Stock Market News Live: Wall Street Edges Lower
U.S. stocks moved lower Tuesday, a day after the S&P 500 slid into a bear market on fears that red-hot inflation will prompt more aggressive rate increases from the Federal Reserve.
The S&P 500, Nasdaq Composite and Dow industrials all retreated in morning trading, handing back early gains.
Cryptocurrencies continued to drop, with bitcoin falling further below $23,000 as investors dumped their most speculative holdings.
All eyes this week will be on the Fed's interest-rate decision on Wednesday, with officials considering a larger-than-expected 0.75-percentage-point increase.
-Bull Market’s Winners Dragged the S&P 500 Into a Bear Market
-Fed Likely to Consider 0.75-Percentage-Point Rate Rise
-Bond Slide Deepens, With No End in Sight
-As Cryptos Fall, Digital-Asset Firms Pump Brakes on Deals
U.S. Harvest of Winter Wheat Starts
U.S. farmers have begun harvesting their winter wheat crops – which may help mitigate the inflated prices stemming from blocked exports from the Black Sea.
The harvesting of U.S. wheat that was planted in the fall and grown over the winter is 10% complete, up from 4% at this time last year but down from the five-year average of 12%, according to the U.S. Department of Agriculture’s Crop Progress report released this week.
The flow of new wheat into the supply pipeline is expected to help relieve some of the pressures that have pushed prices for wheat to historically high levels, said Doug Bergman of RCM Alternatives in a note. “Harvest is quickly approaching, which will be a bearish input for prices even if production is disappointing,” he said.
The USDA forecasts that U.S. winter wheat production will total 1.18 billion bushels in 2022. That’s down 10 million bushels from last year, but the influx of new wheat comes as grain exports from Ukraine remain stuck in the country while war there rages on.
In trading on the Chicago Board of Trade today, most active wheat futures are down 1.3% to $10.57 per bushel. Wheat prices remain up 37% since the start of the year, but have relaxed 18% since reaching an all-time high of $12.94 per bushel in late March.
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Back-To-School Retail Sales Seen Rising 7.5% From 2021
Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, sees U.S. retail sales, not counting autos, up 7.5% for the mid-July through Labor Day back-to-school period.
Sales are seen up 18.3% compared to pre-pandemic 2019. "Back-to-school is the second biggest season for retailers and is often looked at as an early indicator of retail momentum ahead of the traditional holiday season," says Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.
Still, Sadove also warns that retailers "will need to find innovative ways to entice shoppers as discretionary spending potentially stretches thin as a result of increasing prices."