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Target's bright outlook lifted shares of other retailers including Macy's (M.N), which rose 7.5%, and Kohl's (KSS.N), which closed up almost 9%. The S&P 500 consumer staples index (.SPLRCS), which includes Target, was the top sector gainer, adding 0.7%. "Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard. Among individual stocks, retailer TJX's (TJX.N) shares fell 3.3% after it forecast current-quarter profit below Wall Street expectations, signaling spiraling costs weighing on margins. The S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 106 new highs and 89 new lows.

Persons: ValueAct, Stocks, Ronald Temple, Wall, Temple, Brendan McDermid, Walt Disney, Russell, Joe Biden, Xi Jinping, Biden, Warren Buffett's Berkshire Hathaway, decliners, Sinéad Carew, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel, Pooja Desai, Richard Chang Organizations: Dow, Nasdaq, Federal, Target, Reuters, Lazard, Dow Jones, New York Stock Exchange, REUTERS, Walt, ValueAct Capital, Money, U.S . House, Senate, Republican, TJX's, Sirius XM, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. Shares of Cisco Systems (CSCO.O) shed 11.5% as the communications and networking firm cut its full-year revenue and profit forecasts on slowing demand for its networking equipment. However, regional (Fed) authorities have very diverse opinions and (it) confuses investors," said Peter Andersen, founder of Andersen Capital Management in Boston. However, Andersen said he is still optimistic about the possibility of a soft landing for the economy and a year-end rally. Declining issues outnumbered advancers for a 1.02-to-1 ratio on the NYSE and for a 1.45-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Peter Andersen, Andersen, Michael Barr, Li Auto, Joe Biden, Xi Jinping, advancers, Shristi Achar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Cisco, Dow, Nasdaq, Walmart, Cisco Systems, Target, U.S . Federal, Andersen Capital Management, Treasury, Labor, Dow Jones, Palo Alto Networks, Baidu, U.S, NYSE, Thomson Locations: New York City, U.S, Boston, billings, Bengaluru

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2023. The bright outlook lifted shares of other retailers including Macy's (M.N) and Kohl's (KSS.N), while the S&P 500 consumer staples index (.SPLRCS), which includes Target, was among the top sector gainers. "Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) had posted their biggest daily percentage gains in more than six months on Tuesday, after the consumer prices data. The S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 104 new highs and 69 new lows.

Persons: Brendan McDermid, ValueAct, Stocks, Ronald Temple, Temple, Joe Biden, Xi Jinping, Biden, Walt Disney, Warren Buffett's Berkshire Hathaway, decliners, Sinéad Carew, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel, Pooja Desai, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Reuters, Lazard, Dow Jones, U.S . House, Senate, Republican, ValueAct Capital, Sirius XM, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2023. Target (TGT.N) advanced 17.6% as the big-box retailer forecast fourth-quarter profit largely above Wall Street expectations on easing supply-chain costs. The bright outlook also lifted shares of other retailers, while the S&P 500 consumer staples index (.SPLRCS), which houses Target, jumped 0.7%. U.S. producer prices eased more than expected amid a sharp drop in gasoline costs, providing further evidence that inflation was trending lower. Advancing issues outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by a 2.13-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Chris Zaccarelli, Joe Biden, Xi Jinping, Biden, JD.com, Warren Buffett's Berkshire Hathaway, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal Reserve, Target, Reuters, U.S, Independent, Alliance, Dow Jones, U.S . House, Senate, Republican, Disney, ValueAct, Sirius XM, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. Target(TGT.N) shares advanced 14.2% before the bell as the big-ticket retailer forecast fourth-quarter profit largely above Wall Street expectations on easing supply-chain costs. The upbeat forecast also lifted shares of rival Walmart (WMT.N) up 1.2%. Separately, retail sales are expected to have slipped 0.3% on a month-over-month basis in October after 0.7% increase in September. ET, Dow e-minis were up 114 points, or 0.33%, S&P 500 e-minis were up 18.75 points, or 0.42%, and Nasdaq 100 e-minis were up 93.25 points, or 0.59%.

Persons: Brendan McDermid, Stuart Cole, Joe Biden, Xi Jinping, Biden, JD.com, Warren Buffett's Berkshire Hathaway, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Target, Walmart, U.S . Federal, Equiti, Dow e, U.S . House, Senate, Republican, Sirius XM, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. "This is what the Fed was looking for, slowing inflation, slowing labor market and the economy's holding up at the same time." Following the data, traders erased bets the Fed will raise borrowing costs any further and piled into bets on rate cuts starting by May. U.S. Treasury yields dropped, with the two-year yield , which best reflects short-term interest rate expectations, sliding to two-week lows. Advancing issues outnumbered decliners by a 13.89-to-1 ratio on the NYSE and by a 5.44-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Thomas Hayes, Russell, Jerome Powell, Michael Barr, Loretta Mester, Austan Goolsbee, Mike Johnson, Sruthi Shankar, Amruta, Ankika Biswas, Shinjini Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Reuters, May, U.S, Treasury, Nvidia, Banking Committee, Cleveland Fed, Chicago Fed, U.S . House, Dow Jones, Inc, NYSE, Thomson Locations: New York City, U.S, New York, United States, Bengaluru

Eight of the 11 major S&P 500 sectors were in the red, with rate-sensitive real estate stocks (.SPLRCR) down 1.2% and leading declines. This week's economic data as well as speeches from Fed officials will provide clues on the trajectory of interest rates amid growing expectations that the Fed is done hiking borrowing costs. The major U.S. stock indexes have rebounded strongly this month, fueled by a stronger-than-expected earnings season and on hopes that U.S. interest rates are near their peak. The benchmark S&P 500 (.SPX) closed at near eight-week highs on Friday, while the tech-heavy Nasdaq (.IXIC) hit a two-month peak. The S&P index recorded 11 new 52-week highs and one new low, while the Nasdaq recorded 19 new highs and 82 new lows.

Persons: Brendan McDermid, Peter Cardillo, Cardillo, Mike Johnson, Abbott, advancers, Sruthi Shankar, Amruta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Boeing, Dow, Nasdaq, Federal Reserve, Treasury, Microsoft, Apple, Spartan Capital Securities, . House, Republican, Dow Jones, Novo Nordisk's, Bloomberg News, Max, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

Thursday's drop ended the longest winning streaks in two years for the S&P 500 (.SPX) and the Nasdaq. The S&P 500 posted its highest closing level since Sept 19. REUTERS/Brendan McDermid Acquire Licensing RightsAll 11 S&P 500 sectors ended in positive territory, led by a 2.6% gain for the technology sector (.SPLRCT). For the week, the Dow rose about 0.7%, the S&P 500 gained 1.3% and the Nasdaq climbed 2.4%. Data on Friday showed U.S. consumer sentiment fell for a fourth straight month in November, and households' expectations for inflation rose again.

Persons: Illumina, Jerome Powell, ”, Chuck Carlson, Rick Meckler, Brendan McDermid, ” Meckler, Lewis Krauskopf, Amruta, Maju Samuel, David Gregorio Our Organizations: Nasdaq, CPI, Dow, Federal, Investors, Treasury, Horizon Investment, Cherry Lane Investments, Dow Jones, Traders, New York Stock Exchange, REUTERS, Nvidia, Meta, Microsoft, NYSE, Thomson Locations: Hammond , Indiana, New Vernon , New Jersey, New York City, U.S, New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Thursday's decline ended the longest winning streaks in two years for the S&P 500 (.SPX) and the Nasdaq Composite (.IXIC). The S&P 500 touched its highest level since Sept 20. All 11 S&P 500 sectors were in positive territory, with technology (.SPLRCT) leading the way, up 2.2%. On the Nasdaq, advancing issues outnumbered decliners by a 1.5-to-1 ratio, while the Nasdaq recorded 49 new highs and 318 new lows.

Persons: Brendan McDermid, Illumina, Jerome Powell, ”, Rick Meckler, ” Meckler, Lewis Krauskopf, Amruta, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, CPI, Dow, Nasdaq, Federal, Investors, Treasury, Cherry Lane Investments, Dow Jones, Nvidia, Microsoft, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. "The comments yesterday were such that the theme of 'higher for longer' is more likely to manifest. So all eyes are focused on any other economic data or Fed comments that could give better feedback regarding the direction of both the economy and the markets going forward." Information technology (.SPLRCT), up 0.9% led sectoral gains, with nine out off 11 major S&P 500 sectors on the upside. The S&P 500 health sub-index (.SPXHC) fell 0.6%.

Persons: Brendan McDermid, Illumina, Jerome Powell's, Powell, Greg Bassuk, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, AXS Investments, Nvidia, Apple, Fed, Dow Jones, Unity Software, NYSE, Thomson Locations: New York City, U.S

☆ Futures mixed after Powell's hawkish tone; more data awaited
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The S&P 500 (.SPX) and the Nasdaq (.IXIC) snapped their longest winning streak in two years in the previous session. ET, Dow e-minis were up 53 points, or 0.16%, S&P 500 e-minis were up 0.25 points, or 0.01%, and Nasdaq 100 e-minis were down 29.5 points, or 0.19%. The University of Michigan is set to issue a preliminary reading on its consumer sentiment index for November at 10 a.m. Illumina (ILMN.O) shares dropped 11.2% as the gene-testing company trimmed its full-year profit forecast for the second straight quarter.

Persons: Brendan McDermid, Jerome Powell's, Powell, Joshua Mahony, Mahony, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, Treasury, Dow e, Fed, University of Michigan, Nvidia, Thomson Locations: New York City, U.S

However, the rally has run out of steam as several Fed policymakers this week pushed back against market expectations that the central bank will begin cutting interest rates soon. "The market got carried away regarding how soon it thought we would be seeing interest rate cuts being delivered. "But that was never the case and comments from various CB (central bank) officials this week have very much opened eyes to this." On the earnings front, shares of Walt Disney (DIS.N) rose 4.1% in premarket trade after the entertainment company exceeded Wall Street estimates for quarterly profit on higher attendance at its Shanghai and Hong Kong theme parks. MGM Resorts International(MGM.N) added 3.5% on beating third-quarter estimates for profit and revenue as the casino operator benefited from easing pandemic restrictions.

Persons: Brendan McDermid, Stuart Cole, Austan Goolsbee, Jerome Powell, Thomas Barkin, Walt Disney, Amruta Khandekar, Maju Samuel Organizations: Intercontinental Exchange Inc, New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Treasury, Equiti, CB, Chicago Fed, Wall, International Monetary Fund, Richmond Fed, Labor Department, Dow e, Walt, Arm Holdings, Theatre, AMC Entertainment, MGM Resorts International, Thomson Locations: U.S, Shanghai, Hong Kong

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Meanwhile, Fed Chair Jerome Powell did not comment on monetary policy in opening remarks to the U.S central bank statistics conference. On the earnings front, eBay <EBAY.O> shed 5.5% as the e-commerce platform forecast fourth-quarter revenue and profit below Wall Street estimates. Advancing issues outnumbered decliners by a 1.31-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and four new lows, while the Nasdaq recorded 31 new highs and 75 new lows.

Persons: Brendan McDermid, Armour, Peter Andersen, Michelle Bowman, Jerome Powell, Amruta Khandekar, Anil D'Silva, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Warner Bros, Dow, Nasdaq, Federal Reserve, Treasury, Fed, Andersen Capital Management, Analysts, eBay, Wall, Warner Bros Discovery, Dow Jones, Rockstar Games, NYSE, Thomson Locations: New York City, U.S, Boston

☆ S&P 500, Nasdaq poised for longest win streak in 2 years on rate hopes
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Both Federal Reserve Bank of Minneapolis President Neel Kashkari and Chicago Fed President Austan Goolsbee also refused to rule out rate cuts. The pullback in yields helped lift megacap growth names such as Microsoft (MSFT.O), up 1.5%, and Apple (AAPL.O), up 1.7%, as the biggest boosts to both the S&P 500 and Nasdaq. Also due to speak on Tuesday was New York Fed President John Williams. The S&P 500 (.SPX) is on pace for its seventh straight day in the green, with the Nasdaq (.IXIC) on track to rise for the eighth day in a row, the longest such streak for each index in two years. The S&P 500 posted 13 new 52-week highs and three new lows while the Nasdaq recorded 43 new highs and 132 new lows.

Persons: Brendan McDermid, Christopher Waller, Michelle Bowman, Neel Kashkari, Austan Goolsbee, Jerome Powell, Powell, Ken Polcari, John Williams, Dow, Amruta Khandekar, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Treasury, Federal Reserve, Federal Reserve Bank of Minneapolis, Chicago Fed, Kace Capital Advisors, Microsoft, Apple, Dow Jones, Energy, New York Fed, Uber Technologies, Thomson Locations: New York City, U.S, Boca Raton , Florida, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants will parse commentary from Fed Board Governor Christopher Waller and New York Fed President John Williams later on Tuesday for more clues on the central bank's interest rate path. Among the 11 major S&P 500 sectors, energy (.SPNY) led declines tracking a 2% fall in crude prices on mixed economic data from China. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.55-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 12 new highs and 48 new lows.

Persons: Brendan McDermid, Dow Jones, Neel Kashkari, Austan Goolsbee, Sam Stovall, Christopher Waller, John Williams, Jerome Powell's, Stovall, Wall, advancers, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Federal Reserve Bank of Minneapolis, Chicago Fed, CFRA Research, Treasury, U.S, Fed, New York Fed, Dow Jones, Uber Technologies, Mongodb, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Federal Reserve Bank of Minneapolis President Neel Kashkari doused hopes of early rate cuts late on Monday, saying the central bank likely has more work ahead of it to control inflation. Market participants will parse commentary from Fed Board Governor Christopher Waller and New York Fed President John Williams later on Tuesday for more clues on the central bank's interest rate path. Uncertainty about the timing of potential rate cuts and some dismal corporate forecasts for the fourth quarter have cast a doubt on whether there could be a year-end rally for stocks. ET, Dow e-minis were down 106 points, or 0.31%, S&P 500 e-minis were down 14.5 points, or 0.33%, and Nasdaq 100 e-minis were down 43.25 points, or 0.28%.

Persons: Brendan McDermid, Neel Kashkari, Christopher Waller, John Williams, Jerome Powell's, Ipek Ozkardeskaya, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal Reserve, Federal Reserve Bank of Minneapolis, Treasury, U.S, Fed, New York Fed, Swissquote Bank, EBay, Dow e, Exxon Mobil, Chevron, Occidental Petroleum, Intel, Thomson Locations: New York City, U.S, China

☆ Birkenstock gets Wall Street's top rating on capacity boost, expansion
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Nov 6 (Reuters) - Wall Street brokerages largely initiated Birkenstock (BIRK.N) with their top ratings, pointing to a likely boost from the German luxury sandal maker's recent investments to increase capacity, expansion into newer styles and brand loyalty. Birkenstock's shares dropped to as low as $35.83 in the days after listing on Oct. 11 and has traded below the IPO price of $46 apiece. Citigroup was among the most bullish, with a price target of $52, a more than 26% jump from the last close. Telsey Advisory Group analysts said Birkenstock has further avenue to expand into footwear categories such as orthopedics and professional, outdoor and active, kids, home, and sneakers. Morgan Stanley assigned a price target of $41 and an "equal-weight" rating, saying most catalysts were already priced in.

Persons: Birkenstock's, Morgan, Goldman Sachs, Jefferies, Birkenstock, Bernard Arnault, Lorraine Hutchinson, Morgan Stanley, Hogan, Riley, Reshma Rockie George, Susan Mathew, Savyata Mishra, Amruta Khandekar, Maju Samuel, Sriraj Organizations: Arm Holdings, Citigroup, Telsey Advisory, U.S ., Global, Thomson Locations: U.S, French, Bengaluru

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Seven of the 11 major S&P 500 sectors climbed, with information technology (.SPLRCT) and consumer discretionary (.SPLRCD) leading gains. Other speakers include voting members such as Federal Reserve Board Governor Lisa Cook, New York Fed President John Williams and Dallas Fed President Lorie Logan. A total of 403 companies in the S&P 500 have reported profits to date in the third quarter, with 81.6% surpassing analyst estimates, per LSEG data. Declining issues outnumbered advancers for a 2.01-to-1 ratio on the NYSE and for a 1.24-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Tesla, Jerome Powell, Lisa Cook, John Williams, Lorie Logan, Jamie Cox, Walt Disney, Erik Carlson, Whitney Wolfe, advancers, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dish, Dow, Nasdaq, Federal, Tesla, Reuters, Traders, Federal Reserve, Lisa Cook , New York Fed, Dallas Fed, Harris Financial, Fed, University of, Dow Jones, Dish Network, NYSE, Thomson Locations: New York City, U.S, Berlin ., Lisa Cook , New

☆ Futures edge up on rate cut hopes; Fed speakers awaited
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Other speakers include voting members such as Federal Reserve Board Governor Lisa Cook, New York Fed President John Williams and Dallas Fed President Lorie Logan. Walt Disney (DIS.N), Instacart (CART.O) and Biogen (BIIB.O) are among major companies reporting earnings this week. 403 companies in the S&P 500 have reported profits to date in the third quarter, with 81.6% surpassing analyst estimates, per LSEG data. ET, Dow e-minis were up 28 points, or 0.08%, S&P 500 e-minis were up 8.5 points, or 0.19%, and Nasdaq 100 e-minis were up 41.5 points, or 0.27%.

Persons: Brendan McDermid, Mohit Kumar, Jerome Powell, Lisa Cook, John Williams, Lorie Logan, Walt Disney, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Treasury, Jefferies, Federal Reserve, Lisa Cook , New York Fed, Dallas Fed, Tesla, Reuters, University of, Dow e, PDD Holdings, Baidu, Thomson Locations: New York City, U.S, Europe, Lisa Cook , New, Berlin, Beijing

For the week, the S&P 500 gained 5.9%, for its biggest gain since November 2022 and Nasdaq added 6.6%, also showing its biggest gain since Nov. 2022. The Dow showed a weekly gain of 5.1%, its biggest since late October 2022. The jobs data also helped push U.S. Treasury yields lower for the fourth consecutive session. Most of the 11 major S&P 500 sectors advanced, led by rate-sensitive real estate (.SPLRCR), which finished up 2.4%, after hitting its highest since late September. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 77 new lows.

Persons: Brendan McDermid, nonfarm, Matt Palazzolo, Palazzolo, Dow, Tony Welch, Russell, SignatureFD's Welch, Welch, Sinéad Carew, Amruta, Sriraj Kalluvila, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Bernstein Private Wealth Management, Fed, Dow Jones, Treasury, SignatureFD, NYSE, Thomson Locations: New York City, U.S, Atlanta Georgia, New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. Such hopes, coupled with upbeat earnings reports, have put all three major Wall Street indexes on course for their biggest weekly percentage gain in about a year. Apple (AAPL.O) was an outlier, down 1.3% after its sales forecast for the holiday quarter fell short of Wall Street expectations. Most major S&P 500 sectors traded in the green, led by real estate (.SPLRCR), which jumped 3.3% to an over one-month high. The S&P index recorded 17 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 51 new lows.

Persons: Brendan McDermid, nonfarm, Paul Nolte, Murphy, Russell, Amruta Khandekar, Sriraj Kalluvila, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Fed, Sylvest Wealth Management, Federal Reserve, Treasury, Nvidia, Dow Jones, NYSE, Thomson Locations: New York City, U.S

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Meanwhile, the Treasury Department said it will slow the pace of increases in its longer-dated debt auctions in the November-January quarter. Seven of the 11 major S&P 500 sectors were trading higher, with information technology (.SPLRCT) and communication services (.SPLRCL) leading gains. Overall, analysts expect earnings for S&P 500 companies to grow 5% in the third-quarter, per LSEG data. The S&P index recorded seven new 52-week highs and 24 new lows, while the Nasdaq recorded 18 new highs and 190 new lows.

Persons: Brendan McDermid, Estee Lauder, U.S . Treasury Department's refunding, Jerome Powell's, Robert Pavlik, EL.N, advancers, Amruta Khandekar, Shashwat Chauhan, Sriraj Kalluvila, Dhanya Ann Thoppil, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, CVS, Dow, Nasdaq, Federal Reserve, U.S . Treasury, Dakota Wealth, Traders, Treasury Department, Microsoft, Nvidia, Reuters Graphics Reuters, Labor, Dow Jones, Paycom, NYSE, Thomson Locations: New York City, U.S, October's U.S, Fairfield , Connecticut, Bengaluru

Six of the 11 major S&P 500 sectors were trading lower, with information technology (.SPLRCT) leading losses. Pfizer's shares (PFE.N) fell 1.5% after the drugmaker reported its first quarterly loss since 2019. U.S. equities are tracking their third straight month in the red, with the S&P 500 (.SPX) and the Nasdaq (.IXIC) on course for their worst October since 2018. The Fed kicks off a two-day monetary policy meeting on Tuesday. The Fed's commentary on Wednesday would be crucial in assessing how long monetary policy could stay restrictive amid recent signs of economic strength.

Persons: Brendan McDermid, Andrew Hunter, Amruta Khandekar, Shashwat Chauhan, Saumyadeb Chakrabarty, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal, Nvidia, Microsoft, Caterpillar, Chicago PMI, Capital Economics, Dow Jones, PDD Holdings, VF Corp, Vans, Arista Networks, Sarepta Therapeutics, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Nvidia's stock fell to as low as $392.30, down 4.7%, to the lowest level since mid-June. "The stock is getting oversold," said Tom Plumb, chief executive and lead portfolio manager at Plumb Funds, which has Nvidia as one of its largest holdings. "Previously, Nvidia has said this is not going to have a short-term impact but it's more in the long term. "These new export controls will not have a meaningful impact in the near term," the Nvidia spokesperson said in a statement.

Persons: Tom Plumb, Plumb, Biden, Thomas Hayes, Chibuike Oguh, Stephen Nellis, Amruta, Lance Tupper, Jonathan Oatis Organizations: NVIDIA, Handout, REUTERS, Nvidia Corp, Nvidia, Alibaba, HK, Baidu, U.S . Commerce Department, Wall, Nasdaq, Plumb Funds, Beijing, Great, Thomson Locations: Santa Clara , California, China, U.S, Iran, Russia, New York, San Francisco, Bengaluru

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The Bank of England and the Bank of Japan would also be announcing their verdict on rates later in the week. Of the 245 companies in the S&P 500 that have reported earnings so far, 77.6% have beaten earnings estimates, as per LSEG data. ET, Dow e-minis were up 188 points, or 0.58%, S&P 500 e-minis were up 25 points, or 0.6%, and Nasdaq 100 e-minis were up 101 points, or 0.71%. Reporting by Amruta Khandekar and Shashwat Chauhan in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Susannah Streeter, Hargreaves Lansdown, Eli Lilly, Amruta Khandekar, Shashwat Chauhan, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Nvidia, Hargreaves, U.S . Treasury, Bank of England, Bank of Japan, Apple, Pfizer, Dow e, Thomson Locations: New York City, U.S, Gaza, United States, Bengaluru

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