Frontier Acquisition Corp
Change company Symbol lookup
Select an option...
FRONU Frontier Acquisition Corp
ACPS AC Partners Inc
LGIH LGI Homes Inc
GOL Gol Linhas Aereas Inteligentes SA
AAPL Apple Inc
JPM-L JPMorgan Chase & Co
BZFDW BuzzFeed Equity Warrant Exp 1st Dec 2026 *W EXP 12/01/2026
PANW Palo Alto Networks Inc
SIEGY Siemens AG
SLGL Sol Gel Technologies Ltd

Company profile

Frontier Acquisition Corp. is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company focuses on biotechnology sector. The Company has no operations and has not generated revenues.

Closing Price
Day's Change
0.00 (0.00%)
B/A Size
Day's High
Day's Low

U.S. stocks finish slightly higher as Wall Street struggles to recover from worst selloff in two years

4:21 pm ET September 14, 2022 (MarketWatch)

By Isabel Wang and Frances Yue

Wholesale prices fall for second month in a row due to cheaper gasoline; railroad strike threatens

U.S. stocks ended slightly higher on Wednesday after swinging between gains and losses for much of the session, as data showed that costs for wholesale goods and services fell for the second month in a row.

On Tuesday, stocks saw the worst daily losses since June 2020 as investors reeled from disappointing consumer price inflation data, but only gave back gains made in the previous four sessions and remain above the year-to-date lows seen in June.

What happened?

In a dramatic session on Tuesday, major indexes logged the biggest daily percentage falls since June 11, 2020. The Dow Jones Industrial Average tumbled 1,276.37 points, or 3.9%, to 31,104.97, the S&P 500 fell 177.72 points, or 4.3%, to 3,932.69 and the Nasdaq Composite slumped 632.84 points, or 5.2%, to close at 11,633.57.

What drove the markets?

Investors on Wednesday struggled to find their footing after all three benchmark stock indexes suffered their worst day in more than two years.

August producer price inflation, or PPI, which measures the cost of wholesale goods and services, dropped 0.1% in August, the government said Wednesday, mostly due to lower gasoline prices. The decline was in line with forecast by economists polled by the Wall Street Journal. Still, core PPI, a separate measure of wholesale prices that excludes volatile food and energy costs, rose by 0.2% in August.

The increase in wholesale prices over the past year slowed to 8.7% from 9.8% in the prior month. The increase in these so-called core prices over the past year also slowed to 5.6% from 5.8%.

See: U.S. wholesale inflation falls for second month in a row due to cheaper gas

In a blow to investors who had been hoping for an easing in high inflation, Tuesday's data showed the U.S. CPI rising 0.1% in August and the annual rate slowing to 8.3%, against expectations for a monthly fall of 0.1% and a year-over-year rate of 8%. The core inflation rate also climbed by more than expected.

"Those data appears to me that everybody got it wrong that they thought inflation peaked last month, or the month before last year," said Todd Morgan, chairman and partner at Bel Air Investment Advisors. "I think you're seeing people exit positions and frightened out of these positions."

Investors dumped stocks on worries sticky inflation could force the Federal Reserve to keep its aggressive tightening of monetary policy for longer. Some have predicted the Federal Reserve could next week raise interest rates by as much as 1%

"It's not as much a 'most would expect' because it did materially alter rate hike expectations. We know that a 75 basis point rate hike in September is now fully expected -- felt like it was written in pencil," said David Wagner, portfolio manager at Aptus Capital Advisors. "There's a rising chance of 100 basis points, but I'm more watching the fact that the market is now pricing in the greater chance of 75 basis points in November, which was opposed to the previous 50 basis points."

The yield on the 10-year Treasury note declined 1.1 basis points to 3.411% from 3.422% late Tuesday, while that of the 2-year note rose 2.8 basis points to 3.782%.

"That Treasury yields continue to inch higher suggests that the market sees inflation continuing to work its way into the economy, as the lagged effect of rate hikes continues," said Quincy Krosby, Chief Global Strategist, LPL Financial in Charlottesville, VA. "A potential rail strike is also a concern, as it would create yet another supply challenge as goods, including grains and vehicles, are halted from being delivered by rail."

See: What the S&P 500's slide from its peak says about a recession

The Dow Jones U.S. Railroads Index slumped 2.7%. Shares of CSX Corporation (CSX) and Union Pacific (UNP) down 1.1% and 3.7%, respectively. Major railroad operators have warned that they are preparing for a possible strike and halting some services

See: Why a possible railroad strike would cripple the supply chain, stoke inflation

Tuesday's Wall Street selloff spread to Asia, where the Nikkei 225 index led losses with a 2.8% drop. European stocks were lower, with the Stoxx Europe 600 index falling 0.8% to 417.80.

Companies in focus

-- Barbara Kollmeyer contributed to this article

Hear from Ray Dalio at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.

-Isabel Wang


(END) Dow Jones Newswires

September 14, 2022 16:21 ET (20:21 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2023 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., ,, and

Copyright © 2023. All rights reserved.