UNITED STATES NEWS

Stock market today: Wall Street higher, but likely not enough to this turn losing week into a winner

Sep 21, 2023, 10:51 PM | Updated: Sep 22, 2023, 5:28 am

Wall Street ticked modestly higher early Friday, but not nearly enough to erase a week of losses driven by the potential for an era of consistently higher interest rates.

Futures for the S&P 500 edged 0.2% higher while the Dow Jones industrials rose just 0.1%.

Markets are poised to finish the week with significant losses after the Federal Reserve left its benchmark borrowing rate alone Wednesday, with officials at the central bank signaling that they may cut rates next year by only half a percentage point. Investors had been hoping for bigger, faster cuts to interest rates.

Even with no increase at two of its past three meetings, the Fed has raised its benchmark borrowing rate 11 times in the past year-and-a-half in its bid to extinguish persistent inflation.

High rates tend to hit high-growth stocks particularly hard, and Big Tech companies have been among the market’s biggest losers this week.

The tech-heavy Nasdaq composite has tumbled almost 6% this week, twice the decline of the S&P in the same period. The Dow has given back 1.6%.

There was good news for a couple big tech companies Friday.

British competition regulators gave preliminary approval to Microsoft’s restructured $69 billion acquisition of video game maker Activision Blizzard, likely clearing the way for one of the largest tech deal in history. Activision rose nearly 2% before the bell Friday and Microsoft rose slightly.

But European Union antitrust enforcers also slapped Intel on Friday with a fresh $400 million fine in a long-running legal fight that the chipmaker appeared to have won last year. The European Commission imposed the 376.4 million-euro fine after a court threw out an original 1.06 billion-euro penalty issued in 2009 over allegations that Intel used illegal sales tactics to shut out smaller rival AMD.

In the U.S., the nation’s biggest automakers will learn Friday whether the United Auto Workers union will escalate its strike over a demand for higher wages, a shorter work week and other benefits. UAW President Shawn Fain is expected to announce whether the union will expand a weeklong strike that has so far been limited to three plants – one each at Ford, General Motors and Stellantis.

Chinese markets surged late Friday, with Hong Kong’s benchmark up more than 2% following a report by Bloomberg saying that regulators are considering lifting limits on share ownership by foreigners.

The report cited unnamed people “familiar with the matter” who said Beijing is considering relaxing rules that cap foreign ownership in domestic publicly traded firms to help lure investors to the local market.

The report could not be immediately confirmed.

Also, the U.S. Treasury Department and China’s Ministry of Finance launched a pair of economic working groups on Friday in an effort to ease tensions and deepen ties between the nations.

The Hang Seng in Hong Kong gained 2.3% to 18,057.45 while the Shanghai Composite index advanced 1.6%, to 3,132.43.

Tokyo’s Nikkei 225 fell 0.5% to 32,402.41 as Japan’s central bank kept its benchmark interest rate at minus 0.1%, as expected.

In Seoul, the Kospi shed 0.3% to 2,508.13.

Australia’s S&P/ASX 200 slipped 0.2% to 7,049.20 even as the government reported a $14.2 billion budget surplus for the last fiscal year. It was the first time the nation’s books were balanced in 15 years.

Germany’s DAX shed 0.2%, the CAC 40 in Paris sank 0.5% and Britain’s FTSE 100 tumbled 0.7%.

In other trading Friday, U.S. benchmark crude oil gained 91 cents to $90.54 per barrel in electronic trading on the New York Mercantile Exchange. It lost 3 cents on Thursday.

Brent crude oil, the pricing basis for international trading, picked up 76 cents to $94.06 per barrel.

The U.S. dollar rose to 148.25 Japanese yen from 147.58 yen. The euro slipped to $1.0628 from $1.0661.

On Thursday, Wall Street fell sharply in an ugly day for stocks. The S&P 500 lost 1.6% for its worst day since March, the Dow Jones Industrial Average dropped 1.1% and the Nasdaq composite lost 1.8%.

——

United States News

Associated Press

3 Columbia University administrators put on leave over alleged text exchange at antisemitism panel

NEW YORK (AP) — Columbia University said it has placed three administrators on leave while it investigates allegations that they exchanged unprofessional text messages while attending a panel discussion about antisemitism on campus. The university said the administrators work for its undergraduate Columbia College, which hosted the panel discussion “Jewish Life on Campus: Past, Present […]

6 hours ago

Associated Press

Man charged in shooting that critically wounded Philadelphia officer, police say

PHILADELPHIA (AP) — A 36-year-old Philadelphia man was charged Sunday with attempted murder in connection with a shooting that critically wounded a police officer after a traffic stop, police said. Ramon Rodriguez Vazquez also faces charges that include aggravated assault and home invasion, police said. The 31-year-old officer and his partner stopped a car carrying […]

8 hours ago

Associated Press

California boy, 4, who disappeared from campground found safe after 22 hours alone in wilderness

FRESNO, Calif. (AP) — A 4-year-old California boy who wandered away from a campground in the Sierra National Forest was found safe after spending 22 hours alone in the wilderness, authorities said. A search-and-rescue team of about 50 officers and volunteers set out around 11 a.m. Thursday after the child was reported missing from the […]

10 hours ago

Associated Press

One man died and five others were hospitalized in downtown St. Louis shooting

ST. LOUIS (AP) — One man is dead and five others have been wounded in a downtown St. Louis shooting, police said. Police believe women were fighting in a park when men interfered and drew firearms, according to social media posts from the agency. The man who died was in his mid-twenties, police said. Five […]

10 hours ago

Associated Press

Michigan sheriff’s deputy fatally shot pursuing a stolen vehicle in Detroit

DETROIT (AP) — A Michigan county sheriff’s deputy was fatally shot while pursing a suspected stolen vehicle in Detroit, the Oakland County sheriff’s office said Sunday. Bradley J. Reckling, who was on duty in an unmarked car, was following a 2022 Chevy Equinox Saturday evening after the vehicle was reported stolen earlier in the day […]

10 hours ago

Associated Press

Triple-shooting suspect captured after intensive search across Colorado farmland

ALAMOSA, Colorado (AP) — The suspect in a shooting that left one person dead and two others with critical injuries was captured Sunday following an intensive search across a huge area of southern Colorado. Officers went door to door as aircraft searched overhead for Henry Corral, 44, who authorities said had taken off on foot […]

11 hours ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinic visits boost student training & community health

Going to a Midwestern University Clinic can help make you feel good in more ways than one.

...

Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

Stock market today: Wall Street higher, but likely not enough to this turn losing week into a winner