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Dow tumbles 300 points Friday, posts worst week since September

Staff by Staff
December 11, 2022
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Stocks finished lower Friday, with all the major averages posting losses for the week as worries persisted over continued rate hikes.

The Dow Jones Industrial Average shed 305.02 points, or 0.9%, to close at 33,476.46. The S&P 500 tumbled 0.73% to end at 3,934.38, while the Nasdaq Composite fell 0.7% to finish at 11,004.62.

On a weekly basis, the Dow fell 2.77% to post its worst week since September. The S&P tumbled 3.37%, while the Nasdaq dropped 3.99%.

Friday’s moves came after November’s producer price index showed higher-than-expected wholesale prices, which rose 0.3% last month and 7.4% over the previous year. Core PPI, which excludes food and energy, also topped expectations.

Optimistic consumer sentiment data alleviated some fears, but attention remains laser-focused on next week’s busy economic calendar.

Attention shifted toward the consumer price index due out Tuesday, which is expected to show whether inflation has receded. The Federal Reserve will likely deliver a 50 basis point hike at the end of its December meeting on Wednesday. While the increase would be smaller than the previous four hikes, concerns have mounted over whether the central bank can architect a soft landing and prevent a recession.

Investors have long hoped for a pivot from the Fed’s aggressive tightening stance, but the data fails to support that desire, said Stephanie Lang, chief investment officer at Homrich Berg.

“It’s our expectation that we really need to see inflation come down closer to the fed funds rate for the Fed to pause, and we still have quite a bit of delta between those numbers,” she said. “There’s still a bit of work to be done on the inflation front to really see that as the reality.”

In other news, shares of Lululemon tumbled nearly 13% after the company gave a weaker-than-expected fourth-quarter outlook. DocuSign jumped on strong results.

Lea la cobertura del mercado de hoy en español aquí.

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