Stocks slip; Disney soars after reinstating Iger as CEO - Albuquerque Journal

Stocks slip; Disney soars after reinstating Iger as CEO

Stocks slipped on Wall Street in afternoon trading Monday to kick off a holiday-shortened week.

The S&P 500 was down 0.2% as of 1:45 p.m. Eastern. The tech-heavy Nasdaq composite fell 0.8%.

The Dow Jones Industrial Average rose 56 points, or 0.2%, to 33,802. A 6.5% jump by Walt Disney helped lift the index. The entertainment giant announced that it had ousted CEO Bob Chapek and brought back his predecessor, Bob Iger, to replace him.

Energy stocks were among the biggest losers in the broader market as U.S. crude oil prices fell 0.3%. Exxon Mobil slipped 0.9%.

Technology stocks and retailers also weighed down major indexes. Apple fell 1.6% and Target dropped 3%..

Smaller company stocks also lost ground, pulling the Russell 2000 index 0.6% lower.

European and Asian markets were lower.

Bond yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.82% from 3.83% late Friday.

Investors face a relatively quiet week and markets in the U.S. will be closed on Thursday for Thanksgiving, while closing early Friday.

The Federal Reserve will release minutes on Wednesday from its latest policy meeting and potentially give investors more insight into the central bank’s fight against inflation. The Fed remains a main focus for investors as it continues raising interest rates to fight stubbornly high prices on everything from food to clothing.

The Fed has said that it could tone down the size of its rate increase, but that it may have to ultimately raise rates to a higher-than-expected level to reach its goal of taming painfully high prices. Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.

Wall Street is concerned that the Fed could go too far in raising interest rates, which could hit the brakes hard enough on the economy to skid it into a recession. Inflation has been easing somewhat while key points of the economy, including consumer spending and employment, remain strong.

Investors don’t have much economic news to review this week, but some late earnings and corporate updates could provide more insight into inflation’s path and ongoing impact.

Carvana fell 12% after saying it will slash its workforce by 8% as inflation and higher interest rates squeeze the auto market.

Electronics retailer Best Buy and discount retailer Dollar Tree will report their latest financial results on Tuesday. Farming equipment maker Deere will report its results on Wednesday.

Inflation remains the main economic concern globally, but several other issues are hovering over markets.

China on Sunday announced its first new death from COVID-19 in nearly half a year as strict new measures are imposed in Beijing and across the country to ward against new outbreaks. China’s ongoing strict lockdown policies have been crimping economic growth in the world’s second largest economy and stressing businesses.

Casino operator Wynn Resorts, which has a large footprint in China, fell 2.2%. Las Vegas Sands slid 3.9%.

___

Joe McDonald and Matt Ott contributed to this report.

Home » ABQnews Seeker » Stocks slip; Disney soars after reinstating Iger as CEO


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

1
A DEADLY YEAR
ABQnews Seeker
Montaño shooting marks record 115th homicide ... Montaño shooting marks record 115th homicide in city
2
PNM struggles with rising fuel cost issues
ABQnews Seeker
But customer fuel prices are expected ... But customer fuel prices are expected to decrease significantly in January
3
Pearce wins reelection as NM GOP chairman through 2024
2022 election
Fends off 4 challengers with 55% ... Fends off 4 challengers with 55% of votes cast
4
Talking Grammer, Ep. 55: UNM Lobo coach Richard Pitino
ABQnews Seeker
In episode 55 of the podcast, ... In episode 55 of the podcast, we catch up with UNM Lobo basketball coach Richard Pitino on what has been a unique first month ...
5
Spelling bee competitors master craft one word at a ...
ABQnews Seeker
Favorite books help bee competitors get ... Favorite books help bee competitors get ready
6
Fire ravaged NM forests this year. Now Christmas tree ...
ABQnews Seeker
Tree harvesters are grappling with the ... Tree harvesters are grappling with the aftermath of the Calf Canyon/Hermits Peak fire.
7
The PED is asking for feedback on its new ...
ABQnews Seeker
Proposed are several rule changes to ... Proposed are several rule changes to implement the system, known as micro-credentials
8
Rain can't stop the twinkling lights
ABQnews Seeker
ABQ's annual Twinkle Light Parade puts ... ABQ's annual Twinkle Light Parade puts a shine on Central Avenue, Nob Hill
9
Santa Fe Opera wins international recognition as 'Festival of ...
ABQnews Seeker
The International Opera Awards named the ... The International Opera Awards named the artistic nucleus just north of Santa Fe 'Festival of the Year' at a ceremony in Madrid, Spain.
10
Named for San Ignacio, church has called Santa Barbara-Martineztown ...
Arts
Just west of Interstate 25, San ... Just west of Interstate 25, San Ignacio Catholic Church sits within the Santa Barbara-Martineztown neighborhood minutes away from Albuquerque High School.