AllMarket Update
logoArgusSeptember 21, 2022

Market Update: ADBE, EIX

Sector(s)
Utilities, Technology
Summary

Stocks rose modestly on Wednesday morning as investors awaited the Fed's interest rate announcement. Housing market data was weak. The National Association of Realtors said that U.S. sales of previously owned homes were down 0.4% from the prior month in August and 19.9% from the prior year, reflecting rising mortgage rates, higher pricing, and a low inventory of homes available for sale. However, the seasonally adjusted annual rate of 4.80 million sales topped the Bloomberg consensus estimate of 4.69 million. The Dow rose 0.4%, the S&P 0.5%, and the Nasdaq 0.3%. Crude oil fell 1% to $83 per barrel, while gold rose $5 to $1676 per ounce.

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