It also gave a forecast for earnings for its full fiscal year that fell short of analysts’ expectations, as price increases push some customers to buy less. The Fed will make its own decision on rates next week.Ĭampbell Soup, meanwhile, sank 8.4% after reporting weaker revenue for the latest quarter than expected. Yields climbed after the Bank of Canada raised its policy interest rates on Wednesday after having left them steady since January. But tech stocks are seen as some of the hardest hit by higher interest rates, and yields were on the rise in the Treasury market. It's a reversal from much of this year, where stocks of high-growth companies led the way on hopes for easier interest rates from the Federal Reserve and excitement around artificial intelligence. Because they're some of Wall Street's most valuable stocks, their movements pack extra punch on the index. Microsoft, Amazon and Alphabet all fell at least 3% and were the heaviest weights on the S&P 500. The Nasdaq composite was lagging the market with a drop of 1%. The Dow Jones Industrial Average was up 116 points, or 0.3%, at 33,690 with less than an hour remaining in trading. The S&P 500 was 0.4% lower in late trading even though the majority of stocks within the index were rising. stocks are drifting Wednesday, as drops for Microsoft and other big-name tech stocks overshadow gains for much of the rest of Wall Street. The Bank of Canada raised interest rates for the first time since January, ahead of a decision on interest rates next week by the Federal Reserve.
Tech stocks dropped as yields rose in the Treasury market. The Dow Jones Industrial Average added 91 points, or 0.3%, while the Nasdaq composite lagged the market with a loss of 1.3%. The S&P 500 fell 0.4% Wednesday even though the majority of stocks within the index rose. stocks drifted to a mixed close as drops for Microsoft and other big-name tech stocks overshadowed gains for much of the rest of Wall Street.
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