Stocks fall broadly, S&P 500 set to break winning streak

Aug 18, 2022, 10:50 AM | Updated: Aug 19, 2022, 9:28 pm
FILE - Statues adorn the facade of the New York Stock Exchange, July 14, 2022, in New York.  Stocks...

FILE - Statues adorn the facade of the New York Stock Exchange, July 14, 2022, in New York. Stocks are opening lower on Wall Street, putting the S&P 500 index on track to break a four-week winning streak. The benchmark index was off 0.9% in the early going Friday, Aug. 19. (AP Photo/John Minchillo, File)

(AP Photo/John Minchillo, File)

Stocks are broadly lower on Wall Street in afternoon trading Friday, putting major indexes on track for losses that will end a solid run of weekly gains.

The S&P 500 fell 1.3% as of 3:29 p.m. Eastern. The benchmark index is now on pace to break a four-week winning streak. The Nasdaq fell 2% and is also set to end four weeks of gains.

The Dow Jones Industrial Average fell 293 points, or 0.9%, to 33,706 and is slightly in the red for the week.

Technology stocks had some of the biggest losses and the sector’s dip weighed heavily on the broader market. Microsoft fell 1.3%.

Retailers, banks and communications companies also fell sharply amid the broad slide.

Meme stock Bed Bath & Beyond sank 43.8% after the high-profile activist investor Ryan Cohen confirmed that he’s sold his stake in the company.

Small company stocks also lost ground, pulling the Russell 2000 index 2.3% lower.

Cryptocurrencies fell broadly as Bitcoin slumped 8.5% to $21,434, according to CoinDesk.

Bright spots included General Motors, which rose 2.9% after reinstating its dividend. Foot Locker soared 21.1% after replacing its CEO and reporting earnings that beat Wall Street’s estimates.

Bond yields gained ground. The yield on the 10-year Treasury rose to 2.98% from 2.89% late Thursday.

Trading has been choppy throughout the week as investors reviewed the latest batch of earnings from retailers and updates on spending, home sales and the employment market.

Big retailers including Walmart and Target have warned investors that inflation is crimping consumer spending. Department store owner Macy’s will report its results next week.

A report on retail sales this week showed that spending remains resilient as gasoline prices fall and help ease some pressure from inflation.

Wall Street is trying to determine how stubbornly hot inflation is affecting businesses and consumers and whether the economy can remain resilient and avoid a recession.

The data from government and corporate reports is also being closely watched as investors try to determine how the Federal Reserve will continue with its plan to fight inflation by raising interest rates. The goal is to raise rates and slow down economic growth to cool inflation. But, the central bank is threading a fine line between taming inflation in an already slowing economy and hitting the brakes too hard and veering the economy into a recession.

Minutes of the Fed’s July meeting released this week said inflation is still is too high and made clear the central bank will keep raising interest rates. The central bank has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Forecasters currently expect a hike of a half-percentage point at the board’s next meeting.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Photo from Flickr...
Associated Press

Washington kills 2 wolves to prevent preying on cattle

Biologists working for Washington have killed two members of the Leadpoint wolf pack this week in an effort to stop the pack from preying on cattle
12 hours ago
FILE - Arizona Gov. Doug Ducey speaks at an event touting a new universal school voucher program he...
Associated Press

Huge Arizona school voucher plan in effect after foes fail

PHOENIX (AP) — All Arizona parents now can use state tax money to send their children to private or religious schools or pay homeschooling costs after an effort by public school advocates to block a massive expansion of the state’s private school voucher law failed to collect enough signatures to block it. Arizona Secretary of […]
1 day ago
FILE - The U.S. Capitol dome in Washington, Aug. 12, 2022. The Democratic-led House passed a short-...
Associated Press

House OKs bill to avert government shutdown, aid Ukraine

WASHINGTON (AP) — The Democratic-led House passed a short-term spending bill on Friday that finances the federal government through mid-December and provides another infusion of military and economic aid to Ukraine as lawmakers acted to avert a partial government shutdown set to begin after midnight. The bill passed the House by a vote of 230-201. […]
1 day ago
Women stand in line to cast their votes for National Assembly elections in south of Kuwait city, Ku...
Associated Press

Kuwait vote shakes up assembly amid political gridlock

KUWAIT CITY (AP) — Voters in Kuwait chose to shake up their parliament, sending conservative Islamist figures and two women to the assembly in the Gulf Arab nation’s second election in less than two years, according to results released Friday. The results from Thursday’s vote, which will bring 27 new members to the 50-member assembly, […]
1 day ago
Associated Press

Court dismisses Maasai eviction case against Tanzania

NAIROBI, Kenya (AP) — The East African Court of Justice on Friday dismissed a case by Maasai herders who tried to stop Tanzania’s government from evicting them from land they have used for generations. The ruling comes amid new tensions between Maasai and authorities over other land being marked off for a game reserve in […]
1 day ago
Florida Gov. Ron DeSantis speaks during a news conference at the Pinellas County Emergency Operatio...
Associated Press

DeSantis shifts from provocateur to crisis manager after Ian

Florida Gov. Ron DeSantis has whipsawed his way through the national conversation this month, first by putting migrants on planes or buses to Democratic strongholds and then shifting to a more traditional role of crisis manager as one of the strongest hurricanes to ever hit the U.S. barreled into his state. Facing a reelection in […]
1 day ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
Stocks fall broadly, S&P 500 set to break winning streak