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☆ Wall St ends 2022 with biggest annual drop since 2008
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 (.SPX) has shed 19.4% this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq (.IXIC) is down 33.1%, while the Dow Jones Industrial Average (.DJI) has fallen 8.9%. The S&P 500 growth index has fallen about 30.1% this year, while the value index (.IVX) is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 134 new lows.

☆ Wall St set to end challenging year with steep drop
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) are among the worst drags on the S&P 500 growth index (.IGX), down between 28% and 66% in 2022. The S&P 500 growth index has fallen about 30.5% this year, while the value index (.IVX) is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 116 new lows.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

The declines made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) the top decliners among major S&P 500 sectors, down more than 1.2% each. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 20% and the tech-heavy Nasdaq (.IXIC) nearly 34% this year. The S&P 500 growth index (.IGX) is down about 30% this year while the value index (.IVX) has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy. The tech sector has shed 29.8% this year and is among the worst performing of the major S&P 500 sectors in 2022. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and 45 new lows.

SummarySummary Companies Wall St eyes first annual drop in four yearsU.S.-listed shares of Shaw Communications jumpFutures down: Dow 0.40%, S&P 0.59%, Nasdaq 0.94%Dec 30 (Reuters) - Wall Street was set to open lower on the final trading day of a roller-coaster year marked by aggressive interest-rate hikes to curb inflation, the Russia-Ukraine war and recession fears. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 19% and the tech-heavy Nasdaq (.IXIC) 33% this year. "(The) back half of 2023 is going to be better because I believe the Fed will stop raising interest rates. ET, Dow e-minis were down 132 points, or 0.4%, S&P 500 e-minis were down 22.75 points, or 0.59%, and Nasdaq 100 e-minis were down 104 points, or 0.94%. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St ends firmer, growth stocks lead in thin trading
▼ + stars: | 2022-12-29 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

All 11 S&P 500 sector indexes rose, with communication service (.SPLRCL) and technology (.SPLRCT) as the biggest winner with gains of nearly 3%. The Fed's aggressive interest rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. Tesla Inc (TSLA.O) shares rose after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness." For 2022, Tesla's 66% slump and Amazon.com's 50% drop played a big part in the S&P 500 consumer discretionary sector's 38% loss. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 75 new highs and 160 new lows.

All the major S&P 500 sector indexes rose, with consumer discretionary (.SPLRCD) and technology (.SPLRCT) leading the pack with a near 3% rise. The Fed's aggressive rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. The CBOE Volatility index (.VIX), known as Wall Street's "fear gauge", slipped, signaling an easing in investor anxiety. Tesla shares (TSLA.O) rose 8.3% after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness". The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 40 new highs and 117 new lows.

All the major S&P 500 sectoral indexes rose, with consumer discretionary (.SPLRCD) and information technology (.SPLRCT) up 1.8% and 1.9%, respectively. The U.S. Labor Department's report showed initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24. The report hinted at some softening in an otherwise tight labor market, bolstering hopes that the U.S. central bank would dial down its aggressive monetary policy stance. "Signs of the job market beginning to weaken is certainly apparent," said Peter Cardillo, chief market economist, Spartan Capital Securities LLC. A strong labor market and resilient American economy have fueled worries that interest rates could stay higher for longer even though easing inflationary pressures keep alive hopes of smaller increases.

Initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24, the Labor Department said. The report suggested that the rapid interest rate hikes were starting to take a toll on the labor market, bolstering hopes that the U.S. central bank would dial down its aggressive stance. "Signs of the job market beginning to weaken is certainly apparent," said Peter Cardillo, chief market economist, Spartan Capital Securities LLC. ET, Dow e-minis were up 172 points, or 0.52%, S&P 500 e-minis were up 29 points, or 0.76%, and Nasdaq 100 e-minis were up 116.25 points, or 1.08%. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) advanced over 0.6% each as U.S. 10-year Treasury yields slipped to 3.83% from 3.86% on Tuesday . Among the major S&P 500 sectors, technology (.SPLRCT) and consumer discretionary (.SPLRCD) gained nearly 0.5% and 1% respectively, while healthcare shares (.SPXHC) also were a major boost to the benchmark index. Tesla Inc (TSLA.O) rose 5.3%, after hitting its lowest level in more than two years in the previous session over demand worries in China. Energy stocks (.SPNY) bucked the trend as oil prices slipped on concerns about a surge in COVID-19 cases in top oil importer China. The benchmark S&P 500 (.SPX) is down 19% year-to-date and set for its biggest annual loss since the financial crisis of 2008.

U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding Ltd and Pinduoduo Inc (PDD.O) climbed around 2% each in premarket trading. With a handful of trading sessions left this year, investors are hoping for a so-called "Santa rally" at the end of what has been a largely disappointing month for U.S. equities. Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes. ET, Dow e-minis were up 147 points, or 0.44%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 5 points, or 0.05%. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Vinay Dwivedi and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

The personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 0.1% last month after climbing 0.4% in October. On U.S. exchanges 7.75 billion shares changed hands on Friday compared with the 11.41 billion average for the last 20 sessions. Energy shares (.SPNY) stood out as the biggest advancers throughout the session as oil prices gained following news of Moscow's plans to cut crude output. Advancing issues outnumbered declining ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers. The S&P 500 posted 2 new 52-week highs and 1 new low; the Nasdaq Composite recorded 49 new highs and 228 new lows.

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts. Also, U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021. It's been helped by upbeat corporate commentary and an improvement in consumer confidence," said Angelo Kourkafas, investment strategist at Edward Jones in St. Louis referring to Nike and FedEx. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. On U.S. exchanges 9.81 billion shares changed hands, compared with the 11.16 billion average for the last 20 sessions.

FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts. U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021. It's been helped by upbeat corporate commentary and an improvement in consumer confidence," said Angelo Kourkafas, investment strategist at Edward Jones in St Louis referring to Nike and FedEx. The smallest gainer among the sectors was consumer staples (.SPLRCS) but it was still up 1%. The S&P 500 posted 5 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 211 new lows.

U.S. consumer confidence rebounded in December as inflation retreated and the labor market remained strong, while 12-month inflation expectations fell to 6.7%, the lowest since September last year. Nike Inc (NKE.N) jumped 13.7% after reporting its best quarterly revenue growth in more than a decade, barring one quarter, and beat profit expectations on strong holiday demand from North American shoppers. Consumer discretionary stocks (.SPLRCD) led gains among the major S&P 500 (.SPX) sectoral indexes, while financial shares (.SPSY) also gained. Nike peers Lululemon Athletica Inc (LULU.O), Under Armour Inc (UAA.N) and Vans sneaker maker VF Corp (VFC.N) rose between 1.3% and 2.8%. Energy stocks (.SPNY) also rose tracking higher oil prices after data suggested a larger-than-expected draw in U.S. crude stockpiles.

☆ Wall Street eyes higher open on strong Nike earnings
▼ + stars: | 2022-12-21 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies Nike jumps on strong second-quarter resultsFedEx soars on cost-cutting planConsumer confidence, home sales data due at 10 a.m. Wall Street's main indexes closed slightly higher on Tuesday, following early losses as Treasury yields jumped after the Bank of Japan's surprise monetary policy tweak. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities since its policy meeting last week, despite signs of cooling inflation. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. Market volumes are expected to decline this week before the Christmas and New Year holidays amid low participation.

ETMeta up on J.P. Morgan rating upgradeDigital World Acquisition down on CFO exitFutures down: Dow 1.16%, S&P 1.05%, Nasdaq 0.60%Dec 16 (Reuters) - Wall Street's main stock indexes were set to extend losses on Friday as fears of a looming recession, sparked by the Federal Reserve's relentless battle against inflation, hammered sentiment. The Bank of England and the European Central Bank were the latest ones to indicate an extended rate-hike cycle on Thursday. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. ET, Dow e-minis were down 384 points, or 1.16%, S&P 500 e-minis were down 41.25 points, or 1.05%, and Nasdaq 100 e-minis were down 68.5 points, or 0.6%. Reporting by Shubham Batra, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

The U.S. central bank hiked rates by 50 basis points (bps) on Wednesday, slowing down from four back-to-back 75 bps hikes, although Fed Chair Jerome Powell said recent signs of slowing inflation have not brought any confidence yet that the fight had been won. The Fed's policy-setting committee projected it would continue raising rates to above 5% in 2023, a level not seen since a steep economic downturn in 2007. Money market participants currently expect at least two 25 bps rate hikes next year and borrowing costs to peak at 4.9% by May next year, before falling to around 4.4% by year-end. Wall Street's main indexes have staged a strong recovery since hitting 2022 lows in October on hopes of a less aggressive Fed, but the rally stalled in December due to mixed economic data and worrying corporate forecasts. Tesla Inc (TSLA.O) fell 2.9% after CEO Elon Musk disclosed another $3.6 billion in stock sales, taking his total near $40 billion this year and frustrating investors as the company's shares wallow at two-year lows.

☆ Futures slide as hawkish Fed quashes policy pivot hopes
▼ + stars: | 2022-12-15 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

Investors currently expect at least two 25 bps rate hikes next year and borrowing costs to peak at 4.9% by May next year, before falling to around 4.4% by year-end. Both central banks are expected to hike borrowing costs by 50 bps. Shares of megacap companies, including Apple (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O) and Nvidia Corp , fell between 1.1% and 2.1% in premarket trading. Trade Desk Inc (TTD.O) slipped 4.1% after Jefferies downgraded its rating for the adtech firm to "hold" from "buy". Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Savio D'Souza and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

The Fed's policy-setting committee projected it would continue raising rates to above 5% in 2023, a level not seen since a steep economic downturn in 2007. Money market participants currently expect at least two 25 bps rate hikes next year and borrowing costs to peak at 4.9% in the first half, before falling to around 4.4% by the year end. Wall Street's main indexes have staged a strong recovery since hitting 2022 lows in October on hopes of a less aggressive Fed, but the rally stalled in December on the back of mixed economic data and worrying corporate forecasts. Investors also digested economic data on Thursday that showed a steeper-than-expected decline in retail sales in November and the number of Americans filing for unemployment benefits falling last week, indicating a tight labor market. The S&P index recorded no new 52-week highs and four new lows, while the Nasdaq recorded 24 new highs and 120 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. Microsoft Corp (MSFT.O) rose 2% following the tech giant's deal to buy a 4% stake in the London Stock Exchange Group (LSEG.L), powering much of Wall Street's gains. The benchmark S&P 500 (.SPX) looked to rebound from its worst weekly performance since late September, sparked by dour comments from top U.S. executives and mixed economic data. Fears of an economic downturn have hammered Wall Street's main indexes this year, with the Nasdaq (.IXIC) and the S&P 500 down 29.4% and 17%, respectively. Eight out of the 11 major S&P sector indexes were in the green, led by energy (.SPNY), utilities (.SPLRCU) and technology stocks (.SPLRCT).

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. Wall Street's main indexes have slumped this year on fears of aggressive rate hikes triggering a U.S. recession. The Nasdaq and the S&P 500 (.SPX) have fallen 29.5% and 17.2%, respectively, so far in 2022 and are on track for their worst yearly performance since 2008. Seven out of the 11 major S&P 500 sector indexes were in the green, led by energy (.SPNY) and technology stocks (.SPLRCT). The S&P index recorded no new 52-week highs and two new lows, while the Nasdaq recorded 29 new highs and 136 new lows.

Wall Street's main indexes have slumped this year on fears of aggressive rate hikes triggering a U.S. recession. ET, Dow e-minis were up 81 points, or 0.24%, S&P 500 e-minis were up 12.75 points, or 0.32%, and Nasdaq 100 e-minis were up 34.25 points, or 0.3%. Qualcomm Inc (QCOM.O) lost 2.7% after Wells Fargo downgraded its rating on the smartphone chipmaker's stock to "underweight" from "equal weight". Rivian Automotive Inc (RIVN.O) lost 1.2% after the company paused its partnership discussions with Mercedes-Benz Vans on electric van production in Europe. Reporting by Shubham Batra, Ankika Biswas and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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