The stock market trend is changing, falling after erasing previous gains. A nationwide rail strike was averted, but relief for investors was short-lived.
The Nasdaq Composite Index is down 1.3% after rising about 0.3%. The S&P 500 fell 0.7% and the Dow Jones Industrial Average fell less than 0.1%.
Microsoft (MSFT), a major component of the three indices, fell 2.5% to a two-month low. The company’s planned acquisition of a video game publisher Activision BlizzardDr (ATVIFacing more regulatory scrutiny in the UK, Activision shares rose 0.3%.
Volume on the Nasdaq was lower and higher on the New York Stock Exchange compared to the same time on Wednesday.
Wednesday’s Index wear moderately From the defeat of the previous day. S&P 500, Nasdaq, and Dow are below 50 day streaks.
Stock market relief after rail strike averted
The White House announced early today that railroad executives and unions They reached a preliminary agreement on the work charter. The deal prevents a strike by freight rail workers that would have paralyzed critical transport lines and caused new supply chain headaches.
US stock market overview today
|Standard & Poor’s 500||(0S & P5)||3917.70||-28.31||-0.72|
Last update: 11:08 AM ET 9/15/2022
Retail sales rose surprisingly in August. The Census Bureau reported that overall sales rose 0.3% from July, unchanged from economists’ estimates. Excluding cars, sales fell 0.3%. Previous car sales estimates were unchanged, According to Econoday.
“Despite the help from cheaper gasoline, there is no doubt that the high cost of just about everything else is draining the purchasing power of the American consumer,” said BMO Capital Markets economist Sal Gutierre.
He added that sales are still up 9.1% last year, but much of that reflects higher prices. “Importantly, the sales control metric used to calculate personal consumption expenditures was unchanged in the month after July’s gains were halved to 0.4%.”
Yield climb, Adobe Plummets
The 10-year Treasury yield rose 3 basis points to 3.45%.
Adobe (ADBE) down 14% in heavy trading after the company Mixed results for the August quarter And news of a $20 billion acquisition. The digital media company beat earnings estimates, but sales missed slightly in view. Adobe also said it is acquiring Figma, which makes a design platform for team collaboration.
Adobe’s stock fell to its lowest level in June and fell to its lowest point since April 2020. Today’s decline is on track to be the worst since March 16, 2020, when it fell nearly 15%, according to market data from Dow Jones.
The price of US crude oil fell about 2% to $86.84 a barrel. SPDR power strip selection (XLE) was down 2.6% and was the worst performer in the S&P sector ETFs. However, it still forms a cup with a handle.
IBD 50 index is lagging in the stock market
The Innovator IBD 50 ETF (fifty) underperformed with a decrease of 2.4%. Energy stocks hurt the index.
Florida-based facilities NextEra Energy (Ne) fell more than 3% in heavy volume. The stock is below 87.62 buy points for the base of the double bottom and the test of the 50-day line. The clean energy provider said late Wednesday that it plans to sell $2 billion in stock units.
Each equity unit will be issued in the amount of $50 and will consist of a contract to purchase common NextEra Energy shares and a 5% undivided interest in NextEra Energy Capital Holdings’ bonds.
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