The major averages sharply cut their losses in late-day trading but ultimately ended lower.
 | WED, OCT 05, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 146.40 | +0.30 | +0.21% | | INTC | 27.64 | -0.06 | -0.22% | | MSFT | 249.20 | +0.32 | +0.13% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | PCG | 14.75 | +0.56 | +3.95% | | F | 12.51 | +0.15 | +1.21% | | AMD | 67.94 | +0.04 | +0.06% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 67.94 | +0.04 | +0.06% | | TSLA | 240.81 | -8.63 | -3.46% | | AAPL | 146.40 | +0.30 | +0.21% | |
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U.S. stocks staged a big reversal in the final hour of trading Wednesday, after being in the red for most of the day. Still, all three of the major averages finished on a down note. The Dow Jones Industrial Average briefly turned positive in the afternoon after falling more than 400 points earlier in the day. The S&P 500 and Nasdaq Composite ticked higher as well. The gains were fleeting, as all three indexes dropped in the last minutes of trading to close with small losses. The day's declines coincided with a rebound in yields that weighed on equities. The 10-year surpassed 3.7%, after briefly dipping below 3.6% in the previous session. |
Investors were also digesting the ADP jobs report, which showed a better-than-expected figure for U. S. private payrolls, and the ISM services index showed solid growth for the month of September. Stocks seemed to be taking a breather for most of the day as the reality about the Federal Reserve's inflation fighting plans began to sink in for investors. Excitement about the big gains earlier in the week started to wane. "Markets are now realizing that choppy data means bad data," said Yung-Yu Ma, chief investment strategist for BMO Wealth Management, told CNBC. "It has to be consistent and one directional to point to the Fed being able to soften its posture, and that's just hard to get from where we are right now." |
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