S&P 500 Wobbles As Rising Oil Prices Renew Inflation Nerves By Investing.com


©Reuters.

By Yasin Ebrahim

Investing.com — The S&P 500 stumbled on Wednesday as rising oil prices reignited concerns about inflation weighing on global growth at a time when Federal Reserve officials continue to talk hikes. faster types.

It fell 0.8%, it fell 0.96%, or 335 points, it fell 0.74%.

Crude oil exports from Kazakhstan’s Caspian Pipeline Consortium terminal, which are shipped through the Russian port of Novorossiysk, have been suspended following weather-related disruptions, sparking fresh fears of supply shortages.

The move higher in oil prices has brought attention back to the threat higher inflation poses to global growth just as investors ponder the possibility of the Fed raising rates more aggressively in its

The rally in oil prices has brought attention back to the threat higher inflation poses to global growth just as investors ponder the possibility of the Fed raising rates more aggressively at its May and June meetings. .

The market currently expects the Fed to raise rates by 50 basis points at its May and June meetings.

Bets on a hawkish Fed have exacerbated concerns that the Fed could overshoot rate hikes and slow the economy into recession, triggering a new flight to safe heavens like bonds.

Treasury yields, which trade inverse of prices, fell and weighed on bank stocks. signature bank (NASDAQ:), fargo wells (NYSE:), Bank of the First Republic (NYSE:) led the move lower.

Technology, which tends to benefit from falling rates, was mostly in the red, though Apple (NASDAQ:) bucked the upward trend by more than 1%.

Apple’s iPhone 13 is seeing “stronger” demand globally, and is likely “setting up for a monster growth cycle over the next 12 to 18 years that is not reflected in stocks at current levels,” he said. Wedbush in a note.

Adobe Systems (NASDAQ:) fell as much as 10% after its software guidance eclipsed quarterly results that outperformed both outperformers and outperformers, stoking fears about peak growth.

“These results further support our thesis of peaking at DM net ARR, which we believed would result in a smaller upside versus consensus estimates and drive a slowdown in revenue growth, which we anticipate will weigh on the performance of shares,” Credit Suisse said in a note. as he lowered his target price on the stock to $525 from $625.

general mills (NYSE:), meanwhile, gained more than 2% after upgrading its full-year outlook following better-than-expected quarterly earnings.

Meme stock held on the way back. GameStop (NYSE:) added 11% to its 30% gain a day earlier after GameStop Chairman Ryan Cohen bought an additional 100,000 shares on Tuesday, expanding his stake in the video game retailer to 11.9%.

AMC Entertainment (NYSE:) rose 19%.

In other news, Okta (NASDAQ:) fell nearly 9% after a hacker group known as Lapsus$ was confirmed to have carried out a cyberattack, though it said

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