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Stocks drop to start a busy week with earnings and inflation data

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US stocks extended a choppy trading streak on Monday Led Wall Street to the third quarter earnings season And prepared for a batch of inflation reports.

S&P 500 Index (^ Salafist Group for Preaching and Combat) sank 0.6% after opening higher, while the Dow Jones Industrial Average (^ DJI) fell 40 points, or 0.1%. Nasdaq Technology Heavy Vehicle (^ ninth) fell 1%.

CBOE Volatility Index (^ VIX), which measures the short-term outlook for market turmoil, approached the 33 level. Treasury yields extended their recent high. Oil is down after rising 17% last weekThis is the biggest jump since Russia invaded Ukraine.

The moves come after a volatile week that began with a violent rally and Concluded with a sharp sale Which erased much of the resulting gains. The most recent slip was driven by Strong jobs report for the month of September That assured investors Fed officials It is unlikely to turn away from restrictive monetary policy anytime soon.

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The benchmark S&P 500 is down 23.6% year-to-date as of Friday’s close, but nine individual trading days include that full 32-point drop, according to Nicholas Colas of DataTrek Research.

He added that the largest share of the days of decline occurred around the Consumer Price Index (CPI) or Fed-related events, one of which was driven by tensions between Russia and Ukraine, and two came on the heels of poor corporate earnings releases. Next week, all these factors are expected to test the US stock market.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, October 7, 2022. REUTERS/Brendan McDermid

Investors are bracing for the bank’s earnings spree that usually marks the start of a new earnings-reporting period, with results from JPMorgan (JPM), city (c), Wells Fargo (WFC), and Morgan Stanley (Ms) All are due. Other companies scheduled to report this week include PepsiCo (PEPand Delta AirlinesDA).

Analysts prepare for Painful earnings season Ongoing inflation, rising interest rates and geopolitical headwinds affect corporate profits.

“The bear market won’t end until the deteriorating fundamental picture is completely ruled out,” Mike Wilson, chief equity strategist at Morgan Stanley, said in a note.

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Also on Wall Street Consumer price data for September, which is one of the most important reports ahead of the upcoming policy-setting meeting of the Federal Open Market Committee in November. While the headline reading is expected to dip again, all eyes will be on the “core” component of the report, which excludes volatile food and energy categories. Bloomberg’s core CPI rose to 6.5% from 6.3% during the year, according to the latest estimates.

“Volatility in the equity and fixed income markets will continue until there is a clear indication that inflation is under control,” Peter Essely, Head of Portfolio Management at Commonwealth Financial Network, said in a recent note.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter Tweet embed

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Biotech tells Citadel Securities that other major traders manipulated its share price

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In a new lawsuit, Northwest Biotherapeutics has accused the market maker of illegal “spoofing” orders.

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Dollar general stocks plunge as expectations drop

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The stock fell sharply Thursday after the discount retailer reported a rare fiasco, and its fourth-quarter financial outlook fell short of Wall Street estimates.

The company said fourth-quarter earnings will range between $3.15 and $3.30 per share. Analysts tracked by FactSet had expected earnings of $3.66 per share in the fourth quarter. Forecasts call for growth of 7% to 8% for the fiscal year versus previous forecasts for growth of 12% to 14%.

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Altice USA maintains Suddenlink business after strategic review by Reuters

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© Reuters. FILE PHOTO: The logo of cable and mobile communications company Altice Group is seen during a news conference in Paris, France, March 21, 2017. REUTERS/Philippe Wageser/File Photo

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(Reuters) – The broadband operator said Thursday that Altice USA Inc will retain its regional internet and cable business, Suddenlink, after a strategic review.

A source told Reuters in July that the company, which is controlled by French-Israeli telecom tycoon Patrick Drahi, has hired Goldman Sachs to manage the divestment, and the company is likely to generate $20 billion including debt.

Altice shares were down about 4% in pre-bell trade.

Altice acquired Suddenlink, which primarily serves customers in the south central US, for $9.1 billion in 2015 and renamed it to “Optimum” in August.

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The company was exploring selling Suddenlink to reduce its debt burden amid strong competition and subscriber losses. Altice, which has a market capitalization of about $2 billion, has a long-term debt of about $24 billion.

The stock has lost nearly half its value since reports emerged of the company exploring a sale of the unit.

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