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Leading gains on the benchmark S&P 500 was a 18.4% surge in hard-disk maker Seagate Technology's shares (STX.O) followed by a 13.5% jump in digital workflow company ServiceNow Inc (NOW.N). The S&P 500 hit a three-month low last week as fears over uncertainty around Fed policy tightening hit richly valued growth stocks. read moreThe S&P 500 index fell in the previous session amid volatile trading, flirting with a correction for its third straight session. Analysts expected earnings from S&P 500 companies to grow 24.4% year-over-year, according to Refinitiv, as of Wednesday. The S&P index recorded 16 new 52-week highs and three new lows, while the Nasdaq recorded 14 new highs and 84 new lows.
Persons: Brendan McDermid, William Ackman, David Bahnsen, Jerome Powell, Thomas Hayes, Bansari Mayur, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Intel, Netflix, Dow, Nasdaq, Federal Reserve, Seagate, ServiceNow Inc, Netflix Inc, Microsoft, Bahnsen, Great, Capital, Dow Jones, Tesla Inc, Intel Corp, NYSE, Thomson Locations: New York City, U.S, Ukraine, Russia, New York, Bengaluru
Wall Street climbs at open on energy, banks boost
  + stars: | 2022-01-27 | by ( ) www.reuters.com   time to read: 1 min
A screen displays the Fed rate announcement as a specialist trader works at his post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 26, 2022. REUTERS/Brendan McDermidJan 27 (Reuters) - Wall Street's main indexes opened higher on Thursday on gains in economy-sensitive energy and financial stocks, a day after hawkish comments from the Federal Reserve weighed on markets. The Dow Jones Industrial Average (.DJI) rose 93.66 points, or 0.27%, at the open to 34,261.75. The S&P 500 (.SPX) opened higher by 30.65 points, or 0.70%, at 4,380.58, while the Nasdaq Composite (.IXIC) gained 168.87 points, or 1.25%, to 13,710.99 at the opening bell. Register now for FREE unlimited access to Reuters.com RegisterReporting by Devik Jain in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid Jan, Devik Jain, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Dow Jones, Nasdaq, Thomson Locations: New York City, U.S, Bengaluru
SINGAPORE — Asia-Pacific markets were set to trade mixed on Thursday as investors digest an overnight update from the U.S. Federal Reserve that indicated the central bank plans to raise interest rates as soon as March. Nikkei futures pointed to a cautious open in Japan whereas Australia's benchmark ASX 200 rose 0.85% in early trade. Thursday's session in the Asia-Pacific followed overnight declines on Wall Street where the Dow Jones Industrial Average ended the day down 129 points, after gaining more than 500 points at one point, following the Fed's update. Oil prices rose as much as 2% overnight, with international benchmark Brent crude futures hitting $90 on Wednesday for the first time since 2014. On the earnings front, Samsung Electronics is set to report fourth-quarter results.
Organizations: U.S . Federal, Nikkei, Dow Jones, Brent, Samsung Electronics Locations: SINGAPORE — Asia, Pacific, Japan, Asia, Taiwan
LIVE MARKETS More than four
  + stars: | 2022-01-27 | by ( ) www.reuters.com   time to read: +4 min
Summary European shares fall 1.3%Fed likely to hike rates in MarchU.S. futures in the redJan 27 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. Register now for FREE unlimited access to Reuters.com RegisterThat, in a nutshell, is why the U.S. Federal Reserve feels there is "quite a bit of room to raise interest rates". Powell did not deny that possibility, so markets have started to price a fifth move. And world markets are taking notice. read more(Danilo Masoni)*****Register now for FREE unlimited access to Reuters.com RegisterOur Standards: The Thomson Reuters Trust Principles.
Persons: Powell, William Ackman, Tesla, Rowe Price, Dr Martens, UniCredit, SEB, Polymetal, Sujata Rao, Dow Jones, Ian Williams, Jerome Powell, Danilo Masoni Organizations: JPMorgan, U.S . Federal, Treasury, Netflix, Deutsche Bank, Reuters, bps, Dow, McDonalds, Mastercard, JetBlue, Apple, Visa, SAP, IG Group, Diageo, Sabadell, Peel, Federal Reserve, U.S, Thomson Locations: U.S, Zealand, South Africa, Southwest, St, James's, STMicro, Asia
Global stocks slid on Thursday, reacting to the Fed setting the stage for an interest rate hike in March. A hawkish Fed and Chairman Jerome Powell's greater concern over inflation has sent investors into a tailspin. Global stocks fell on Thursday after the Federal Reserve signaled it would start hiking interest rates at its March meeting, spooking investors that tighter policy will lower liquidity in financial markets, which had led to exuberant valuations. But during Jerome Powell's hawkish press conference, the narrative around greater concerns of inflation and tighter rate policy undid gains immediately. During the conference, Powell warned inflation remains above the Fed's goal of 2% and that there's a risk "high inflation is more persistent than expected."
Persons: Jerome Powell's, Dow Jones, Callie Cox, Jerome Powell's hawkish, Anthony, Powell, Chris Weston, Pepperstone's, Powell didn't, Frankfurt's DAX, Hang Seng Organizations: Fed, Bell, Federal Reserve, Dow, Nasdaq, Shanghai, Tokyo's Nikkei, Brent, Deutsche Bank, West Texas Locations: Europe, Russia, Ukraine
LIVE MARKETS Fed tightening cycle: bend it like the Footsie
  + stars: | 2022-01-27 | by ( ) www.reuters.com   time to read: +7 min
Summary European shares fall 0.6%, off lowsFed likely to hike rates in MarchU.S. futures in the redJan 27 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.comFED TIGHTENING CYCLE: BEND IT LIKE THE FOOTSIE (0959 GMT)Many pundits expected London's FTSE 100 to do quite well when the Fed decided to embarked in this new tightening cycle. Not only is the Footsie one of the only European benchmarks to trade in the black this morning, it's also outperforming the other blue chip benchmarks this year. The Fed's hawkish stance sent the European tech sector just a whisker from bear market territory early this morning. In Asia shares tumbled to their lowest in nearly 15 months and European equities look set to follow with futures down 1.4-2.1%.
Persons: it's, Julien Ponthus, Brent Thill, Jefferies, Danilo Masoni, Powell, William Ackman, Tesla, Rowe Price, Dr Martens, UniCredit, SEB, Polymetal, Sujata Rao, Dow Jones, Ian Williams, Jerome Powell Organizations: Fed, Nasdaq, Microsoft, TECH, Deutsche Bank, SAP, JPMorgan, U.S . Federal, Treasury, Netflix, Reuters, bps, Dow, McDonalds, Mastercard, JetBlue, Apple, Visa, IG Group, Diageo, Sabadell, Peel, Federal Reserve, U.S, Thomson Locations: U.S, Zealand, South Africa, Southwest, St, James's, STMicro, Asia
LIVE MARKETS Russia/Ukraine: scanning Europe for stress
  + stars: | 2022-01-27 | by ( ) www.reuters.com   time to read: +11 min
On that note, Both Citi and Jefferies just released in-depth reviews of how the European stock markets are exposed to the geopolitical crisis. Euro zone money markets currently price more than 20 basis points of ECB rate hikes by December 2022. With that in mind, stock pickers are increasingly looking for data on rate sensitivity across the space; and a timely Jefferies note on European banks has some interesting findings. "Secondly, French banks have significant exposure to France, where lending is mostly at fixed rate, limiting the rate sensitivity". USyieldcurveFinally, political pressure on the Fed is currently to bring inflation down, not to rescue equity markets.
Persons: We've, Julien Ponthus, Jefferies, Bankinter, Danilo Masoni, Joost van Leenders, , Stefano Rebaudo, it's, Brent Thill, Powell, William Ackman, Tesla, Rowe Price, Dr Martens, UniCredit, SEB, Polymetal, Sujata Rao, Dow Jones, Ian Williams, Jerome Powell Organizations: West, Citi, Jefferies, Renault, Pfizer, ECB, Banca, Credit Agricole, Societe Generale, BNP, Federal Reserve, Kempen Capital Management, Fed, Nasdaq, Microsoft, TECH, Deutsche Bank, SAP, JPMorgan, U.S . Federal, Treasury, Netflix, Reuters, bps, Dow, McDonalds, Mastercard, JetBlue, Apple, Visa, IG Group, Diageo, Sabadell, Peel, U.S, Thomson Locations: U.S, RUSSIA, UKRAINE, Russia, Ukraine, russia, France, Zealand, South Africa, Southwest, St, James's, STMicro, Asia
Gross domestic product, the sum of all goods and services produced during the October-through-December period, increased at a 6.9% annualized pace, the Commerce Department reported Thursday . The U.S. economy grew at a much better than expected pace to end 2021 from sizeable boosts in inventories and consumer spending and despite signs that though the acceleration likely tailed off towards the end of the year. Across-the-board decreases in the pace of government spending subtracted from GDP, as did imports, which are measured as a drag on output. The GDP report, though, reflected an overall solid period for the economy after output had slowed considerably over the summer. Those tightening moves come in response to inflation running at its highest pace in nearly 40 years.
Persons: Dow Jones, Gains, durables, Jerome Powell, Powell Organizations: Gross, Commerce Department, Federal Reserve, Fed Locations: U.S
The S&P 500 was on course to rise Thursday after two sessions of losses. Stocks moved higher after data showed the US economy grew by 6.9% in the fourth quarter. Equities also rose after data showed weekly jobless claims fell by 30,000. The data also showed growth accelerating from the 2.3% rate in the third quarter. Around markets, legendary investor Jeremy Grantham warns of a "superbubble" and predicts stocks will crash.
Persons: Stocks, Jerome Powell, Jeremy Grantham, Brent Organizations: Federal, Omicron, Commerce Department, Bloomberg, Dow Jones, Nasdaq, West Texas Intermediate
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 25, 2022. REUTERS/Brendan McDermidSummary Futures: Dow up 0.8%, S&P climbs 1%, Nasdaq rises 2%Jan 26 (Reuters) - U.S. stock futures rose on Wednesday, with a surge in Microsoft lifting Nasdaq 100 futures, while investors keenly awaited the Federal Reserve's monetary policy decision later in the day. read moreRegister now for FREE unlimited access to Reuters.com RegisterThe Fed decision is due at 2 p.m. read moreFutures tied to Nasdaq 100 jumped 2%. S&P 500 futures were up 1.1%, while Dow Jones futures climbed 0.8%.
Persons: Brendan McDermid, Jerome Powell's, Dow Jones, Susan Mathew, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Microsoft, Microsoft Corp, Thomson Locations: New York City, U.S, Russia, Ukraine, Wall, Bengaluru
Equities ended well off session lows, where the S&P 500 flirted once again with confirming a correction. Energy was the top gainer among the 11 major sectors in the S&P 500, with tech shares (.SPLRCT) suffering the largest percentage decline. The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings growth of 24.1% for the October-December period, per Refinitiv. The S&P 500 posted seven new 52-week highs and four new lows; the Nasdaq Composite recorded 19 new highs and 134 new lows.
Persons: Tom Martin, Jerome Powell's, Martin, Brendan McDermid Read, Johnson, Stephen Culp, Bansari Mayur, Cynthia Osterman Organizations: Microsoft, Express, IBM, Dow, Nasdaq, Federal, Dow Jones, Federal Open Markets, NATO, New York Stock Exchange, REUTERS, Energy, Netflix, Analysts, General Electric Co, Wall, American Express, NYSE, Thomson Locations: U.S, Atlanta, United States, Ukraine, New York City, Bengaluru
Recently, she spoke with Insider about the three key themes she was following in markets this year. In the US alone, iShares — the asset manager's exchange-traded-fund business — has 388 ETFs totaling $2.43 trillion in assets under management. BlackRockPlaying the long gameTo hedge against inflation, Chaudhuri recommended investing in sectors with traditionally strong pricing power like commodities, infrastructure, and real estate. Chaudhuri also recommended that investors use a barbell strategy in their portfolios by investing in both value and quality factor-oriented stocks. How to play it: Two funds that include companies connected to this industry are the iShares Semiconductor ETF (SOXX) and the VanEck Semiconductor ETF (SMH).
Persons: Gargi Chaudhuri, Chaudhuri, Morgan Stanley's Michael Wilson, UBS's Mark Haefele, GMO's Jeremy Grantham, David Hunter, iShares, , It's Organizations: Dow Jones, Nasdaq, Dow, Contrarian, Fed, BlackRock, Deal, Infrastructure, Invesco DB, P Global Infrastructure, Apple, Netflix, Regional Banks, P Bank ETF, Regional Banking, iShares Semiconductor, VanEck Semiconductor Locations: Americas, BlackRock
US stocks rallied on Wednesday after a volatile start to the week, ahead of the conclusion of the Federal Reserve's two-day policy meeting later today. ET open on Wednesday:Investors are counting down the hours until the central bank announces its decision, which is due at 2 p.m. Many are not expecting the Fed to implement immediate changes but instead will search for clues on when the central bank plans to hike interest rates. That included worries the central bank may start to shrink its nearly $9 trillion balance sheet — more commonly known as quantitative tightening. US President Joe Biden said he would consider personally sanctioning Russian President Vladimir Putin if he orders a Ukraine invasion.
Persons: Jerome Powell, Brian Rauscher, Tesla, Joe Biden, Vladimir Putin, Brent Organizations: Federal, Dow Jones Industrial, Microsoft, Fed, Apple, West Texas, Treasury Locations: Here's, Russia, Ukraine, Tuesday's
Wall St opens higher ahead of Fed announcement
  + stars: | 2022-01-26 | by ( ) www.reuters.com   time to read: 1 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 25, 2022. REUTERS/Brendan McDermidJan 26 (Reuters) - Wall Street's main indexes opened higher on Wednesday after two sessions of turbulent trading, supported by a stellar outlook from Microsoft and ahead of a Federal Reserve policy meeting announcement for cues on its plans to curb inflation. The Dow Jones Industrial Average (.DJI) rose 223.09 points, or 0.65%, at the open to 34,520.82. The S&P 500 (.SPX) opened higher by 51.98 points, or 1.19%, at 4,408.43, while the Nasdaq Composite (.IXIC) gained 332.47 points, or 2.46%, to 13,871.77 at the opening bell. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid Jan, Bansari Mayur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Federal Reserve, Dow Jones, Nasdaq, Thomson Locations: New York City, U.S, Bengaluru
Retail investors have bought stocks every day in 2022, but there are signs of capitulation, said Vanda Research on Wednesday. Net selling of two popular tech stocks while large inflows in levered tech ETFs illustrate divergence between experienced and new retail investors. A "new batch of retail investors is joining the market attracted by lower valuations," said Vanda. "One possible explanation for this divergence is that we're talking about two different sets of retail investors. "Meanwhile, a new batch of retail investors is joining the market attracted by lower valuations.
Persons: Vanda, that's, Ben Onatibia, Giacomo Pierantoni, SOXL, Charles Schwab Organizations: Vanda Research, Retail, Nasdaq, Dow Jones Industrial, Vanda, AMD, Nvidia, Google, Apple, Facebook, Microsoft
US stocks reversed their earlier gains to close mixed on Wednesday, after the Federal Reserve sent surprisingly hawkish indications on rate hikes this year to tame red-hot inflation. The central bank's policy statement opened the door for the Fed to start raising the benchmark rate as early as March. But in the press conference that followed, Chair Jerome Powell acknowledged that inflation may stay high for longer than expected and admitted that a rate hike in every Fed meeting is not off the table. "Markets appear to have already digested a four rate hike regimen for 2022 via fed funds futures." The whiplash in US equities this week began with jitters that a Fed determined to curb inflation will turn aggressively hawkish.
Persons: Jerome Powell, Stocks, Charlie Ripley, Jason Pride, Pride, Tesla, Brent Organizations: Federal Reserve, Fed, Nasdaq, Dow Jones, Treasury, Allianz Investment Management, Wealth, Glenmede, Apple, West Texas Locations: Tuesday's, Russia, Ukraine
Stock futures rise as investors assess Fed update
  + stars: | 2022-01-26 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +2 min
Traders work on the floor of the New York Stock Exchange (NYSE) on January 18, 2022 in New York City. Stock futures rose on Wednesday night after the Dow Jones Industrial Average and S&P 500 turned lower following a Federal Reserve update by chair Jerome Powell, at the conclusion of its two-day meeting. S&P 500 futures and Nasdaq 100 futures gained 0.5% and 0.8%, respectively. In regular trading, the Dow ended the day down 129 points, after gaining more than 500 points at one point, following the Fed update. The S&P 500 lost 0.2% and the Nasdaq Composite was little changed, with a boost from Microsoft's post-earnings gain.
Persons: Jerome Powell, Bill Ackman, Tesla, Dow, Powell, there's, Charlie Ripley, Ripley Organizations: New York Stock Exchange, Dow Jones Industrial, Dow, Nasdaq, Netflix, Intel, Fed, Treasury, Allianz Investment Management Locations: New York City, Stock
Equities ended well off session lows, where the S&P 500 flirted once again with confirming a correction. According to preliminary data, the S&P 500 (.SPX) lost 54.05 points, or 1.23%, to end at 4,356.08 points, while the Nasdaq Composite (.IXIC) lost 311.35 points, or 2.26%, to 13,543.78. Energy was the top gainer among the 11 major sectors in the S&P 500. The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings growth of 24.1% for the October-December period, per Refinitiv.
Persons: Brendan McDermid, Tom Martin, Jerome Powell's, Martin, Johnson, Stephen Culp, Bansari Mayur, Cynthia Osterman Organizations: Dow Jones, New York Stock Exchange, REUTERS, Federal, Nasdaq, Federal Open Markets, NATO, Energy, Netflix, Analysts, General Electric Co, IBM, Express, Microsoft, Thomson Locations: New York City, U.S, Atlanta, United States, Ukraine, Bengaluru
A screen charts the Dow Jones Industrial Average during the trading day on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2022. Energy was the top gainer among the 11 major sectors in the S&P 500, with tech shares (.SPLRCT) suffering the largest percentage decline. The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings growth of 24.1% for the October-December period, per Revinitiv. The S&P 500 posted 3 new 52-week highs and four new lows; the Nasdaq Composite recorded 10 new highs and 120 new lows.
Persons: Brendan McDermid, Robert Pavlik, Jerome Powell's, Pavlik, Johnson, Stephen Culp, Bansari Mayur, Cynthia Osterman Organizations: Dow Jones, New York Stock Exchange, REUTERS, Express, IBM, Dow, Nasdaq, Federal, Dakota Wealth, Federal Open Markets, Federal Reserve, NATO, Energy, Apple, Co, Wall, NYSE, Thomson Locations: New York City, U.S, Fairfield , Connecticut, United States, Ukraine, Bengaluru
Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. The S&P 500 appeared set to confirm a correction, which occurs when a major index closes 10% lower than its record high close. The sell-off in equities had limited impact on bonds, with investors largely waiting for the Fed's policy statement Wednesday. The U.S. dollar reached a two-week high against other currencies as investors flocked to the safe haven. The dollar index (.DXY), which tracks the greenback versus a basket of six currencies, rose 0.098 points or 0.1%.
Persons: Mike Segar, Jan, Jerome Powell, Scott Ruesterholz, Brent, Pete Schroeder, David Evans, Susan Fenton, Will Dunham, Nick Macfie, Barbara Lewis Organizations: Wall, New York Stock Exchange, REUTERS, Nasdaq, Federal, Dow Jones, Fed, Insight Investment, U.S ., Thomson Locations: Manhattan, New York City , New York, U.S, Ukraine, WASHINGTON, Ukraine's, Washington
The S&P 500 index (.SPX) had briefly declined as much as 10.6% from its Jan. 3 closing peak, flirting with a correction for the second time this year before clawing back some lost ground in early afternoon trading. Ten of the 11 major S&P 500 sectors declined, with energy stocks (.SPNY) being the outlier thanks to a 2.6% gain in oil prices as Ukraine-Russia tensions sparked supply concerns. read moreEarnings from S&P 500 companies are expected to grow 24.1% year-over-year, according to IBES estimates from Refinitiv. read moreDeclining issues outnumbered advancers by a 2.57-to-1 ratio on the NYSE and a 2.74-to-1 ratio on the Nasdaq. The S&P index recorded 2 new 52-week highs and 4 new lows, while the Nasdaq recorded 9 new highs and 102 new lows.
Persons: Brendan McDermid, Johnson, clawing, Nancy Tengler, Laffer, We've, Thomas Hempell, Bansari Mayur, Shounak Dasgupta, Maju Samuel, Aditya Soni Organizations: Dow Jones, New York Stock Exchange, REUTERS, Express, IBM, GE, Dow, Nasdaq, Johnson, Laffer Tengler Investments, Generali Investments, Apple, Refinitiv, American, Co, NYSE, Thomson Locations: New York City, U.S, Nashville, Ukraine, Russia, Kyiv, Moscow, Bengaluru
The benchmark index came close to confirming a correction on Monday before bouncing back late in the session. All of the 11 major S&P 500 sectors declined in early trading, with eight of them down more than 2% each. read moreEarnings from S&P 500 companies were expected to grow 24.1% year-over-year, according to IBES estimates from Refinitiv. read moreAmerican Express (AXP.N) jumped 3.4% on upbeat fourth-quarter profit, while another Dow component, Johnson & Johnson (JNJ.N), was flat after missing estimates for fourth-quarter revenue. read moreDeclining issues outnumbered advancers for a 6.86-to-1 ratio on the NYSE and for a 4.07-to-1 ratio on the Nasdaq.
Persons: Brendan McDermid, Johnson, Dan Eye, we've, advancers, Bansari Mayur, Shounak Dasgupta, Maju Samuel Organizations: Dow Jones, New York Stock Exchange, REUTERS, GE, Dow, Nasdaq, IBM, Fort Pitt Capital Group, U.S . Department of Defense, Apple, General Electric Co, Wall, 3M, Express, NYSE, Thomson Locations: New York City, U.S, Ukraine, Refinitiv, Bengaluru
World stocks are on course for their biggest monthly drop since the COVID-19 pandemic hit markets in March 2020. NATO said on Monday it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets. World stocks have fallen 6.5% this month, the most since the 13.8% monthly drop when the COVID-19 pandemic hit markets in February 2020. The U.S. 10-year yield was at 1.7405%, a touch lower on the day , as investors gravitated to safer havens. On Monday it hit a six-month low of $32,950.72, having halved since its latest all-time high of $69,000 hit in November .
Persons: Charles Platiau, Jan, Eddie Cheng, Allspring's Cheng, Cheng, Brent, Bitcoin, Elizabeth Howcroft, Pete Schroeder, David Evans, Susan Fenton, Will Dunham, Nick Macfie Organizations: La Defense, REUTERS, Charles Platiau LONDON, U.S . Federal, Dow Jones, Nasdaq, NATO, Federal Reserve, Allspring Global Investments, Bank of, Fed, U.S, Thomson Locations: Courbevoie, Paris, France, WASHINGTON, Russia, U.S, West, Europe, Bank of England, London, Washington
A screen charts the Dow Jones Industrial Average during the trading day on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2022. REUTERS/Brendan McDermidJan 25 (Reuters) - The S&P 500 (.SPX) index tumbled on Tuesday and was on track to confirm a correction, as it shed more than 10% from its record closing high on Jan. 3, the first trading session of this year. The benchmark index was last down 2.4% at 09:55 a.m. EST (1455 GMT). A correction is confirmed when an index closes 10% or more lower than its record closing level. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid Jan, Bansari Mayur, Maju Samuel Organizations: Dow Jones, New York Stock Exchange, REUTERS, Thomson Locations: New York City, U.S, Bengaluru
The Fed is expected to convene its two-day monetary policy meeting later in the day, which will be watched closely for cues on the central bank's timeline for hiking key interest rates to combat inflation. Fed funds futures traders are pricing in a 25 basis points hike in March, in addition to three more rate increases by the end of the year. The quarterly earnings season is in full swing, with mega-cap growth company Microsoft (MSFT.O) set to report earnings after market close on Tuesday, followed by Apple (AAPL.O) and Tesla (TSLA.O) later this week. read moreAs of Monday, earnings from S&P 500 companies were expected to grow 23.7% year-over-year, according to IBES estimates from Refinitiv. read moreGeneral Electric Co fell 4.3% after the industrial conglomerate posted downbeat quarterly revenue.
Persons: Brendan McDermid, Johnson, Dan Eye, Dow, we've, Bansari Mayur, Shounak Dasgupta, Maju Samuel Organizations: Dow Jones, New York Stock Exchange, REUTERS, IBM, American, GE, Dow, Wall, Fort Pitt Capital Group, West, U.S . Department of Defense, Nasdaq, Investment, Microsoft, Apple, Refinitiv, 3M, American Express, Co, Dow e, Thomson Locations: New York City, U.S, Russia, Ukraine, Bengaluru
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