Stocks Volatility After Fed Meeting Minutes Points to Inflation Problems

US stocks She ended the session mixed while it was a choppy session after minutes of Federal Reserve The last meeting showed that inflation fears could mean an interest rate hike comes sooner than the telegraph.

The Dow Jones Industrial Average is down more than 9 points, or 0.03%%, while the S&P 500 and Nasdaq posted gains late in the day of 0.44% and 0.23%, respectively.

tape protection the last they change they change %
Me: DJI Dow Jones averages 35804.38 -9.42 -0.03%
SP500 Standard & Poor’s 500 4701.46 +10.76 + 0.23%
I: COMP Nasdaq Composite Index 15845.225709 +70.09 + 0.44%

Financial markets are closed for the Thanksgiving holiday, followed by a brief session on Friday when markets close at 1 p.m. ET.

Oil settled at $78 a barrel after rising more than 2% on Tuesday despite President Biden’s mandate to release 50 million barrels from the country’s strategic reserve to help lower energy costs. This step was taken in coordination with other large oil-consuming countries, including Japan. OPEC members are due to meet on Dec. 1 and are said to be reviewing US developments.

Major oil names rose including ExxonMobil and Chevron.

tape protection the last they change they change %
XOM EXXON MOBIL CORP. 63.48 +0.35 + 0.55%
CVX Chevron Corporation. 117.19 +0.89 + 0.77%
use United States Petroleum Fund LP 55.88 -0.32 -0.57%
Gas NS NS NS NS

In stocks, Nordstrom and Gap both saw sharp declines after reporting disappointing quarterly results.

The supermarket chain reported earnings of $0.39 per share, well below the $0.57 analysts had been expecting, although it reiterated its full-year forecast. The stock, which lost more than 29%, posted its worst drop ever.

tape protection the last they change they change %
JWN Nordstrom, Inc. 22.66 -9.27 -29.03%
GPS Gap, you. 17.84 -5.67 -24.12%

While Gap lowered its full-year forecast, pushing the stock to its second-largest one-day drop ever, according to Dow Jones Market Data Group tracking.

Tesla shares plunged after CEO Elon Musk sold his last billion in stock, while also exercising options to buy more than $2 million in stock, According to the SEC filing.

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tape protection the last they change they change %
TSLA Tesla, INC. 1,116.00 +6.97 + 0.63%

in a Economic news, a barrage of reports ahead of the Thanksgiving holiday.

  • The second estimate for third-quarter GDP came in at 2.1%, slightly ahead of the previous 2.0% but well below the 6.6% growth rate in the second quarter.
  • The Ministry of Labor has reported new claims for unemployment benefits Last week’s total was 199,000, ahead of the previous week’s 268,000. Continuing claims, which track the total number of jobless people receiving benefits, are expected to drop to 2.049 million.
  • Durable goods fell 0.5% as big ticket orders weakened after declining 0.3% in the previous reading.
  • In terms of inflation, prices rose 5% in the year through October, according to PCE price index data released Wednesday. That exceeded the previous month’s estimate, becoming the fastest pace of increase Since November 1990.

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Ken Martin and The Associated Press of FOX Business contributed to this report.

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