Stock Market Today Stocks Fall Again as Fed Hangover Persists Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

Stock Market Today Stocks Fall Again as Fed Hangover Persists

The major market indexes notched a fourth straight loss as Powell's rate-hike warning kept investor sentiment in check. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Karee Venema published 3 November 2022 Stocks closed lower for a fourth straight day Thursday as Federal Reserve Chair Jerome Powell's warning from Wednesday's press conference continued to ring in investors' ears. Specifically, after the Fed raised rates another 75 basis points, Powell said it was "very premature" to expect the central bank to start talking about pausing its rate-hike strategy, especially as inflation remains stubbornly high. (A basis point = 0.01%.)

9 Top Energy ETFs to Buy Now Expectations for more rate increases from the Fed sent the 10-year Treasury yield soaring 9.0 basis points to 4.151%. As a result, stocks in the rate-sensitive technology sector (-2.9%) bore the brunt of today's selling, with the tech-heavy Nasdaq Composite sinking 1.7% to 10,342. The broader S&P 500 Index gave back 1.1% to 3,719, while the blue-chip Dow Jones Industrial Average fell 0.5% to 32,001.

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Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up Also in focus today was the latest weekly jobless claims data, which comes ahead of tomorrow's highly anticipated October jobs report. While initial claims edged down 1,000 to a seasonally adjusted 217,000, continuing claims were up nearly 29,000 to 1.25 million. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. "It appears that we are finally starting to see more signs of labor market weakness, which means we might be a couple months away from seeing job losses with the nonfarm payroll report," says Edward Moya, senior market strategist at currency data provider OANDA. "If the labor market can cool quickly, the Fed might be done tightening in February."

One Place to Find Cheap Stocks

But for now, the Fed – and its global peers – are continuing their fight against stubbornly high inflation. Earlier today, the Bank of England (BoE) increased its own benchmark interest rate by 75 basis points – the largest such move in over three decades. The BoE also suggested a "very challenging" path forward for the U.K. economy as Britain's central bank aims to curb inflation.

10 Electrifying EV Stocks Worth Watching The reaction in the markets was a lower pound and spiking yields on U.K. sovereign debt. "It's proved to be yet another dismal day for the pound as forecasts of a long recession cast a dark shadow over the U.K. economy," says Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. As for U.K. stocks, they showed resilience in the wake of the BoE decision, with London's FTSE ending the day up 0.6%. Over the long term, though, the FTSE has significantly underperformed the S&P 500 – and is currently trading at its lowest valuation in more than a decade. Despite these long-term troubles, there are still plenty of quality names that can be found on the other side of the Atlantic. Here, we take a closer look at where some of the best bargains are among cheap U.K. stocks. Check them out.

65 Best Dividend Stocks You Can Count On in 2022 Explore More Stock Watch Markets Stock Market Today Karee VenemaContributing Editor, Kiplinger.comWith over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis. Latest 4 Ways You Can Take Advantage of a Down Market With markets down for the year, it may seem that all the news is bad. But now could be a good time to make some profitable moves. By Adam Grealish • Published 11 November 22 New, Used or Leased: Is Now the Time to Buy an Electric Vehicle? The Inflation Reduction Act created new tax breaks for electric vehicles. Here's a guide to which EVs count and the best time to buy. By Rivan V. Stinson • Published 11 November 22 You might also like Stock Market Today: Stocks Lift Off After Encouraging Inflation Report The major market indexes rallied to their best day in two years after data showed inflation slowed in October. By Karee Venema • Published 10 November 22 Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too. By Karee Venema • Published 9 November 22 Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin. By Karee Venema • Published 8 November 22 Stock Market Today: Stocks Rise Ahead of Midterms The Dow outperformed thanks to a major M&A-related boost for drugstore chain Walgreens Boots Alliance. By Karee Venema • Published 7 November 22 Stock Market Today: Stocks Swing Wildly After October Jobs Data The major indexes ended with their first win of the week thanks to the latest jobs report. By Karee Venema • Published 4 November 22 Kiplinger's Weekly Earnings Calendar (Nov. 7-11) stocks Check out our earnings calendar for the upcoming week. By Karee Venema • Last updated 11 November 22 Stock Market Today: Stocks Post-Fed Pop Reverses After Powell Takes the Mic It was a volatile session on Wall Street as investors parsed over the Fed's latest policy statement and Powell's presser. By Karee Venema • Published 2 November 22 Stock Market Today: Stocks Retreat After Strong Job Openings Data The latest jobs data comes as the Fed kicked off its two-day meeting, with another jumbo-sized rate hike expected to be announced tomorrow. By Karee Venema • Published 1 November 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
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