Stock market news live updates: November 29, 2022 – Yahoo Finance

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U.S. stocks edged lower Tuesday as Wall Street continued a sluggish start to the week, with investors continuing to monitor China's COVID policy and look ahead for Federal Reserve Chair Jerome Powell’s scheduled speech.
The S&P 500 (^GSPC) was down 0.2%, while the technology-heavy Nasdaq Composite (^IXIC) ticked lower by 0.6%. The Dow Jones Industrial Average (^DJI) was virtually flat for the day.
The slump came after all three stock indexes finished lower Monday, as protests against China’s strict COVID policies had far-reaching consequences across global markets. The S&P 500 declined more than 1%, the first time it did so on a post-Thanksgiving Monday since 2008, according to Bespoke Investment Group. The U.S. dollar weakened against a basket of peers, following days of gains, as the yuan dipped.
In oil markets Tuesday, the global benchmark Brent crude climbed 2.6% to trade above $86 a barrel. WTI crude oil rose about 2% on Tuesday, closing just below $79 a barrel after reaching lows for the year early Monday.
The yield on the benchmark 10-year Treasury note rose to 3.755% from 3.701% on Monday.
Monday’s sell-off accelerated following remarks of two Federal Reserve officials, who stressed the central bank's rate-hiking campaign will continue. New York Fed President John Williams on Monday said there was still "more work to do" to bring down inflation.
"Stronger demand for labor, stronger demand in the economy than I previously thought, and then somewhat higher underlying inflation, suggest a modestly higher path for policy relative to September," Williams told reporters Monday after an event hosted by the Economic Club of New York.
At another event, St. Louis Fed President James Bullard said "we've got a ways to go to get restrictive.” Bullard also pointed out that the Fed’s target policy rates need to rise to at least a range between 5.00% and 5.25% from the current level of 3.75%-4.00% to be "sufficiently restrictive" to curb inflation.
All eyes now turn to Federal Reserve Chair Jerome Powell’s speech on Wednesday at the Brookings Institution, the last speech before the Fed's next rate setting meeting in mid-December. However, "it is unclear what more Powell could say that we have not heard from recent Fedspeakers," wrote Andrew Tyler, head of US Market Intelligence at J.P. Morgan. "While a Fed pivot is currently off the table, investors looking for a pause are unlikely to find that support from Powell this week."
Meanwhile, investors are also bracing for a jam-packed week of economic data. On Tuesday, data from S&P CoreLogic Case-Shiller National Home Price Index showed that U.S. home prices fell 1% in September from August, posting a third consecutive monthly decline. The slowdown comes as mortgage rates have surged to near 7% from lows near 3% in just 10 months.
The Conference Board's Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, fell to 100.2 in November from a revised 102.2 reading in October, while economists surveyed by Bloomberg called for a drop to 100.
In corporate news, Apple (AAPL) fell more than 2% Tuesday following turmoil at the world’s largest iPhone factory in Zhengzhou. The unrest in China further sparked fears of a shortfall of close to 6 million iPhone Pro units this year, Bloomberg reported.
Apple also found itself at the wrong end of Elon Musk's ire, as the billionaire owner of Twitter is picking a fight with the tech giant. Musk has targeted the company over its ad spending on Twitter and raised the prospect of a bigger battle over Twitter’s availability on the Apple App Store.
Meanwhile in the US, Apple also faces headwinds heading into next year, Oppenheimer analyst Martin Yang told Yahoo Finance Live on Tuesday.
.@Oppenheimer Senior Analyst Martin Yang on $AAPL: “We’ve seen two years of very strong upgrade and replacement cycles for iPhone… this year, and that replacement cycle strength may weaken into 2023.” pic.twitter.com/02aLMLWDlb
— Yahoo Finance (@YahooFinance) November 29, 2022
Also in single-stock news, shares of United Parcel Service (UPS) rose 2.8% as the Biden administration calls on Congress to act and pass legislation that would avert a rail strike. UPS is the largest rail customer.
Shares of AMC Networks (AMCX) fell more than 5% on Tuesday as CEO Christina Spade left the company after less than three months in the role and the company announced it would cut 20% of its staff.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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The Federal Reserve could scale back the pace of its interest rate hikes as soon as December, Fed Chair Jerome Powell said on Wednesday, while cautioning the fight against inflation was far from over and that key questions remain unanswered, including how high rates will ultimately need to rise and for how long. Powell, in remarks prepared for delivery at the Brookings Institution think tank in Washington, did not indicate his estimated "terminal rate," but said it is likely to be "somewhat higher" than the 4.6% indicated by policymakers in their September projections. US stocks turned higher on his comments, while Treasury yields fell back and the dollar turned lower.
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Shares of Meta Platforms (NASDAQ: META), Etsy (NASDAQ: ETSY), and Airbnb (NASDAQ: ABNB) were catching an afternoon breeze after Federal Reserve Chair Jerome Powell made dovish remarks in a speech today. As of 2:45 p.m. ET, the Nasdaq was up 2.9%, while Meta had gained 6.4%, Etsy was up 4.7%, and Airbnb was up 4.3%. Speaking at the Brookings Institution, Powell said that the central bank could slow the pace of rate increases at the next FOMC meeting on Dec. 13-14.
UnitedHealth (UNH) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Pharmaceutical giant Pfizer (NYSE: PFE) is no stranger to investors; the company is a longtime staple in the healthcare industry. It got a lift in late 2020 and in 2021 as one of the COVID-19 vaccine suppliers, but investors seem to have grown bored with Pfizer's story, and the stock is down about 16% since the start of 2022. The thing is, investors shouldn't be so quick to write off Pfizer stock.
Standing here at the tail end of 2022, we can see the next year through the mist of uncertainty – and for now, that view is dominated by high inflation, rising interest rates and potential recession. Looking at the market situation, Goldman Sachs strategist Christian Mueller-Glissmann writes: "We remain defensive for the 3-month horizon with further headwinds from rising real yields and lingering growth uncertainty… The growth/inflation mix remains unfavorable – inflation is likely to normaliz
While the data has checked many of the boxes that suggest the U.S. is in the midst of a recession, other metrics contradict that conclusion, leaving investors uncertain about where we stand. A key economic indicator released on Wednesday provided a bit of clarity, suggesting things are actually better than some had feared. With that as a backdrop, semiconductor specialist Taiwan Semiconductor Manufacturing (NYSE: TSM) climbed 1.8%, streaming video pioneer Roku (NASDAQ: ROKU) jumped 2.7%, and e-commerce platform Shopify (NYSE: SHOP) rallied 3.3% as of 1:11 p.m. ET on Wednesday.
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