight into what could come at the central bank's next meeting in September.
Further uncertainty remains in the market as the Federal Reserve plans to continue raising rates and shrinking the size of its balance sheet.
Treasury prices were down, raising yields to 2.89% from Tuesday's 2.81%. Treasury prices and yields move in opposite direction.
Oil prices regained $1.15 to $87.68 U.S. a barrel.
Gold prices fell $10.70 to $1,779.10 U.S. an ounce.


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