Nasdaq, S&P 500, Dow Jones fall with Fed’s Powell set to speak

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Michael M. Santiago/Getty Images News

Selling acclerated in afternoon trading in the stock market Friday with energy stocks seeing the brunt of broad selling.

The Dow (DJI) -2% is in bear market territory, trading below 29,500 and had been down below 29.400 as it set a new low for 2022.

The Nasdaq Composite (COMP.IND) is -2.1% and the S&P 500 (SP500) is -2%.

The S&P 500 bounced right off the June low of 3,636 at its session nadir and cut some losses.

All 11 S&P sectors are lower, Energy is the weakest, tumbling more than 6% as oil prices slide. Healthcare is seeing the smallest decline.

The 10-year Treasury yield (US10Y) is down 4 basis points to 3.67%. The 2-year yield (US2Y) is up 5 basis point to 4.17%, but breached 4.20% earlier.

The market will get to hear from Fed chief Jay Powell again this afternoon. He will deliver opening remarks at a “Fed Listens” event at 2 p.m. ET.

“This week’s policy decision did not seem to show the Fed listening to the economy (rates are rising in a Pavlovian response to CPI),” UBS chief economist Paul Donovan wrote.

Global PMI Composite Flash data for September came in higher. Manufacturing PMI rose to 51.8, slightly higher than the anticipated 51.1. Moreover, services PMI jumped up to 49.2 compared to the forecasted 45.

Oil companies dominate the S&P losers list. Domino’s is the biggest gainer after a bullish call from BMO.

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