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With Tuesday's drop, the S&P 500 is down 24% from its record high close on Jan. 23. Microsoft and Google-parent Alphabet (GOOGL.O)each lost just over 1% and weighed heavily on the S&P 500. In afternoon trading, the Dow Jones Industrial Average (.DJI) was down 0.74% at 29,045.38 points, while the S&P 500 (.SPX) lost 0.57% to 3,634.13. Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters, as well as for the full year. For the third quarter, analysts now see S&P 500 earnings per share rising 4.6% year-over-year, compared with 11.1% growth expected at the start of July.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2022. Most S&P 500 sector indexes turned lower, with the energy sector (.SPNY) clinging to gains of 1.19%. Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters and for the full year. For the third quarter, profit for S&P 500 companies are seen rising just 4.6% year-over-year compared with the 11.1% growth expected at the start of July. The S&P index recorded no new 52-week high and 113 new lows, while the Nasdaq recorded 24 new highs and 323 new lows.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2022. Technology (.SPLRCT), communication services (.SPLRCL) and consumer discretionary (.SPLRCD) sectors led the rise with gains of about 1% each. Concerns about corporate profits coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks. Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022. For the third quarter, S&P 500 earnings are seen rising just 4.6% year-over-year, compared with the 11.1% growth expected at the start of July.

The benchmark S&P 500 index (.SPX) has since relinquished the last of its gains made in a summer rally. ET, Dow e-minis were up 333 points, or 1.13%, S&P 500 e-minis were up 52.25 points, or 1.42%, and Nasdaq 100 e-minis were up 189.25 points, or 1.67%. Concerns about corporate profits coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks. Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022. For the third quarter, overall S&P 500 earnings are seen rising just 4.6% year-over-year, compared with the 11.1% growth expected at the start of July.

☆ Watch CNBC’s full interview with Federal Reserve Bank of Chicago President Charles Evans
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Federal Reserve Bank of Chicago President Charles EvansCharles Evans, president of the Federal Reserve of Chicago, joins CNBC's "Squawk Box Europe" to discuss the outlook for inflation, increasing rate hikes, and a looming recession.

☆ Fed's Charles Evans says there is concern global inflation is spreading 'more broadly'
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's Charles Evans says there is concern global inflation is spreading 'more broadly'Federal Reserve Bank of Chicago President Charles Evans discusses the key concerns on central bankers' agendas as they determine the course of monetary policy and rate hikes in the coming months.

☆ Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes
▼ + stars: | 2022-09-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Chicago Federal Reserve President Charles Evans says he's feeling apprehensive about the U.S. central bank raising interest rates too quickly in its quest to tackle runaway inflation. His comments come shortly after a slew of top Fed officials said they would continue to prioritize the fight against inflation, which is currently running near its highest levels since the early 1980s. The central bank raised benchmark interest rates by three-quarters of a percentage point earlier this month, the third consecutive three-quarter point increase. Fed officials also indicated they would continue raising rates well above the current range of 3% to 3.25%. Asked about investor fears that the Fed didn't seem to be waiting long enough to adequately assess the impact of its interest rate hikes, Evans replied, "Well, I am a little nervous about exactly that."

☆ US stocks mixed with S&P 500 hitting a new low in 2022 as Fed officials defend hawkish policy
▼ + stars: | 2022-09-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks ended mixed on Tuesday with the S&P 500 falling to a new 2022 low intraday as Fed officials defended their hawkish stance. Tuesday's decline marked the sixth consecutive fall for the the S&P 500 and Dow Jones Industrial Average. Fed President Neel Kashkari said the central bank's current pace of hiking interest rates to tame inflation is "appropriate." During the trading session, the S&P 500 dipped below its mid-June low of 3,636 before paring losses. Tuesday's decline reversed early morning gains and came as Fed officials defended their hawkish stance as they continue to see further interest rate hikes in the future.

☆ Morning Bid: A BoE Bitter Pill?
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

A commuter emerges from the London Underground near to the Bank of England, in London, Britain, September 26, 2022. The cost of money is moving so fast that mortgagees can't keep up and have pulled products to reprice them. Register now for FREE unlimited access to Reuters.com RegisterThe Bank of England said it wouldn't hesitate to raise rates. What that means, exactly, will be tested from 1100 GMT when chief economist Huw Pill appears at a panel event. Asia on Tuesday took profits on the U.S. dollar's surge and bid up stock futures a little bit, but signs of stress abound.

☆ Fed's Evans sees interest rates at 4.25-4.5% by year end
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

Earlier this month Evans was still advocating for interest rates to peak at 4%. That called for the Fed to be "watchful" and adjust policy "if changes in economic circumstances dictate," Evans said. Fed Chair Jerome Powell last week warned of "pain" ahead for the economy as the central bank cools demand, with interest rates set to be held at their peak for some time, a sentiment echoed by his colleagues. Investors currently see a 70% probability of another 75-basis-point hike at the Fed's next policy meeting on Nov. 1-2, according to an analysis of Fed funds futures contracts compiled by the CME Group. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lindsay Dunsmuir; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Eye of the storm
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Shannon Stapleton TPX IMAGES OF THE DAYA look at the day ahead in U.S. and global markets from Mike Dolan. As Hurricane Ian raged and set its sights on Cuba and Florida, a global financial storm in bond and currency markets calmed moderately - though likely only temporarily. read moreRegister now for FREE unlimited access to Reuters.com RegisterFor all its potential destruction, Ian doesn't yet appear on the world markets radar. UK debt auctions this week will be watched very closely. But this may be the eye of the storm.

☆ Larry Summers blasts UK tax cuts as 'utterly irresponsible' and warns of possible contagion
▼ + stars: | 2022-09-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The sudden sell-off in the pound and U.K. bond markets led economists to anticipate more aggressive interest rate hikes from the Bank of England . I was surprised when the new chancellor spoke over the weekend of the need for even more tax cuts," Summers said on Twitter. U.K. inflation unexpectedly fell to 9.9% in August, and analysts recalibrated their eye-watering expectations after the government stepped in to cap annual household energy bills. 'Emerging market currency crisis'Sterling has fallen by roughly 7-8% on a trade-weighted basis in less than two months, and strategists at Dutch bank ING noted Tuesday that traded volatility levels for the pound are "those you would expect during an emerging market currency crisis." The likening of the U.K. to an emerging market economy has become more prevalent among market commentators in recent days.

☆ Investors shouldn't wait for the Fed to rescue the market this time
▼ + stars: | 2022-09-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

"There may well be someplace where the Fed says they've turned the screws too hard. But, it's going to have to be something more exogenous," said Art Hogan, chief market strategist at B Riley Wealth Management. "If in fact there is a Fed put, it's certainly got a strike price that's much lower than where we are now." The Fed has had only limited success in slowing price increases, and a resilient labor market is pointing to continued inflation pressures. The result has been a Fed tightening policy more aggressively than it has done in at least 30 years, posing threats to economic and financial stability.

☆ Alzheimer's disease, retirement 'pacts,' and serving until you're 104 years old: Inside the federal judiciary's reckoning with age
▼ + stars: | 2022-09-27 | by ( C. Ryan Barber | Camila Dechalus | ) www.businessinsider.com time to read: +23 min

She was nearly two decades older than the median age — 68 — for all federal judges, according to an Insider analysis. More than a century later, in the 1920s, future Chief Justice Charles Evans Hughes argued for a mandatory retirement age. In 1954, the Senate passed a resolution proposing a constitutional amendment that'd require retirement at age 75 for federal judges. A recent poll by Insider and Morning Consult found that 71% of 2,210 respondents said the federal judiciary should have a mandatory retirement age. For Scheindlin, the former federal judge in Manhattan, Weinstein was an example of an older judge who was "terrific to his last day."

☆ Stocks could continue skittish trading until interest rate move calms down
▼ + stars: | 2022-09-23 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

The S & P 500, Dow and Nasdaq were all down sharply for the week. The S & P was down 4.6%, ending the week at 3,693. Fed Vice Chair Lael Brainard , St. Louis Fed President James Bullard , San Francisco Fed President Mary Daly and Fed Governor Michelle Bowman are among the speakers. Other global central banks joined the Fed in raising rates, and interest rates around the world rose in tandem. If those levels break, the S & P could touch 3,385 before the selling is over, he said.

☆ Fed officials push back against bulls who want to believe central bank will pivot to rate cuts
▼ + stars: | 2022-08-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

The message: They are going to keep hiking rates until there are consistent signs inflation is declining toward the 2% target. On Wednesday, it was St. Louis Fed President James Bullard, who said on " Squawk Box " he wanted rates to get to 3.75%-4% this year. "The better bet is that it will take a while for inflation to come back," Bullard told our Steve Liesman. "I think we'll probably have to be higher for longer in order to get the evidence" that inflation is indeed moderating. Starbucks showing consumer strength If you're looking for signs that the consumer is pulling back, you won't see it at Starbucks.

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