US stocks end mostly down after choppy session - RTHK
A A A
Temperature Humidity
News Archive Can search within past 12 months

US stocks end mostly down after choppy session

2022-12-08 HKT 05:55
Share this story facebook
  • Investors appear nervous ahead of consumer price data next week and a Federal Reserve meeting. Photo: AP
    Investors appear nervous ahead of consumer price data next week and a Federal Reserve meeting. Photo: AP
Wall Street stocks finished a choppy session mostly lower on Wednesday as markets weighed recession worries and awaited key economic data later this month.

Analysts described the market movements as reflecting hesitancy, ahead of closely-watched consumer price data next week and a Federal Reserve decision on monetary policy.

On Wednesday, the Bank of Canada hiked its key lending rate by 50 basis points to 4.25 percent, but hinted that this was likely to be its last rate increase for now.

Markets are hoping for a similar pivot at next week's Fed meeting.

The Dow Jones finished flat at 33,587.

The S&P 500 dipped 0.2 percent to 3,933, while the Nasdaq dropped 0.5 percent to 10,958.

Among individual companies, Carvana plunged 42.9 percent following reports that the e-commerce auto dealer's creditors signed a pact pledging to negotiate together in a restructuring.

The report added to speculation that Carvana could file for bankruptcy protection.

Campbell Soup jumped 6.0 percent as it lifted its full-year targets, citing strong demand for its food products and improvements in managing its supply chain.

Lowe's rose 2.4 percent as the home-improvement retailer announced a new US$15 billion stock repurchase authorisation at an investor conference.

It also said it was targeting profit margins of 14.5 percent in 2025, up from 12.6 percent in 2021. (AFP)