US stocks end mostly down after choppy session

Traders work on the floor of the New York Stock Exchange, on Dec 7, 2022. PHOTO: REUTERS

NEW YORK - Wall Street stocks finished a choppy session mostly lower on Wednesday as markets weighed recession worries and awaited key economic data later this month.

Analysts described the market movements as reflecting hesitancy, ahead of closely-watched consumer price data next week and a Federal Reserve decision on monetary policy.

On Wednesday, the Bank of Canada hiked its key lending rate by 50 basis points to 4.25 per cent, but hinted that this was likely to be its last rate increase for now.

Markets are hoping for a similar pivot at next week’s Fed meeting.

The Dow Jones Industrial Average finished flat at 33,587.92.

The broad-based S&P 500 dipped 0.2 per cent to 3,933.92, while the tech-rich Nasdaq Composite Index dropped 0.5 per cent to 10,958.55.

Among individual companies, Carvana plunged 42.9 per cent following reports that the e-commerce auto dealer’s creditors signed a pact pledging to negotiate together in a restructuring.

The report added to speculation that Carvana could file for bankruptcy protection.

Campbell Soup jumped 6 per cent as it lifted its full-year targets, citing strong demand for its food products and improvements in managing its supply chain.

Lowe’s rose 2.4 per cent as the home-improvement retailer announced a new US$15 billion (S$20 billion) stock repurchase authorisation at an investor conference.

It also said it was targeting profit margins of 14.5 per cent in 2025, up from 12.6 per cent in 2021. AFP

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