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Stocks mixed as earnings continue, Powell’s interest rate comments linger – Fox Business

April 22, 2022
in breaking news today
Reading Time: 4 mins read
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Payne Capital Management President Ryan Payne discusses the markets and economy.

U.S. stocks pointed to a lower open on the final trading day of the week, on concerns that interest rates will increase faster than expected.  

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34792.76-368.03-1.05%
SP500S&P 5004393.66-65.79-1.48%
I:COMPNASDAQ COMPOSITE INDEX13174.651547-278.41-2.07%
Stocks6 AP blog A - TodayHeadline

Specialist Anthony Rinaldi, left, and trader Timothy Nick work on the floor of the New York Stock Exchange, Wednesday, Oct. 30, 2019. Stocks are slipping in early trading on Wall Street as traders hold back ahead of an interest rate announcement from ((AP Photo/Richard Drew))

The major futures indexes suggest a decline of 0.4% extending Thursday’s losses after Federal Reserve Chairman Jerome Powell said the Fed must move faster than it has previously to tackle high inflation. He also warned sharp interest rate increases are likely in coming months. Bond yields have been gaining with the yield on the 10-year Treasury hovering at 2.92% – the highest since 2018. 

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Federal Reserve Chair Jerome Powell (AP Photo/Jacquelyn Martin, File) (AP Photo/Jacquelyn Martin, File / Associated Press)

In earnings news, Gap Inc shares sank after the company slashed its forecast for quarterly sales, blaming execution challenges at its Old Navy brand. Gap also said the head of its Old Navy brand, Nancy Green, was leaving the company and the company’s Chief Executive Officer Sonia Syngal would lead the team until a replacement is named.

TickerSecurityLastChangeChange %
GPSGAP INC.14.29-0.08-0.56%

Snap shares in focus after reporting daily users grew 18% to 332 million during the first quarter compared to the year-ago period. 

CLICK HERE TO READ MORE ON FOX BUSINESS

TickerSecurityLastChangeChange %
SNAPSNAP INC.29.44-1.31-4.26%

In other news, Disney shares are heading for a weekly loss of nearly 7% after lawmakers in the state of Florida voted to strip the media giant of its special tax status. 

DISNEY STOCK TUMBLES AMID FLORIDA BILL CONTROVERSY

TickerSecurityLastChangeChange %
DISTHE WALT DISNEY CO.121.66-2.91-2.34%

Oil prices dipped on concerns COVID-19 lock downs in China are putting a dent in demand.

TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.78.12+0.88+1.14%
BNOUNITED STS BRENT OIL FD LP UNIT30.93+0.33+1.08%

U.S. West Texas Intermediate (WTI) crude futures declined $1.80, or 1.7%, to $101.98 a barrel. Brent futures slid $1.77, or 1.6%, to $106.56 a barrel. 

RUSSIA INVADES UKRAINE: LIVE UPDATES

The economic calendar is brief to end the week. The research firm IHS Markit is out with its flash manufacturing and services PMIs for April. Watch for manufacturing activity to edge down six-tenths of a point to 58.2. Services sector activity is expected to hold steady at 58.0. A reading above 50 indicates an expanding sector.

Bitcoin traded above $40,000.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

FOX Business’ Ken Martin and The Associated Press contributed to this report.

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