Stocks End Marginally Higher After Yesterday’s Slump
3:53 pm Wednesday, September 14th, 2022
Stocks shuffled between gains and losses in choppy trading on Wednesday as investors tried to find their footing after the biggest one-day drop in more than two years.
The hot inflation report left questions over whether stocks could go back to their June lows or fall even further. It also spurred some fears that the Federal Reserve could potentially hike even higher than the 75 basis points markets are pricing in.
On Wednesday, data measuring U.S. suppliers’ prices also indicated elevated inflation. The producer-price index, which measures what suppliers are charging businesses and other customers, rose 8.7% in August from a year ago. On a monthly basis, the reading declined 0.1% from July, in line with economist expectations.
S&P 500 constituents Coterra Energy (CTRA), Royal Caribbean (RCL), and Raytheon Technologies (RTX) pepper the top of today’s standings. CTRA and RCL are among a bevy of names in the market that are recovering modestly from yesterday’s broad-based losses, while RTX gains after being awarded an FAA contract and despite lowering FCF guidance last night as well as cautious sales guidance from today’s appearance at a Morgan Stanley conference.
Market breadth again favors declining issues as the major indices trade in a mixed fashion. Decliners outpace advancers by an 11-to-10 margin at both the NYSE and the Nasdaq.
Energy complex futures settled higher. WTI crude oil futures rose 1.3% to $88.58/bbl and natural gas futures rose 9.1% to $9.09/mmbtu.
