The S&P 500 Loses Ground This Week Ahead of the Fed's Interest Rate Decision: What Investors Need to Know
The S&P 500 traded lower in its worst week since September on renewed concerns about inflation and interest rates.
On Friday, the U.S. Department of Labor reported a 7.4% rise in the November producer price index, down from a peak of 11 .7% in March, but above economists' estimates of 7.2%. Gain.
Federal Reserve Chairman Jerome Powell recently said the central bank may begin to moderate the pace of its interest rate hikes "as early as the December meeting," but that the Fed will likely continue to tighten monetary policy in its continued fight against inflation.
On Thursday, the U.S. Federal Trade Commission voted three to one in favor of a lawsuit seeking to block a $68.7 billion acquisition of a video game publisher. dollars
Activision Blizzard Inc ATVI by software giant Microsoft Corp MSFT.
Microsoft insisted the takeover would not limit competition in the gaming space, but the FTC's antitrust case will now go to the commission's internal administrative judge .
The United Auto Workers announced on Friday that workers at an electric vehicle battery plant in Ohio jointly owned by General Motors Company GM and LG Energy Solution voted 710 to 16 in favor of UAW membership. Wages at the Ultium plant currently range from $15 to $22 an hour, below the roughly $30 an hour UAW workers earn at many U.S. factories.
On Thursday, the Pentagon announced that it is splitting a six-year, $9 billion cloud computing contract into four parts and awarding it to Amazon.com, Inc. AMZN, Microsoft, Oracle Corporation ORCL and Alphabet Inc GOOGL GOOG subsidiary of Google.
The US Department of Defense originally awarded the contract exclusively to Microsoft in 2018, but the deal was scrapped after Amazon alleged the Trump administration interfered with the process decision-making.
Smith & Wesson Misfires: SWBI shares of Smith & Wesson Brands Inc have fallen more than 21% this week after the gun maker said falling demand firearms led to a 47% drop in third-quarter revenue.< /p>
In the week ahead, the third quarter earnings season continues with reports from Oracle on Monday, Lennar Corp LEN, Trip.com Group Ltd TCOM on Wednesday and Adobe Inc ADBE on Thursday.
Analysts have lowered earnings estimates for S&P 500 companies for the fourth quarter by 5.6% since the end of September, according to FactSet.
Economic numbers: Following the PPI reading, investors will receive more key economic updates on Tuesday when the U.S. Department of Labor releases its November Consumer Price Index and Wednesday when the Federal Reserve releases its latest interest rate decision and accompanying commentary.
Photo via Shutterstock.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 traded lower in its worst week since September on renewed concerns about inflation and interest rates.
On Friday, the U.S. Department of Labor reported a 7.4% rise in the November producer price index, down from a peak of 11 .7% in March, but above economists' estimates of 7.2%. Gain.
Federal Reserve Chairman Jerome Powell recently said the central bank may begin to moderate the pace of its interest rate hikes "as early as the December meeting," but that the Fed will likely continue to tighten monetary policy in its continued fight against inflation.
On Thursday, the U.S. Federal Trade Commission voted three to one in favor of a lawsuit seeking to block a $68.7 billion acquisition of a video game publisher. dollars
Activision Blizzard Inc ATVI by software giant Microsoft Corp MSFT.
Microsoft insisted the takeover would not limit competition in the gaming space, but the FTC's antitrust case will now go to the commission's internal administrative judge .
The United Auto Workers announced on Friday that workers at an electric vehicle battery plant in Ohio jointly owned by General Motors Company GM and LG Energy Solution voted 710 to 16 in favor of UAW membership. Wages at the Ultium plant currently range from $15 to $22 an hour, below the roughly $30 an hour UAW workers earn at many U.S. factories.
On Thursday, the Pentagon announced that it is splitting a six-year, $9 billion cloud computing contract into four parts and awarding it to Amazon.com, Inc. AMZN, Microsoft, Oracle Corporation ORCL and Alphabet Inc GOOGL GOOG subsidiary of Google.
The US Department of Defense originally awarded the contract exclusively to Microsoft in 2018, but the deal was scrapped after Amazon alleged the Trump administration interfered with the process decision-making.
Smith & Wesson Misfires: SWBI shares of Smith & Wesson Brands Inc have fallen more than 21% this week after the gun maker said falling demand firearms led to a 47% drop in third-quarter revenue.< /p>
In the week ahead, the third quarter earnings season continues with reports from Oracle on Monday, Lennar Corp LEN, Trip.com Group Ltd TCOM on Wednesday and Adobe Inc ADBE on Thursday.
Analysts have lowered earnings estimates for S&P 500 companies for the fourth quarter by 5.6% since the end of September, according to FactSet.
Economic numbers: Following the PPI reading, investors will receive more key economic updates on Tuesday when the U.S. Department of Labor releases its November Consumer Price Index and Wednesday when the Federal Reserve releases its latest interest rate decision and accompanying commentary.
Photo via Shutterstock.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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