The Dow Jones Industrial Average rose sharply from Monday afternoon’s session lows to close unchanged. The Nasdaq tech composite also rebounded slightly, but still ended nearly 1% lower. The S&P 500 pared earlier losses but closed up 0.5%. All major benchmarks are now at or near two-year lows.
The Russell 2000 small-cap index was down 0.6%. (An earlier version of this story incorrectly said the index was down 5%.)
Crude oil pared last week’s gains as fears of a recession offset OPEC’s upcoming cuts. Oil was trading at $89.40 a barrel, down roughly two dollars.
The yield on the benchmark 10-year Treasury bond rose to 3.88%.
Volume on the NYSE and Nasdaq was lower compared to the same time on Friday.
Thursday’s Consumer Price Index (CPI) is being closely watched to gauge Fed action and market direction.
The labor market is cooling, though perhaps not enough for the Fed to turn or stop the current rate trajectory. The economy added 263,000 jobs in September as the unemployment rate fell to 2.5% in July. The CME FedWatch Tool now projects an 82.8% chance of a 75-point hike in early November.
Dow Jones Leader Bucks PC Slowdown
Global PC shipments fell 15% to 74.3 million units, according to the latest IDC report.
HP (HPQ) shipments were down 27.8%, while Lenovo was down 16% Dell Technologies (DELL) lost 21%.
Apple The ( AAPL ) MacBook marked the only bright spot in the survey, with shipments up 40.2%. Earlier, the Dow Jones component decided to cut iPhone 14 production by 6 million units due to a slowdown in smartphone demand. Apple shares are up today, but still correcting.
Semiconductor funds and indices are more than 4% lower after the US announced new restrictions on Chinese exports. Lam Research (LRCX) was down nearly 7%. Nvidia (NVDA) down 3% Advanced micro-devices (AMD) lost 1%.
Walmart (WMT) has acquired robot company Alert Innovation to automate its deliveries and fulfill orders. Leader Dow Jones has been working with Alert since 2016, and the acquisition should help the company compete with the e-commerce giant. Amazon.com (AMZN).
The move comes as Amazon ends experiments with its autonomous delivery robot Scout. Shares of Walmart posted a small gain today, while Amazon fell more than 1%. Both are being corrected.
In the rest, shares Immune ( IMUX ) surged more than 45% after the company closed a $60 million funding round. The funds will be used for the clinical development of drugs to treat chronic inflammatory and autoimmune diseases.
Dow Jones Out: Good and Bad News
IBD 50 component World Wrestling Entertainment (WWE) is in a cup base with a buy point of 75.33. ON Semiconductor (ON) shrank its base in today’s heavy fall.
Double check (DV), Wingstop (WING) and RPM International (RPM) have fallen below their 50-day moving average. DoubleVerify is ranked IBD.
Earnings On Deck
delta (DAL) and BlackRock (BLK) will report earnings on Tuesday. PepsiCo (PEP) is behind the Dow Jones components on Wednesday Walgreens (WBA) and Goldman Sachs (GS) will be on Thursday.
Wells Fargo (WFC), Citibank (C) and Dow Jones stocks JPMorgan Chase ( JPM ) will close the first week of third-quarter earnings on Friday morning.
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