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☆ Instant view: Cooler October US CPI raises confidence that Fed hikes done
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +8 min

Economists polled by Reuters had forecast the CPI gaining 0.1% on the month and increasing 3.3% on a year-on-year basis. The rally was due to rising investor belief that the Federal Reserve will now be less likely to hike interest rates at future meetings. LINDSAY ROSNER, HEAD OF MULTI-SECTOR FIXED INCOME INVESTING, GOLDMAN SACHS ASSET MANAGEMENT, NEW YORK“Today's Core CPI print was below expectations. "The Fed will not want to step back from its hawkish stance yet; the annual core rate at 4% is still some way away from target. THOMAS HAYES, CHAIRMAN AT HEDGE FUND GREAT HILL CAPITAL, NEW YORK"We're happy to see both headline and core CPI come in lower than expected.

Persons: Hannah Beier, ” BEN JEFFERY, GREG BASSUK, ” “, ” BRIAN JACOBSEN, MENOMONEE, we’ll, ” CHRIS ZACCARELLI, LINDSAY ROSNER, GOLDMAN, ” MATTHEW MISKIN, JOHN, “, ” STUART COLE, Kashkari, Powell, PETER ANDERSEN, ANDERSEN, it's, THOMAS HAYES, OLIVER PURSCHE, It’s, ” Organizations: Reading, REUTERS, Federal Reserve, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Markets, BMO, Reserve, CPI, ALLIANCE, Fed, Global Finance, Thomson Locations: Philadelphia , Pennsylvania, U.S, WALTHAM, MA, WISCONSIN, CHARLOTTE, GOLDMAN SACHS, JOHN HANCOCK, BOSTON, LONDON

☆ Wall St drops as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The rate-sensitive real estate sector (.SPLRCR) dropped 2.4% and was the day's worst-performing S&P 500 sector. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The labor market is showing strength even though the central bank has raised its benchmark overnight interest rate by 525 basis points since March 2022. The S&P 500 posted 2 new 52-week highs and 37 new lows; the Nasdaq Composite recorded 15 new highs and 370 new lows.

Persons: Tesla, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Brendan McDermid, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Netflix, Dow, Nasdaq, Treasury, Wealthspire Advisors, Economic, Dow Jones, New York Stock Exchange, REUTERS, Data, U.S . Labor Department, Netflix Inc, American Airlines, United Airlines, NYSE, Thomson Locations: Westport , Connecticut, New York, U.S, New York City, United States, Britain, France, Bengaluru

☆ Wall St ends down as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The Dow Jones Industrial Average (.DJI) fell 254.24 points, or 0.76%, to 33,410.84. Data this week has pointed to strong consumer demand and a tight labor market. A U.S. Labor Department report on Thursday showed the number of Americans filing new claims for unemployment benefits fell to a nine-month low last week.

Persons: Brendan McDermid, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Netflix, Tesla, Treasury, Wealthspire Advisors, Economic, Nasdaq, Dow Jones, U.S . Labor Department, Thomson Locations: New York City, U.S, Westport , Connecticut, New York, United States, Britain, France, Bengaluru

S&P 500 (.SPX) companies overall are expected to have increased earnings by 1.3% from a year ago, according to LSEG IBES. After a rough September for stocks, "we need some good news" from earnings season, said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. Inflation dampened company earnings in the first half, after consumer prices surged in 2022 to their highest levels in decades. Investors will also scrutinize company fourth-quarter outlooks, with S&P 500 earnings for the fourth quarter currently expected to rise 10.8% from a year earlier. One clue could come from the consumer discretionary sector (.SPLRCD), where earnings are expected to have jumped by 23.1% from the year-ago period.

Persons: Brendan McDermid, LSEG, Matthew Miskin, You've, you've, Miskin, Rick Meckler, John Hancock, J.P, Morgan Chase, James Ragan, Davidson, Ragan, ”, Oliver Pursche, Caroline Valetkevitch, Lewis Krauskopf, Megan Davies, Ira Iosebashvili, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, John Hancock Investment Management, Cherry, Investments, Reuters Graphics Reuters, Federal Reserve, Treasury, Delta Air Lines, PepsiCo, UnitedHealth, Wealthspire Advisors, Thomson Locations: New York City, U.S, Westport , Connecticut

☆ Nasdaq leads Wall St rebound after weaker-than-expected data
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Consumer discretionary (.SPLRCD) rose 2%, leading S&P 500 sectors higher, followed by communication services (.SPLRCL) and technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near its 200-day moving average, currently at around 4,203. S&P 500 company earnings are expected to have risen 1.6% year-over-year for the quarter, according to LSEG data. The S&P 500 posted one new 52-week high and 40 new lows; the Nasdaq Composite recorded 18 new highs and 398 new lows.

Persons: Oliver Pursche, Brendan McDermid, decliners, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: Companies, ADP, Dow, Nasdaq, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, New York Stock Exchange, REUTERS, Dow Jones, Ford, NYSE, Thomson Locations: Westport , Connecticut, New York City, U.S, New York, Bengaluru

☆ Wall St ends up after recent weakness; consumer discretionary gains
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Consumer discretionary (.SPLRCD) led S&P 500 sectors higher, followed by technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near the 4,200 level, seen as the index's next level of support. According to preliminary data, the S&P 500 (.SPX) gained 34.17 points, or 0.81%, to end at 4,263.62 points, while the Nasdaq Composite (.IXIC) gained 172.95 points, or 1.32%, to 13,236.01.

Persons: Brendan McDermid, Oliver Pursche, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, ADP, Major U.S, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, Nasdaq, Dow Jones, Ford, Thomson Locations: New York City, U.S, Major, Westport , Connecticut, New York, Bengaluru

☆ Wall Street gains, dollar softens as weak data signals Fed pause
▼ + stars: | 2023-08-30 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Weak economic data could be good news for interest rates, as it could give the Federal Reserve a rationale for letting key interest rates stand at next month's monetary policy meeting. GDPFinancial markets have currently priced in a 88.5% likelihood of a September Fed pause, according to CME's FedWatch tool. Emerging market stocks rose 0.11%. The greenback extended its losses, touching a two-week low against a basket of world currencies in the wake of disappointing economic data. Crude prices edged higher as industry data showed tighter-than-expected supply as investors digested Hurricane Idalia's potential effect on demand.

Persons: Jason Reed, Dow, Oliver Pursche, Thomas Martin, Martin, Sterling, Brent, Stephen Culp, Sharon Singleton, Nick Zieminski, Josie Kao Organizations: U.S . Federal, REUTERS, Federal Reserve, Nasdaq, Federal, Wealthspire Advisors, Dow Jones, Japan's Nikkei, Treasury, U.S ., Thomson Locations: Washington, New York, Atlanta, Asia, Pacific, Japan, U.S

☆ Forecasts show U.S. earnings decline in second quarter
▼ + stars: | 2023-06-23 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Analysts expect earnings for S&P 500 companies to fall 5.6% in the second quarter from a year ago, according to IBES data from Refinitiv. Fourth-quarter 2022 earnings for S&P 500 companies declined 3.2%, so a first-quarter profit fall would have been a second straight quarterly decline, which some strategists call an earnings recession. Package delivery firm FedEx (FDX.N) this week posted disappointing quarterly earnings and said waning global demand is pressuring its profit margins. "S&P 500 EPS estimates and stock prices will need to reset lower." The S&P 500 (.SPX) is down about 1% this week, but remains up more than 13% for the year to date.

Persons: COVID, Jerome Powell, Oliver Pursche, Olive, Morgan Stanley, Nick Raich, Caroline Valetkevitch, Alden Bentley, Nick Zieminski Organizations: YORK, Microsoft Corp, Apple Inc, Reserve, Bank of England, Wealthspire Advisors, Walmart Inc, FedEx, Olive Garden, Darden, Nike, Thomson Locations: Refinitiv, Washington, U.S, Westport , Connecticut

☆ VIEW US payrolls rise more than expected in May
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +5 min

Nonfarm payrolls increased by 339,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. "This low wage inflation number is very good news for those of us who believe the Fed should pause." "The unemployment rate surprisingly moved from 3.4% to 3.7%. "We've seen some earnings warnings, there's a big lag in monetary policy, and we saw the unemployment rate tick up to 3.7%. Makes you wonder, is there going to be a rise in the (labor market) participation rate.

Persons: KIM FORREST, PETER CARDILLO, RILEY, we've, they're, We've, OLIVER PURSCHE, There's Organizations: YORK, Federal Reserve, Labor Department, Treasury, HOGAN, Fed, NEW, Global Finance, Markets, Thomson Locations: PITTSBURGH

☆ Wall Street wavers, Treasury yields gain as debt ceiling debate plods on
▼ + stars: | 2023-05-15 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. European stocks pared initial gains and were last nominally higher as investors eyed ongoing U.S. debt ceiling negotiations and Turkey's impending election runoff. The pan-European STOXX 600 index (.STOXX) rose 0.12% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.14%. Emerging market stocks rose 0.39%. Gold edged higher in opposition to the weakening dollar as the debt ceiling standoff wore on.

☆ Wall Street ends mixed with inflation data, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The bellwether S&P 500 ended the session nominally higher. Of the 11 major sectors of the S&P 500, six ended the session higher, led by industrials (.SPLRCI). "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts expected aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. The S&P 500 posted 2 new 52-week highs and no new lows; the Nasdaq Composite recorded 50 new highs and 155 new lows.

☆ Wall St fluctuates as investors weigh jobs report, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"There’s clearly a disconnect between what the Fed is telling us they’re going to do and what the market believes the Fed is going to do," Pursche added. "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts now expect aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 41 new highs and 131 new lows.

☆ Wall Street ends green on bank bounce as Fed takes focus
▼ + stars: | 2023-03-21 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

Still, despite its recent resurgence, the S&P Banks index has lost more than 18% of its value just this month. "The Fed will raise interest rates by 25 basis points and the market won't care," Pursche added. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2023. The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 48 new highs and 114 new lows. Volume on U.S. exchanges was 11.75 billion shares, compared with the 12.63 billion average over the last 20 trading days.

☆ Wall Street ends sharply lower on bank contagion fears
▼ + stars: | 2023-03-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

For the week, while the benchmark S&P 500 ended higher than last Friday's close, the Nasdaq and the Dow posted weekly declines. "(The sell-off) is a bit of an overreaction," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. Those concerns have spread to Europe, as Credit Suisse (CSGN.S) shares stumbled over liquidity worries, prompting policymakers to scramble to reassure markets. First Republic Bank (FRC.N) plunged after the bank announced it was suspending its dividend, reversing Thursday's surge that was sparked by an unprecedented $30 billion rescue package from large financial institutions. First Republic's peers, PacWest Bancorp (PACW.O) and Western Alliance (WAL.N), both ended the session sharply lower.

☆ Wall Street dips as weak corporate guidance fuels recession fears
▼ + stars: | 2023-01-25 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Fourth-quarter earnings season has shifted into overdrive, with 95 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings dropping 3.0% year-on-year, nearly double the 1.6% drop seen on Jan. 1, per Refinitiv. Most of the 11 sectors of the S&P 500 were red, utilities (.SPLRCU) suffering the largest percentage loss. General Dynamics Corp (GD.N) beat quarterly expectations, but a weak 2023 forecast helped send the defense contractor's shares sliding 3.2%. The S&P 500 posted 6 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 52 new highs and 26 new lows.

☆ Wall St reverses sell-off, dollar slides, Treasury yields rise on BOJ policy shift
▼ + stars: | 2022-12-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Wall Street's "upward move is on relatively light volume," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. Emerging market stocks lost 0.55%. REUTERS/Issei Kato 1 2 3U.S. Treasury yields jumped after the Bank of Japan broadened its yield curve control, which prompted a global bond sell-off. Japan's surprise policy review sent the yen to a four-month peak against the greenback, and the dollar fell sharply against a basket of currencies. Gold breached the $1,800 level as the dollar lost altitude.

☆ U.S. data brings some encouraging signs for inflation-weary Fed
▼ + stars: | 2022-10-28 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +3 min

Fed policymakers are keenly attentive to the ECI as one of the better measures of labor market slack and a predictor of core inflation. Projections released last month showed policymakers' median forecast for the federal funds rate by the end of 2023 at 4.6%. Several policymakers in the last month have also appeared to be leaning toward a smaller rate hike at the Dec. 13-14 meeting. Certainly, the latest Personal Consumption Expenditures (PCE) price index data did little to bolster central bank hopes that price pressures have decisively turned a corner. That was enough for one analyst to argue the market is undershooting the amount of Fed tightening that remains.

☆ Wall St jumps, Treasury yields climb on Truss resignation, solid earnings
▼ + stars: | 2022-10-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. stock indexes overcame initial indecision to surge into positive territory, and 10-year Treasury yields continued to march past 14-year highs. European stocks whipsawed after Truss said she would leave 10 Downing Street, but were last showing solid gains. Emerging market stocks rose 0.03%. Benchmark Treasury yields resumed their rise after economic data appeared to confirm the Fed is unlikely to relent in its aggressive campaign to rein in inflation. The dollar index fell 0.64%, with the euro up 0.48% to $0.9818.

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