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☆ GOP senator asks TikTok's CEO over and over if he's Chinese. He's Singaporean.
▼ + stars: | 2024-01-31 | by ( Lauren Steussy | ) www.businessinsider.com time to read: +2 min

During Wednesday's tense congressional testimony over online safety for children, Sen. Tom Cotton repeatedly asked Singaporean TikTok CEO Shou Zi Chew if he's ever been a part of the Chinese Communist Party. An increasingly agitated Chew, who's no stranger to US politicians' prodding, tried repeatedly to shut down the line of questioning by telling the conservative senator that he's Singaporean. "Senator, I'm Singaporean, no," Chew responded. Chew was joined by four other social media companies' CEOs Wednesday for a combative hearing on protecting children online in the Senate Judiciary Committee. Zaveri put it this way:The rhetoric at times seemed to paint the Chinese people with a broad brush and conflated people of Chinese ancestry with the will of the CCP.

Persons: Sen, Tom Cotton, Shou Zi Chew, he's, Chew, Cotton, Jamie MacEwan, MacEwan, Paayal Zaveri, Zaveri, bungled Organizations: Chinese Communist Party, Business, Enders Analysis, Committee, Energy, Commerce, CCP Locations: China, Beijing

OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months. None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing. "(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said. Overall, sovereign funds fared better than their public pension peers, OMFIF added. The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.

Persons: David Morley, OMFIF, Libby George, Sharon Singleton Organizations: Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson Locations: China, India, Middle East, Abu Dhabi

The Amplify Online Retail ETF climbed 0.44% and the ProShares Online Retail ETF ended the regular trading session 0.39% higher. The broader VanEck Retail ETF gained 0.02%, and the SPDR S&P Retail ETF was the only one in the group to post declines. The Amplify ETF's gains have been driven by top holdings like Affirm Holdings (AFRM.O), up 11.97% on Monday and 97% so far in 2023. The VanEck Retail ETF's holdings include Costco, (COST.O), which gained 0.6% Monday and is up more than 30% so far this year. For example, the SPDR S&P Retail ETF trades at $63.64, down from its year high of $75.77.

Persons: Caitlin Ochs, Michael Ashley Schulman, Suzanne McGee, Ira Iosebashvili, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Exchange, Shoppers, Adobe Digital, Adobe Inc, Adobe, P, Costco, Nasdaq, P Retail, PwC, Deloitte, Running, Thomson, & $ Locations: New York City, U.S

While the S&P 500 index (.SPX) ended little changed, the Amplify Online Retail ETF climbed 0.4% and the broader SPDR S&P Retail ETF gained about 0.7%. The SPDR S&P Retail ETF, which has net assets of $396.6 million, recorded weekly outflows of $115.6 in the week ended on Wednesday, according to data from Lipper. Still, the bulk of 2023 returns for investors in U.S. retail ETFs have come in recent weeks. The VanEck Retail ETF (RTH.O) has generated half of its 12.8% year-to-date gains in the last two months. But Thomas Hayes, chair at Great Hill Capital LLC in New York, anticipates better-than-expected gains in retail stocks this holiday season.

Persons: Vincent Alban Acquire, Michael Ashley Schulman, Schulman, Thomas Hayes, Suzanne McGee, Lananh Nguyen, Josie Kao Organizations: Woodbury, REUTERS, Exchange, P Retail, Retailers, National Retail Federation, Walmart, United Auto Workers, Hollywood SAG, Running, Retail, Great, Capital, Thomson Locations: Central Valley , New York, U.S, New York

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 21, 2023. The pan-European STOXX 600 (.STOXX) rose 0.4% to close out the week with a 0.9% gain as investors focused on corporate earnings and the prospect of rate cuts. Euro zone government bond yields were set to close the week higher as investors balanced recession fears against comments from European Central Bank policymakers pushing against market expectations for rate cuts in 2024. For the week, real estate (.SX86P) shares lagged while media (.SXMP) and retail stocks (.SXRP) were the top performers. Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Sonia Cheema, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Wintershall, they're, Giles Coghlan, Coghlan, Christian Lindner, Germany's DAX, Ankika Biswas, Bansari, Sonia Cheema, Kirsten Donovan Organizations: REUTERS, Staff, BASF, U.S, European Central Bank, Shoppers, Bloomberg News, Abu, Abu Dhabi National Oil Co, Barclays, German, Thomson Locations: Frankfurt, Germany, Europe, Abu Dhabi, Israel, Bengaluru

AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. The Global X Robotics & Artificial Intelligence ETF (BOTZ.O) received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. "Improved inflation data and the likelihood of rate cuts in the second half of 2024 have maintained market optimism throughout November, contributing to investor interest," said Tejas Dessai, AVP, Research Analyst at Global X. So far this year, the Global X fund has gained 27.7% year-to-date, supported by the 233% rally in shares of its top holding Nvidia (NVDA.O), whose graphics processing units (GPUs) dominate the market for AI. The Global X fund, which has total net assets of $2.2 billion, has seen net inflows of $554.8 million so far this year.

Persons: Dado Ruvic, chipmaker, Aniket Ullal, Bansari Mayur, Shweta Agarwal Organizations: REUTERS, chipmaker Nvidia, Robotics, Intelligence, Federal Reserve, Tejas Dessai, Global, Nvidia, Wall, Thomson Locations: ., Bengaluru

REUTERS/George Frey/File Photo Acquire Licensing RightsNov 21 (Reuters) - Tema ETFs has launched a new exchange traded fund (ETF) that tracks popular drugmakers like Novo Nordisk (NOVOb.CO) and Eli Lilly (LLY.N), aiming to tap into growing demand for their weight-loss and diabetes drugs. The Tema Cardiovascular & Metabolic ETF (HRTS.O) invests in companies tackling diabetes, obesity and cardiovascular diseases, according to the New York-headquartered platform's website. The advances of the class of weight-loss and diabetes therapies known as GLP-1 receptor agonists, are only the tip of the iceberg, said David K. Song, investment partner and head of life sciences at Tema ETFs. The Tema fund has a net expense ratio of 0.75%. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Lilly, George Frey, Eli Lilly, Mounjaro, David K, Morgan Stanley, Bansari Mayur, Emelia Sithole Organizations: Novo Nordisk, Pharmacy, REUTERS, Metabolic, Morgan Stanley Research, VanEck Pharmaceutical, Thomson Locations: Provo , Utah, U.S, Tema, Novo, New York, Bengaluru

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. The Invesco Aerospace & Defense ETF has seen net inflows of more than $100 million so far this month, according to Lipper data, adding to the nearly $180 million it raked in October. Peers like the $5.5 billion iShares US Aerospace & Defense ETF and $1.78 billion SPDR S&P Aerospace & Defense ETF have posted net inflows of $178.4 million and $163.6 million, respectively, since October. U.S. President Joe Biden has asked Congress to provide $106 billion in supplemental funding, with $61.4 billion for Ukraine and $14.3 billion for Israel. The U.S. Congress has approved $113 billion for Ukraine in 21 months since the start of the war.

Persons: Brendan McDermid, Peers, Ashish Shah, Joe Biden, Michael Ashley Schulman, Bansari Mayur, Shweta Agarwal Organizations: Wall, REUTERS, Invesco Aerospace & Defense ETF, US Aerospace & Defense, P Aerospace & Defense ETF, Goldman Sachs Asset Management, Israel, U.S, Congress, Running, Thomson Locations: New York, U.S, Europe, Ukraine, Israel, Gaza, Bengaluru

LONDON, Nov 12 (Reuters) - Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative. The iShares MSCI Saudi Arabia ETF saw record net outflows in October of more than $200 million, LSEG data shows, cutting 20% from what it held at the beginning of the month. "Capital flight can be quite indiscriminate," said Torbjorn Soltvedt, principal analyst for the Middle East and North Africa with Verisk Maplecroft. The iShares MSCI Qatar ETF (QAT.O) lost $7.7 million in funds in October, while the iShares MSCI UAE ETF (UAE.O) suffered outflows of $2.75 million. Nearly all the region's main economies are strong enough to weather some turmoil, investors say.

Persons: Torbjorn Soltvedt, Verisk, Natalia Gurushina, Israel, Gurushina, Bonds, Sergey Dergachev, Maplecroft, Dergachev, Libby George, Alexander Smith Organizations: Saudi Arabia ETF, . Exchange, Exchange, ARK Israel Innovative Technology, BlueStar, BlueStar Israel Technology, Hamas, Union Investment, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Qatar, UAE, Israel, East, North Africa, BlueStar Israel, outflows, Saudi, London, Bengaluru

Oct 27 (Reuters) - Bargain hunting drove investors to exchange-traded funds (ETFs) tracking technology companies after shares fell sharply on mixed earnings from heavyweights. The fund's price fell nearly 4% in the week, as mixed results from megacaps like Alphabet (GOOGL.O) weighed on the sector. Tech funds saw inflows of $2 billion in the week to Wednesday, their largest in eight weeks, according to BofA Global Research, which it attributed to investors "buying the dip". The $14 billion ProShares UltraPro QQQ (TQQQ.O) posted net weekly inflows of $68.15 million, even as the price of the fund fell 9.5%. The $46.5 billion Technology Select Sector SPDR Fund and the $9 billion VanEck Semiconductor ETF (SMH.O) posted net inflows of $205.7 million and $280.6 million, respectively, for the week.

Persons: Todd Sohn, Todd Rosenbluth, Vanda Research's, Bansari Mayur, Shweta Agarwal Organizations: Technology ETF, Apple, Microsoft, Strategas Securities, VettaFi . Tech, Nasdaq, Tech, BofA Global Research, Fund, Semiconductor, Thomson Locations: VettaFi, Bengaluru

Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 26 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has eight to 10 filings of possible exchange-traded products for bitcoin in front of it for consideration, SEC Chair Gary Gensler said Thursday. Bitcoin has rallied this week on speculation that SEC approval is imminent for a spot bitcoin exchange-traded fund (ETF) - seen as a driver of demand because it would allow investors to obtain direct exposure to the cryptocurrency via an exchange-listed product. To date, the SEC has approved only ETFs tied to bitcoin futures contracts. Anticipation around spot ETFs has been rising after the SEC opted not to appeal a court ruling it had been wrong to reject an application from Grayscale Investments to convert its existing bitcoin trust into a spot bitcoin ETF.

Persons: Dado Ruvic, Gary Gensler, Bitcoin, I'm, Gensler, Jan, Douglas Gillison, Megan Davies, David Holmes Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, BlackRock, Fidelity, Thomson Locations: U.S

Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 24 (Reuters) - The ProShares Short Bitcoin Strategy ETF , which allows traders to bet on a fall in bitcoin futures, hit a record low on Tuesday as the cryptocurrency surged on growing optimism that the launch of an exchange-traded fund tracking bitcoin is imminent. Bitcoin, the world's largest cryptocurrency, hit an 18-month high on Tuesday, extending Monday's 10% surge, on speculation over the likely approval of a spot bitcoin ETF that was fueled by BlackRock's iShares ETF listing on the website of clearing house DTCC. Meanwhile, other bitcoin-linked ETFs, like the ProShares Bitcoin Strategy ETF that tracks bitcoin futures, and Valkyrie Bitcoin Miners ETF (WGMI.O), gained more than 9% each. The Valkyrie Bitcoin and Ether Strategy ETF (BTF.O) was up 9.4%, leading gains among recently launched funds that track Ether futures.

Persons: Dado Ruvic, Bitcoin, Lucas Kiely, " Kiely, Bansari Mayur, David Holmes Organizations: REUTERS, BlackRock's, BTC, Strategy, Thomson Locations: Bengaluru

Oct 23 (Reuters) - Outflows from exchange-traded funds (ETFs) tracking Israeli stocks accelerated in the last two weeks, tracking a sharp slide in share prices as the conflict between Israel and Palestinian group Hamas widens to other fronts. The iShares MSCI Israel ETF posted net outflows of $2.5 million between Oct. 9 and Oct. 20, leaving it with assets of $111.62 million, according to Lipper data. "The market doesn't like uncertainties," said Sammy Suzuki, head of emerging market equities at AllianceBernstein. Israel ETFs were underperforming most of their peers prior to Hamas' attack, said Steven Schoenfeld, CEO of Market Vector Indexes, who created the index behind the $78.4 million BlueStar Israel Technology . ETFs tracking Israeli technology stocks such as the BlueStar Israel Technology ETF and the $75.4 million ARK Israel Innovative Technology ETF recorded net outflows of $1.9 million and $7.2 million, respectively, in the last two weeks.

Persons: Sammy Suzuki, Steven Schoenfeld, Israel's shekel, Bansari Mayur, Mark Potter Organizations: Health, Israel Technology, Israel Innovative Technology, Thomson Locations: Israel, Palestinian, Gaza, Lebanon, Iran, Bengaluru

The Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL.O), the largest single-stock ETF for bullish bets on Tesla's shares, saw net daily inflows of $24.9 million on Thursday, according to Lipper data. Tesla's shares are up 72.3% this year. Tesla was also the most-bought stock among retail traders on Thursday, with net buys of $159.5 million, according to data from Vanda Research. On the other side, two ETFs bearish on Tesla, the $58 million Direxion Daily TSLA Bear 1X Shares ETF (TSLS.O) and the $109.6 million AXS TSLA Bear Daily ETF (TSLQ.O), saw net outflows of over $1 million each. Rex Shares and Tuttle Capital Management launched a suite of hyper-levered single-stock exposure funds on Thursday, including the T-REX 2X Long Tesla Daily Target ETF (TSLT.O), the T-REX 2X Inverse Tesla Daily Target ETF (TSLZ.O).

Persons: Elon Musk, Tesla, Todd Sohn, Rex Shares, Bansari Mayur, Ira Iosebashvili, Leslie Adler Organizations: REUTERS, Strategas Securities, Vanda Research, Tuttle Capital Management, Tesla, Target, Thomson Locations: Oslo, Norway, Victoria, Bengaluru

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. In the first 10 days of this month, the $1.46 billion Invesco KBW Bank ETF (KBWB.O) saw net outflows of $336.18 million, while the $2.49 billion SPDR S&P Regional Banking ETF saw net outflows of $19.58 million. Overall, the Invesco fund and the SPDR fund posted net inflows of $381.16 million and $565.15 million so far this year. The prices of the ETFs are down 23% and 28.4%, respectively, as bank stocks fell sharply earlier this year following the collapse of California-based Silicon Valley Bank and two other U.S. lenders. "Although, our equity research team indicates that selling may have pushed prices down too far and created a buying opportunity."

Persons: Caitlin Ochs, Hogan, Riley, JPMorgan Chase, Wells, Bryan Armour, Bansari Mayur, Jonathan Oatis Organizations: JPMorgan Chase Bank, REUTERS, Exchange, KBW Bank, Regional Banking, Valley Bank, U.S, Federal, JPMorgan, Citigroup, North America, Morningstar, Thomson Locations: New York City, U.S, California, Bengaluru

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 4 (Reuters) - Exchange-traded funds tracking automakers saw net outflows last month on worries over the United Auto Workers' (UAW) strike against the "Detroit Three" and higher interest rates. Production at General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI) have taken a beating as the UAW strike headed into the 20th day. "The redemption of ~20% of the (First Trust) ETF's net assets in mid-September could have been related to the UAW strike, although it's tough to say with certainty." The $1.02 billion Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL.O) saw its first month of outflows in four.

Persons: Rebecca Cook, Bryan Armour, that's, Todd Sohn, Bansari Mayur, Anil D'Silva Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Exchange, United Auto Workers ', General Motors, Ford, Chrysler, Nasdaq Transportation, North America, Morningstar, JPMorgan, GM, X Autonomous & Electric Vehicles, Trust, Global, Strategas Securities, Thomson Locations: Delta Township, Michigan, Bengaluru

By contrast, both funds received their highest monthly net inflows of 2023 in June, gaining $265.5 million and $29.74 million, respectively, according to Lipper data. But AI stocks have suffered along with broader markets in recent weeks, as Treasury yields hovering around 16-year highs dull investors' risk appetite. Retail investor flows into the sector have also cooled as the initial fervor surrounding AI wanes. September saw the lowest net monthly retail flows of $1.96 billion into AI-linked stocks since April, according to Vanda Research. "It is possible this negative sentiment could reverse again in Q4, particularly if large cap tech stocks like Nvidia held in AI-themed tech ETFs continue to show strong earnings growth," CFRA's Ullal added.

Persons: Dado Ruvic, Aniket, Mark Haefele, Bansari Mayur, Ira Iosebashvili, Mark Potter Organizations: REUTERS, Robotics, Intelligence, Global Robotics, Automation, CFRA Research, Vanda Research, Global, Nvidia, UBS Global Wealth Management, Thomson, & $ Locations: Bengaluru

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsSept 26 (Reuters) - Approvals on new exchange-traded funds, including bitcoin spot ETFs, could face delays if the U.S. government shuts down next month for the fourth time in a decade. "I'm not sure if ETFs that have been filed for approval can move forward with the government shutdown," said Todd Rosenbluth, head of research at VettaFi. "This would just delay yet another decision on the never ending spot Bitcoin decision," said Todd Sohn, ETF and technical strategist at Strategas Securities. "ETFs are just pass through vehicles ... impact on the underlying markets will obviously impact ETFs," said Hector McNeil, co-CEO and founder of HANetf. "People will also probably pause if they're about to launch (new ETFs) and wait for steady waters."

Persons: Dado Ruvic, Exchange Commission's, Gary Gensler, I'm, Todd Rosenbluth, Todd Sohn, Hector McNeil, Bansari Mayur, Ira Iosebashvili, Anil D'Silva Organizations: REUTERS, Securities, Exchange, SEC, Strategas Securities, Thomson Locations: U.S, Bengaluru

The VanEck Office and Commercial REIT ETF fell 4.8% on Thursday after the U.S. Federal Reserve stiffened its hawkish monetary policy stance, slamming the real estate sector and the Real Estate Investment Trusts (REITs) that invest in them. Real estate stocks have struggled this year as the Fed's rapid rate hikes make financing properties more expensive, curbing demand. ETFs tracking broader REITs such as Schwab US REIT and Vanguard Real Estate Index have fallen 4.4% and 5%, respectively, so far this week, while the S&P 500 real estate index (.5SP60) is on track to post weekly losses of 4.7%. "For the discerning investor, the current situation might just be the contrarian opportunity they've been waiting for," said VanEck in its blog about the ETF. Office REITs like Boston Properties (BXP.N) and Kilroy Realty (KRC.N) are down 10% and 15%, respectively, so far this year.

Persons: Schwab, they've, they're, Aniket, Bansari Mayur, Kirsten Donovan Organizations: U.S . Federal Reserve, Real, Investment, Schwab US, Vanguard, Boston, Kilroy Realty, CFRA, Thomson Locations: Bengaluru

The company hit the headlines in December 2021 after it laid off 900 employees via Zoom, and has since seen its profit dented by high mortgage rates that have dampened demand for home loans. "Here is an example of the exact wrong company at the wrong time - SPACs are hated and anything related to mortgage lending is hated at the moment," said Thomas Hayes, chairman at Great Hill Capital. U.S. mortgage rates have extended their surge as government bond yields rally. The popular 30-year fixed rate hit its highest level since 2000 last week, causing mortgage applications to hit a 28-year low. Amid ultra-low interest rates, the SPAC market exploded in 2021, but has since sputtered amid rising interest rates, high redemption rates and increased regulatory scrutiny.

Persons: SoftBank, Vishal Garg, Thomas Hayes, Bansari Mayur, Hannah Lang, Sriraj Kalluvila, Marguerita Choy Organizations: Home, Finance, Aurora, Corp, U.S . Securities, Exchange Commission, Great, Thomson Locations: Great Hill, Bengaluru, Washington

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased. The drop in megacap growth and technology stocks, which have led outsized gains this year, has put the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX) on track to end lower for a second straight week. Declining issues outnumbered advancers by a 1.10-to-1 ratio on the NYSE and a 1.49-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and three new lows, while the Nasdaq recorded 34 new highs and 131 new lows.

Persons: Brendan McDermid, Refinitiv, David Russell, Russell, Rupert Murdoch, Bansari Mayur Kamdar, Johann M, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal Reserve, Nvidia, Microsoft, Benchmark, Dow Jones, University of Michigan, News Corp, NYSE, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

REUTERS/Brendan McDermid//File PhotoSummaryCompanies US-listed China stocks fall as stimulus measures disappointFutures mixed: Dow up 0.02%, S&P down 0.06%, Nasdaq down 0.16%Aug 11 (Reuters) - U.S. stock index futures were subdued on Friday as investors awaited producer prices data that could offer more clarity on the Federal Reserve's rate hike path. Investors are now focused on the producer prices data due at 8:30 a.m ET that will offer more insight into inflation in the world's largest economy. U.S. Labor Department's producer price index (PPI) for final demand, is expected to rise 0.2% in July, after growing 0.1% in June. "This (PPI) data set is something of a crystal ball for consumer price inflation; when producers charge more for goods the higher costs are usually passed on to households." "Higher yields incentivize investors to park their cash in the safety of bonds, and therefore decreases demand for risky plays like equities."

Persons: Brendan McDermid, Russ Mould, AJ Bell, Marios Hadjikyriacos, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Benchmark, Labor, PPI, Dow e, Nvidia, Treasury, XM, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

Buoyed by inflation numbers, traders not only expect the central bank to stop further monetary tightening in 2023, they are also betting the Fed would start cutting interest rates early next year. "Inflation has returned to the good old days where in 2019 we saw an average monthly increase of around 0.2% ... The Fed, therefore, might feel it can pause as planned and not raise interest rates in September," said George Mateyo, chief investment officer at Key Private Bank. The tech-heavy Nasdaq led Wall Street lower on Wednesday, with heavyweight Nvidia (NVDA.O) falling 4.7%, followed closely by the other "Magnificent Seven" megacap stocks that drove this year's stock rally. On the earnings front, Walt Disney (DIS.N) rose 3.2% after beating Wall Street estimates for quarterly adjusted profit per share.

Persons: Brendan McDermid, George Mateyo, Mary Daly, Walt Disney, Michael Kors, Tapestry's, Joe Biden, Bansari Mayur Kamdar, Johann M Cherian, Shashwat Chauhan, Shubham Batra, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Disney, Dow, Nasdaq, Reserve, Key Private Bank, San Francisco Fed, Microsoft, Apple, Nvidia, Dow Jones, Wall, Alibaba, Wednesday, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

"We think that at this point there is some profit taking and retrenchment in the short term on the card," said Aadil Zaman, partner at Wall Street Alliance Group. However, Fed Governor Michelle Bowman on Monday said the combination of still-elevated inflation and continued economic growth meant further rate increases are likely. The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. Seven of the top 11 S&P 500 sectors rose, led by gains in energy stocks (.SPNY), that increased 1.6%, touching a near six-month high, tracking a jump in crude oil prices. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Aadil Zaman, Patrick Harker, Michelle Bowman, Monday, It's, Zaman, Brendan McDermid Big, Wells, Penn Entertainment's, Walt Disney's, Uber, advancers, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, . Federal Reserve, Wall, Nvidia, Apple, Wall Street Alliance Group, Philadelphia Fed, Traders, FedWatch, Index, CPI, New York Stock Exchange, REUTERS, Bank of America, Dow Jones, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: U.S, New York City, Bengaluru

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. On a month-to-month basis, consumer prices are seen increasing 0.2%, the same rate as in June. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 9 points, or 0.20%, and Nasdaq 100 e-minis were up 31.5 points, or 0.21%. Of the 443 S&P 500 companies that have reported earnings as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Patrick Harker, Michelle Bowman, FEDWATCH, Brendan McDermid, Michael Hewson, Penn Entertainment's, Walt Disney's, Uber, Bansari Mayur, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, Federal Reserve, Index, Philadelphia Fed, Traders, Bank of America, Citigroup, New York Stock Exchange, REUTERS, ECB, Bank of England, CMC Markets, Dow e, Casino, Walt, Walt Disney's ESPN, Rivian, Thomson Locations: U.S, New York City, Asia, Bengaluru

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