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The Federal Reserve is about to end America’s era of easy money. That is prompting investors to reverse course on two years of investing strategies, kicking off this month’s broad market rout, the worst selloff since the early days of the pandemic. Major U.S. stock indexes have dropped between 6% and 13% in January, through Wednesday, with some investor favorites during the pandemic—including Covid-19 vaccine maker Moderna Inc., Peloton Interactive Inc. and Netflix Inc. —falling around two or three times as much. Wall Street’s fear gauge, the Cboe Volatility Index of expected market swings, has nearly doubled this year. Some well-known hedge funds are down 10% or more, said people familiar with the results.
Organizations: Federal, Major U.S, Moderna Inc, Interactive Inc, Netflix Inc Locations: Major
The prospect of rising interest rates has the automotive industry on edge. Power, said usually there is an automotive roadmap for when interest rates spike and decrease, but little precedent exists for a global pandemic and an auto supply-chain shortage. Power estimates spiking interest rates would lead to a $15 billion loss in used vehicle sales and another $7 billion in losses on new vehicles. She added that consumers have banked on getting high value for their trades and low interest rates for car purchases. “Prices aren’t going to slow down even if interest rates keep increasing,” said Peter Nagle, senior research analyst at the data research firm IHS Markit.
Persons: , Tyson Jominy, ” Jominy, , Jessica Caldwell, Edmunds, Jominy, Peter Nagle, ” Caldwell, Jonathan Smoke Organizations: Federal Reserve, NBC News, IHS, Leasing, Cox Automotive, CNBC
Notices similar to nutrition labels are coming to broadband service. Similar to how food labels describe the contents of a package, the broadband labels would disclose data allowances and broadband speeds, as well as pricing information. New notices for broadband internet services are rolling out modeled on the nutrition labels for food. "The broadband nutrition label cuts through this confusion by clearly disclosing the cost and terms of service in a simple, consumer-friendly format," Stager said. The FCC considered a requirement for the broadband labels in 2016, the final year of the Obama administration.
Persons: Joe Biden, Joshua Stager, Stager, Obama, Trump, Biden, NCTA Organizations: Federal Communications, FCC, Consumer Reports, Consumer, New America Foundation, New, Technology Institute, & Television Association, Cable, Comcast, NBC Locations: Washington
Register now for FREE unlimited access to RegisterThe Fed on Wednesday signaled it is likely to raise U.S. interest rates in March. "It's likely to provide significant growth in net income interest revenues in 2022." Wells Fargo & Co said its net interest income could rise by 8%. Citigroup Inc (C.N) executives said they would not provide estimates on net interest income until an "Investor Day" on March 2. Executives said the changing outlook for interest rates will make forecasting net interest income uncertain.
Persons: JP Morgan, Ken Leon, Jason Goldberg, Wells, Goldberg, Mark Mason, Wells Fargo, Ken Usdin, Jefferies, Banks, David Henry, Michelle Price, Matt Scuffham, Jane Merriman Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, CFRA Research, Barclays, JPMorgan Chase &, Co, Bank of America Corp, Citigroup Inc, JPMorgan, Citigroup, Thomson Locations: U.S, United States, New York
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
REUTERS/Octavio JonesWASHINGTON, Jan 27 (Reuters) - Contracts to buy U.S. previously owned homes fell for a second straight month in December amid record low inventory. The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, dropped 3.8% last month to 117.7. Economists polled by Reuters had forecast contracts, which become sales after a month or two, dipping 0.2%. An acute shortage of previously owned homes is hampering sales. A total of 6.12 million previously owned homes were sold in 2021, the most since 2006 and up 8.5% from 2020.
Persons: Octavio Jones WASHINGTON, Jan, Lawrence Yun, Yun, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, National Association of Realtors, Reuters, NAR, Federal Reserve, Thomson Locations: Tampa , Florida, U.S
Wall Street climbs at open on energy, banks boost
  + stars: | 2022-01-27 | by ( )   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 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
WASHINGTON (AP) — The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020′s brief but devastating coronavirus recession. The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021. Growth last year was driven up by a 7.9% surge in consumer spending and a 9.5% increase in private investment. For the final three months of 2021, consumer spending rose at a more muted 3.3% annual pace. Arising from the 2020 pandemic recession, a healthy rebound had been expected for 2021.
Persons: Ronald Reagan’s, wherewithal Organizations: WASHINGTON, Commerce Department, International Monetary Fund, Federal Reserve, Employers, Institute for Supply Locations: U.S, COVID
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. read moreTech-heavy Nasdaq futures rose 0.4%. Fed Chair Jerome Powell warned inflation remains above its long-run goal and supply problems are bigger and more long-lasting than previously thought. read moreTraders priced in nearly five rate increases by December after the Fed announcement, after previously fully pricing for four. ET, Dow e-minis were up 43 points, or 0.13%, S&P 500 e-minis were up 14.25 points, or 0.33%, and Nasdaq 100 e-minis were up 62.5 points, or 0.44%.
Persons: Brendan McDermid, William Ackman, Jerome Powell, they've, Thomas Hayes, Bansari Mayur, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Intel, Netflix, Dow, Nasdaq, Federal Reserve, Netflix Inc, Microsoft, Fed, Great, Capital, Tesla Inc, chipmaker Intel Corp, Dow e, ServiceNow Inc, Thomson Locations: New York City, U.S, megacap, New York, Ukraine, The U.S, Europe, Moscow, Bengaluru
International stock indexes dropped and U.S. equity futures sold off, as investors worried about the speed with which the U.S. Federal Reserve would move to lift interest rates and otherwise tighten monetary policy. The global downswing followed the latest in a series of choppy trading sessions for U.S. stocks, which registered big intraday gains Wednesday, only to pull back sharply. Markets have been buffeted by a series of concerns about inflation and interest rates, how the Omicron variant will affect the course of the Covid-19 pandemic and geopolitical tensions over Ukraine.
Organizations: U.S . Federal Locations: Ukraine
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
5G words and an airplane toy are placed on a printed U.S. flag in this illustration taken January 18, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoWASHINGTON, Jan 26 (Reuters) - The head of the Federal Aviation Administration (FAA) is set to testify before a Feb. 3 U.S. House hearing on new C-Band 5G deployment and its impact on aviation safety, sources told Reuters. The House Transportation and Infrastructure Committee is expected to hear from FAA Administrator Steve Dickson along with aviation and wireless industry officials including the head of Airlines for America, a trade group representing passenger and cargo airlines. AT&T (T.N) and Verizon Communications (VZ.N) agreed on Jan. 18 to delay switching on new telecom towers near key airports even as they turned on the new 5G C-Band service. Register now for FREE unlimited access to RegisterReporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, Jan, Steve Dickson, David Shepardson, Chris Reese Organizations: REUTERS, Federal Aviation Administration, ., Reuters, The, Transportation, Infrastructure, Airlines for America, Verizon Communications, Thomson Locations: U.S
Dollar finds buyers as Fed flags hikes
  + stars: | 2022-01-27 | by ( Tom Westbrook | )   time to read: +2 min
Overnight the Fed left policy unchanged but Powell foreshadowed a sustained battle to tame inflation. Sterling and the Australian dollars also dropped with the mood and the New Zealand dollar fell to its lowest since Nov. 2020. The Australian dollar fell close to its 2022 low in the overnight session before recovering a little to $0.7119. On Thursday, data showed New Zealand inflation a little hotter than forecast and running at a three-decade high. After a battering last week, cryptocurrencies held their ground in the wake of the Fed's meeting and bitcoin last bought $35,869.
Persons: Jerome Powell, Powell, shrivelled, Antipodeans steadied, Boris Johnson, cryptocurrencies, bitcoin, Tom Westbrook, Lincoln Organizations: Federal, Sterling, New Zealand, ANZ, of England, BOJ, Thomson Locations: SINGAPORE, Asia, lockdowns, Zealand, Tokyo
Bill Ackman's Pershing Square invested in Netflix, buying about 3.1 million shares since Friday. The billionaire's hedge fund now commands a roughly $1.1 billion stake in the streaming giant. Bill Ackman disclosed a new, billion-dollar bet on Netflix in a letter to clients on Wednesday. Ackman's Pershing Square has snapped up more than 3.1 million Netflix shares since Friday, giving it a roughly $1.1 billion stake, the billionaire investor revealed. Pershing Square began analyzing Netflix while sounding out its investment in Universal Music Group last year, Ackman noted in his letter.
Persons: Bill Ackman's, Bill Ackman, Ackman, Reed Hastings, bullish Organizations: Netflix, Ackman's Pershing, Federal Reserve, Pershing, Universal Music Group
LONDON — European stocks are expected to plunge at the open on Thursday as global markets react badly to the latest monetary policy decision from the U.S. Federal Reserve. Global markets are reacting badly to the Federal Reserve's indication on Wednesday that it could soon raise interest rates for the first time in more than three years. The Fed's policymaking group said a quarter-percentage point increase to its benchmark short-term borrowing rate is likely forthcoming. U.S. stock futures fell Wednesday night; futures tied to the Dow erased earlier gains and declined 398 points, or 1.17%. Asia-Pacific markets fell across the board on Thursday overnight.
Persons: Germany's DAX, Dow, Jeff Cox, Tanaya Macheel, Abigail Ng Organizations: U.S . Federal Reserve, CAC, IG, Global, Federal, Market, Nasdaq, Nikkei, Hang Seng, Deutsche Bank, SAP, Banco Sabadell, Diageo, STMicroelectronics, Renault, Nissan, Mitsubishi, CNBC, CNBC Pro Locations: U.S, Asia, Pacific, South Korea, Hong Kong, Europe, LVMH, easyJet
Oaktree Capital on US Fed and rate hikes and balance sheet cuts
  + stars: | 2022-01-27 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Fed doesn't want to be 'confined to a box' by being too specific: Investment management firmHoward Marks of Oaktree Capital Management discusses the U.S. Federal Reserve's plan to hike interest rates and cut its balance sheet. He says the "only thing" that matters is the "general direction" the central bank will take, rather than the rate or timing of its changes.
Persons: Howard Marks Organizations: U.S, Fed, Investment, Oaktree Capital Management Locations: U.S . Federal
Randall Kroszner on US Federal Reserve and balance sheet cuts
  + stars: | 2022-01-27 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Fed's 'tap dance' around balance sheet cut probably due to lack of consensus: Ex-Fed governorRandall Kroszner, deputy dean at the University of Chicago Booth School of Business and former U.S. Federal Reserve governor, says there are probably many different views on "how quickly and in what form" the balance sheet should be reduced.
Persons: Randall Kroszner Organizations: U.S, University of Chicago Booth School of Business, U.S . Federal Reserve
The dollar hit multi-week highs against other major currencies on Thursday, bolstered after Federal Reserve chair Jerome Powell primed investors for U.S. rate hikes beginning in March. Overnight the Fed left its policy rate unchanged but Powell foreshadowed a sustained battle to tame inflation. He told reporters there was "quite a bit of room to raise interest rates without threatening the labor market" and said the Fed was of a mind to begin lifting rates in March. The yen inched a fraction lower to 114.74 per dollar on Thursday. The euro was sold to a six-week low of $1.2301 and the Australian dollar fell about 0.4% to a seven-week trough of $0.7076.
Persons: Jerome Powell, Powell, shriveled, Sterling, Boris Johnson, cryptocurrencies, bitcoin Organizations: Federal, Australian, ANZ, New Zealand, of England Locations: Asia
Gold held steady on Thursday following a sharp drop in the last session, as safe-haven demand driven by concerns over Ukraine countered gains in the U.S. dollar and Treasury yields as the Federal Reserve signaled interest rate hikes starting in March. Higher yields and interest rate hikes dent the appeal of bullion by raising the opportunity cost of holding non-interest paying gold. The dollar index, as measured against six major trading currencies, rose to a level last seen on Nov. 22. "Heightened geopolitical tensions have spurred some safe-haven interest, but gold prices tend to hold their value rather than rally significantly amid such a flight to safety," said Standard Chartered analyst Suki Cooper. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a five-month high on Wednesday.
Persons: Gold, It's, Brian Lan, Jerome Powell, Suki Cooper Organizations: Perth Mint, Ukraine, U.S ., Treasury, Federal Reserve, GoldSilver, . Treasury, United, Holdings Locations: Perth, Australia, United States, Europe, Moscow, Ukraine
Oil prices fell on Thursday as the U.S. dollar strengthened following signs that the U.S. Federal Reserve will tighten monetary policy in the world's biggest oil user. The dollar rose on higher U.S. Treasury yields, lifting the U.S. dollar index, which measures the greenback against major peers, to 96.604, near five-week highs. "Continued supply challenges and mounting Russia-Ukraine tensions continue to support crude oil prices. An increase in crude oil and gasoline inventories in the United States alleviated some of the concerns about supply. Gasoline stockpiles rose by 1.3 million barrels last week to 247.9 million barrels, the EIA said, the most since February 2021.
Persons: Brent, WTI, Vivek Dhar, Commonwealth Bank's Dhar, Howie Lee Organizations: U.S ., U.S . Federal, greenback, Brent, . U.S . West Texas, Federal Open Markets, Commonwealth Bank, Treasury, U.S, omicron, OPEC, OCBC, Energy Information Administration, EIA Locations: Dyurtyuli, Republic of Bashkortostan, Russia, ., Ukraine, Europe, Commonwealth, OPEC, Covid, Singapore, United States
According to the data from National Stock Exchange of India, foreigners have sold $7.24 billion between Oct. 1 and Jan. 25, but domestic Indian institutions purchased $9.63 billion in that period. Reuters GraphicsAnalysts said the rise in domestic investments is due to the surge in retail interest in the equity markets as the country's young investors pick stocks over other traditional assets. "Hence, we see continued buying from retail investors. This domestic support could protect Indian markets against global volatility as the U.S. Federal Reserve gets set to raise interest rates rapidly in efforts to combat higher inflation. Some analysts said India's higher stock valuations could deter foreign investors, but domestic investors would continue to accumulate shares.
Persons: van der Linde, India's, Manishi Raychaudhuri, Gaurav Dogra, Vidya Ranganathan Organizations: National Stock Exchange of, Reuters Graphics Analysts, HSBC, Association of Mutual, Reuters Graphics, U.S . Federal Reserve, MSCI, Reuters, BNP Paribas, Thomson Locations: National Stock Exchange of India, Asia, India, MSCI Asia, Pacific, Bengaluru
Jan 27 (Reuters) - Australian shares fell into correction territory on Thursday, driven by tech and gold stocks after the U.S. Federal Reserve signalled interest rate hikes as early as March, with investors now looking to next week's Reserve Bank of Australia meeting. The benchmark S&P/ASX 200 index (.AXJO) closed lower for a fourth straight day, down 1.8% at 6,838.3 - its lowest since April last year. Already battered, Australia's tech stocks (.AXTX) ended the day 5.1% lower, taking losses so far this year to around 20%. New Zealand's S&P/NZX 50 index (.NZ50) fell 1.1% to 12,050.32, a day after it snapped a five-day run of losses. read moreRegister now for FREE unlimited access to RegisterReporting by Roushni Nair in Bengaluru, additional reporting by Nikhil Kurian Nainan; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
Persons: Jerome Powell, Steven Daghlian, Roushni Nair, Nikhil Kurian Nainan, Subhranshu Sahu Organizations: U.S . Federal Reserve, week's Reserve Bank of Australia, Fed, West, Woodside Petroleum Ltd, Thomson Locations: Russia, Ukraine, Woodside, Myanmar, New, Bengaluru
Signage is seen at the headquarters of the Federal Communications Commission in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File PhotoWASHINGTON, Jan 26 (Reuters) - The U.S. Senate Commerce Committee is set to vote Feb. 2 on nominees to head the auto safety agency and to open seats on the Federal Communications Commission (FCC) and Federal Trade Commission (FTC) among other positions, according to a notice seen by Reuters. Register now for FREE unlimited access to RegisterThe committee is also set to vote on Gigi Sohn for the FCC. If she were confirmed by the Senate, it would give Democrats control of the FCC, which is currently split 2-2. The committee is to consider Alvaro Bedoya to serve on the FTC, according to the notice.
Persons: Andrew Kelly, Jan, Steven Cliff, Cliff, Gigi Sohn, Sohn, Tom Wheeler, Barack Obama, Donald Trump, Alvaro Bedoya, Biden, Bedoya, David Shepardson, Kim Coghill, Shailesh Organizations: Federal Communications Commission, Washington , D.C, REUTERS, U.S, Senate, Federal Trade Commission, Reuters, Traffic Safety Administration, California Air Resources Board, Tesla, FCC, Georgetown Law's Center, Privacy & Technology, U.S ., Thomson Locations: Washington ,
The logo of America Movil is pictured on the wall at a reception area in the company's corporate offices, in Mexico City, Mexico January 25, 2022. The vote means that for now, America Movil, controlled by the family of Mexican billionaire Carlos Slim, will remain without a license to enter pay-TV. America Movil declined to comment. Far and away the biggest telecom player in Mexico, America Movil has been barred from providing the service in its homeland since the privatization of state phone company Telmex in the early 1990s, which later evolved into America Movil. Deemed a "preponderant agent" by the IFT due to its large market share, America Movil has had the permit withheld.
Persons: Gustavo Graf, Carlos Slim, Movil, Ernesto Piedras, America Movil, Cassandra Garrison, Dave Graham, Leslie Adler Organizations: REUTERS, MEXICO CITY, Federal Telecommunications Institute, IFT, America, Claro, America Movil, Reuters, U.S, Mexico's Telecommunications Law Institute, Thomson Locations: Mexico City, Mexico, MEXICO, America, United States
Pan-region Euro Stoxx 50 futures tumbled 2.88%, FTSE futures lost 1.98%, Nasdaq futures dropped 1.73% and S&P 500 e-minis shed 1.56%. Fed funds futures showed traders pricing in as many as five hikes by December, after previously fully pricing for four increases. YIELDS JUMPExpectations of Fed tightening sent the policy-sensitive U.S. 2-year yield to a top of 1.1920% in Asian trade, a level last reached in February 2020. These in turn helped the dollar, lifting the dollar index, which measures the greenback against major peers, to 96.604, near five-week highs. The spread between the U.S. and Japanese 2-year yield widened to 124.22 basis points on Thursday, its highest since late February 2020.
Persons: Powell, David Chao, Chao, Hong, HSI, we've, it's, Matt Simpson, Simpson, Andrew Galbraith, Alun John, Richard Pullin Organizations: SHANGHAI, Federal, Nasdaq, Asia Pacific, country's, Nikkei, Index, U.S, United, Brent, . West Texas, White, Thomson Locations: Asia, Japan, Russia, Ukraine, Invesco, U.S, Tokyo, Sydney, United States, Europe, Moscow, Hong Kong
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