S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report; European markets close lower as investors look ahead to U.S. inflation data
The S&P 500 fell Wednesday, notching a sixth consecutive daily loss and hitting the lowest close since November 2020 as investors looked ahead to a key consumer report that will inform the pace of the Federal Reserve’s rate hikes going forward.
Traders took a comment in the central bank’s September meeting minutes as a sign that the Fed may back off rate hikes in the event of more market turbulence, lifting stocks further.
The Dow Jones Industrial Average shed 28.34 points, or 0.10%, to close at 29,110.85. The S&P 500 lost 0.33%, falling to 3,577.03. The Nasdaq Composite fell 0.09% to close at 10,417.10.
Shares of Moderna jumped 9% after the drug maker and Merck announced a partnership to jointly develop and sell a cancer vaccine. Moderna’s vaccine is being studied in combination with Merck’s Keytruda to treat patients with high-risk melanoma in a Phase 2 trial.
Pepsi’s stock rallied nearly 4% after the snack and beverage maker reported profits and revenue that topped analyst expectations. The company also raised its guidance for the year as it was able to successfully raise prices on its products.
The pan-European Stoxx600 ended down 0.1%, having bounced either side of the flatline throughout the session. Retail dropped 1.9% to lead losses, while banks were down 1%.
Philips shares slumped more than 9% after the Dutch health tech firm issued a third-quarter profit warning and highlighted a 1.3 million euro ($1.26 billion) charge for its embattled sleep and respiratory care business.
Source: CNBC, Investing.com