Stocks are mostly lower in afternoon trading on Wall Street Thursday, putting major indexes deeper in the red for the week.
The S&P 500 fell 0.4% as of 2 p.m. Eastern. The benchmark index is down 3.4% for the week following the biggest pullback for the market in more than two years on Tuesday.
The Dow Jones Industrial Average rose 22 points, or 0.1%, to 31,152 and the Nasdaq fell 0.8%.
Technology stocks were among the biggest weights on the broader market. Adobe slumped 16.6% after the software maker announced a $20 billion acquisition of a design company and issued a disappointing revenue forecast.
U.S. crude oil prices fell 3.4% and weighed on energy stocks. Hess fell 2%.
Railroad operators were mostly higher after a tentative labor agreement was reached, averting a strike across the country that could have been devastating to the economy. Union Pacific rose 1.9%.
Bond yields rose. The yield on the 10-year Treasury, which helps dictate where mortgages and rates for other loans are heading, rose to 3.45% from 3.40% late Wednesday. The yield on the two-year Treasury rose to 3.85% from 3.79%.
Investors were digesting the latest report on retail sales, which gave a mixed view of how consumers are coping with the hottest inflation in four decades. The government report showed that retail sales rose an unexpected 0.3% in August after falling 0.4% in July. Inflation hurt several areas of spending, though, with business at restaurants still growing, but at a slower pace, while furniture and online sales fell.
Consumer spending has been a strong point in the broader economy, along with employment, as inflation continues to squeeze businesses and consumers. High prices and the Federal Reserve’s aggressive plan to raise interest rates as a solution remains Wall Street’s main focus.
A hotter-than-expected August report on consumer prices Tuesday spooked the market and dashed hopes that the Fed might consider easing its rate hikes. It was followed on Wednesday by a report that wholesale prices are still rising.
Investors worry rate hikes by the Fed could go too far in slowing the U.S. economy and send it into a recession. The central bank has already raised its benchmark interest rate four times this year, with the last two increases by three-quarters of a percentage point. Traders now see a 1-in-5 chance the Fed may hike its benchmark rate by a full percentage point next week, quadruple the usual move, according to the CME Group.
If you know of local business openings or closings, please notify us here.
PREVIOUS OPENINGS AND CLOSINGS
– The Cadillac Pub opens where Klingers used to be at 24 E. Main Street in Fleetwood
– II-VI Inc. (pronounced “two-six”) will become Coherent Corp., taking on the name of a company it recently acquired.
– ABEC, a company that provides services and products to the pharmaceutical industry, with headquarters in Northampton County, will invest in a new disposable-container facility in North Carolina.
– A new Lehigh Valley Martial Arts center will hold a grand opening starting at 11 a.m. on Saturday, Sept. 10, with a ribbon-cutting shortly afterward.
– Bethlehem Township’s planning commission has approved an Amazon parking lot with 248 spaces at Brodhead and Mowrer roads.
– The Bethlehem Zoning Hearing Board rejected variance requests that would have allowed multifamily homes to go up on the Southside properties at 508-512 Selfridge St.
– Northampton County Council voted 1-8 against a tax break for development of a proposed warehouse at the Dixie Cup building on South 25 Street in Wilson Borough.
– The former Valley Farm Market, now known as Gerrity’s Valley Farm Market, will take on a new name as of Oct. 14: Gerrity’s The Fresh Grocer.
– Hamsa Exoticz is already open at the Lehigh Valley Mall, but it will hold a grand opening at 5 p.m. Sept. 16 with the Whitehall Chamber of Commerce.
– A new Home Depot will open a 136,048-square-foot building on about 21 acres of vacant land just off Hamilton Boulevard in Lower Macungie Township.
– Rocco Ayvazov’s Monocacy General Contracting received approval from the Bethlehem Planning Commission to put up a six-story building with 55 apartments and retail space on the first floor at 128 E. Third St.
– The old Allen Organ showroom building on Route 100 in Lower Macungie Township will come down and about 100 total apartment units will go up.
– Reading Hospitality’s Catering by DoubleTree will handle food at events at Reading Country Club, after Exeter Township supervisors approved a new agreement.
– Natural healing is the goal at Reike Balance, which will open Sept. 9. on Reading Avenue in West Reading.
– The Pocono Chamber of Commerce held a grand opening at the Bartonsville branch of Farmhouse Cafe.
– The reopening date for the historic Frenchtown Inn building overlooking the Delaware River in New Jersey remains unclear.
– River Paws, a pet-supply store, is across Race Street from the Frenchtown Pharmacy.
– The planned reopening date of Aug. 13 for Toby’s Cup was pushed back after ownership said a dispute about the occupancy of a home on the hot dog stand’s property delayed the reopening.
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