Nick Timiraos, the chief economics correspondent for The Wall Street Journal who interviewed Fedral Reserve Chairman Jay Powell at the Future of Everything Festival, discusses the central bank’s moves and its impact on the economy.
U.S. stocks fell across the board on Wednesday as more retailers reveal the negative impact of inflation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 32216.04 | -438.55 | -1.34% |
| SP500 | S&P 500 | 4022.15 | -66.70 | -1.63% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11754.227894 | -230.29 | -1.92% |
Target shares tumbled after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart’s lower-than-expected profit report Tuesday that was also blamed on inflation. The Fed will “have to consider moving more aggressively” if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 160.03 | -55.35 | -25.70% |
| WMT | WALMART INC. | 126.42 | -4.97 | -3.78% |
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Lowe’s reported a 3.8% drop in U.S. store sales due to a late Spring selling season.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE’S COS. INC. | 190.08 | -3.79 | -1.95% |
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U.S. stocks were choppy early Wednesday morning, turning lower hours before the opening bell. (Courtney Crow/New York Stock Exchange via AP) (Courtney Crow/New York Stock Exchange via AP / Associated Press)
In commodities, oil rose to the $111 per barrel level. Gas prices rose to $4.567 per AAA, a fresh record.
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In cryptocurrencies, Bitcoin fell back below $30,000 following stocks lower.