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Stocks end lower as S&P posts 4th straight decline

12/06/2022 | 06:31pm EST

STORY: Wall Street ended lower on Tuesday, with the S&P 500 extending its losing streak to four sessions, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession.

The Dow fell more than 1%, the S&P dropped over 1.4%, while the Nasdaq shed 2%.

Tim Courtney is Chief Investment Officer at at Exencial Wealth Advisors

"I think what we're seeing in markets today is the continuation of the interest rate story that started, you know, at the end of the first quarter of this year. [FLASH] And that means those most interest rate sensitive areas of the market, like the Nasdaq, like large growth stocks, they're falling more. They're falling more today. They fell more yesterday. [FLASH] So, if you're more sensitive to interest rates, you've had a bad day over the last couple of days."

Among those large growth stocks, Apple, Amazon.com and Alphabet all fell between 2.5% and 3%.

But it was Meta Platforms that really dragged down markets... its shares sliding 6.8% following reports that European Union regulators have ruled the company should not require users to agree to personalized ads based on their digital activity.

Financial titans also pointed toward uncertain times ahead.

Bank of America's chief executive Brian Moynihan predicted three quarters of mild negative growth next year, while JPMorgan Chase CEO Jamie Dimon said inflation will erode consumer spending power and that a mild to more pronounced recession was likely ahead.


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 2.10% 99.22 Delayed Quote.15.69%
APPLE INC. 1.48% 143.96 Delayed Quote.10.80%
BANK OF AMERICA CORPORATION 1.35% 35.34 Delayed Quote.6.70%
META PLATFORMS, INC. 4.10% 147.3 Delayed Quote.17.58%
NASDAQ COMPOSITE 1.76% 11512.41 Real-time Quote.8.09%
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