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The S&P 500 banks index (.SPXBK) has lagged the broader S&P 500 (.SPX) this year with a 13% decline, while the KBW Regional Banking index (.KRX) has already lost 20% in its worst performance since 2009. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders stuck to bets the U.S. central bank will raise its benchmark rate in May by another 25 basis points after the retail sales data. Among other big-ticket earnings, healthcare conglomerate UnitedHealth Group Inc (UNH.N) beat estimates for quarterly profit and raised its annual forecast, pushing its shares up 0.4%. BlackRock Inc's (BLK.N) quarterly profit also beat analysts' estimates as investors continued to pour money in the world's largest asset manager's various funds.

The S&P 500 banks index (.SPXBK) surged 3.3% to a one-month high, while the KBW Regional Banking index (.KRX) rose 0.8%. Bank stocks lag S&P 500 this yearDampening the mood, however, data showed retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, raising fears of an economic slowdown. "The retail sales are kind of a disappointment," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Following Friday's retail sales data, traders stuck to bets the U.S. central bank will raise rates by another 25 basis points in May. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 14 new highs and 25 new lows.

☆ Wall St surges as inflation, labor data raise Fed pause hopes
▼ + stars: | 2023-04-13 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Data released before the bell showed a steeper-than-expected cooldown in producer prices and new claims for jobless benefits coming in above consensus. Both signal that the Fed's hawkish barrage of rate hikes, which began over a year ago, is working as intended. Analysts expect aggregate first-quarter S&P 500 earnings to come in 5.2% below the year-ago quarter, a stark reversal from the 1.4% year-on-year growth seen at the beginning of the quarter, according to Refinitiv. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) was up the most, while industrials (.SPLRCI) and materials (.SPLRCM), outperformers in recent sessions, suffered the steepest percentage declines. The S&P 500 posted eight new 52-week highs and one new low; the Nasdaq Composite recorded 58 new highs and 121 new lows.

A Labor Department report showed producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. The benchmark S&P 500 (.SPX) has traded in a tight range this month, having recovered from a selloff in March fueled by the recent banking crisis, as investors assessed the path for U.S. interest rates. Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, however, core prices remained sticky and supported the case for another 25-basis point rate hike by the Fed in May. Communication services (.SPLRCL), consumer discretionary (.SPLRCD) and technology shares (.SPLRCT) led the gains among major S&P 500 (.SPX) sector indexes, while economy-sensitive stocks such as industrials (.SPLRCI) were among the worst hit. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter.

A Labor Department report showed producer prices rose 2.7% in March, on a year-over-year basis, below economists' estimates of a 3% rise. The dollar and Treasury yields slid as investors mostly stuck to expectations of the 25-bps hike after Thursday's data. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, as per Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were up 62 points, or 0.18%, S&P 500 e-minis were up 12.5 points, or 0.30%, and Nasdaq 100 e-minis were up 60.75 points, or 0.47%.

Following a selloff in March due to the banking crisis, the benchmark S&P 500 (.SPX) has traded in tight ranges this month as investors assessed the path for U.S. interest rates following strong jobs data and signs of cooling inflation. ET (1230 GMT) is expected to show producer prices barely rose in March on a month-on-month basis, following a 0.1% contraction in February. Meanwhile, another set of data is also expected to show weekly jobless claims rose 232,000 in the week ended April 8, higher than the 228,000 claims filed a week earlier. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were down 4 points, or 0.01%, S&P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were up 30.5 points, or 0.24%.

A Labor Department report showed producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. Jobless claims were also favorable news for the Fed," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, however, core prices remained sticky and supported the case for another 25-basis point rate hike by the Fed in May. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, as per Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter.

☆ Wall Street closes lower after Fed minutes, inflation data
▼ + stars: | 2023-04-12 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The minutes followed a cooler-than-expected inflation report which belied stickier underlying data and cemented the likelihood of another policy rate hike when the Fed convenes next month. REUTERS/Brendan McDermid"(Economic) data has been very mixed so investors are overacting to any positive or negative hint of Fed rate hike policy. Analysts now expect aggregate first-quarter S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth seen at the beginning of the quarter. Among the 11 major sectors of the S&P 500, seven ended in negative territory, with consumer discretionary (.SPLRCD) suffering the largest percentage loss. The S&P 500 posted 12 new 52-week highs and two new lows; the Nasdaq Composite recorded 64 new highs and 187 new lows.

However, the major benchmarks shed gains quickly, briefly turning lower, as investors focused on underlying inflation pressures which rose in line with economists' estimates. US inflation, Fed rates and MarketsRichmond Fed President Thomas Barkin also poured cold water on market optimism after flagging that there was still time before inflation falls back to the Fed's 2% goal. San Francisco Fed President Mary Daly said there was "more work to do" on Fed rate hikes. Among the 11 major S&P sectors, consumer discretionary (.SPLRCD) was the worst hit, while materials (.SPLRC) and healthcare (.SPXHC) were the top gainers. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. "We are finally starting to see the cumulative effects of the relentless rate hikes," said Peter Andersen, founder at Andersen Capital Management. US inflation, Fed rates and marketsMinutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes. ET, Dow e-minis were up 220 points, or 0.65%, S&P 500 e-minis were up 33 points, or 0.80%, and Nasdaq 100 e-minis were up 130 points, or 0.99%.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. Stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the U.S. central bank will raise interest rates again next month. US inflation, Fed rates and MarketsMajor technology and other growth stocks such as Microsoft Corp (MSFT.O), Tesla Inc (TSLA.O) and Apple Inc (AAPL.O) edged higher as Treasury yields slipped. Minutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes.

☆ Wall St ends mixed as inflation data comes into focus
▼ + stars: | 2023-04-11 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The bellwether S&P 500 ended essentially unchanged. "With huge inflation data tomorrow, Fed minutes coming out soon and earnings right around the corner, traders are taking a wait and see approach to see how the inflation data comes in." Analysts expect aggregate first-quarter S&P 500 earnings falling 5.2% year-on-year, a stark reversal from the 1.4% annual growth seen at the beginning of the quarter. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) and tech (.SPLRCT) ended in the red, while energy (.SPNY) and financials (.SPSY) enjoyed the largest percentage gains. The S&P 500 posted nine new 52-week highs and no new lows; the Nasdaq Composite recorded 64 new highs and 118 new lows.

☆ S&P 500 edges higher as investors look to CPI
▼ + stars: | 2023-04-11 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

With a lack of market moving catalysts, investors looked ahead to Wednesday's consumer price index (CPI) for any evidence that the long, slow inflation cooldown continues. Beyond CPI, investors are eyeing first-quarter reporting season, which surges from the starting gate this Friday with results from three major banks, Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N). Analysts expect aggregate first-quarter S&P 500 earnings falling 5.2% year-on-year, a stark reversal from the 1.4% annual growth seen at the beginning of the quarter. Among the 11 major sectors of the S&P 500, energy (.SPNY) and materials (.SPLRCM) were enjoying the biggest percentage gains, while communication services (.SPLRCL) and tech (.SPLRCT) were in the red. The S&P 500 posted eight new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 86 new lows.

Hopes that the Fed will soon end its aggressive monetary policy tightening campaign spurred a rebound in the S&P 500 this month after the collapse of two U.S. mid-sized lenders sparked a selloff in March. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, the worst contraction since the third quarter of 2020 and a stark reversal from the 1.4% annual growth forecast at the beginning of the year, according to Refinitiv IBES data. Remarks later on Tuesday from voting members of the Fed's rate-setting committee will be parsed for more clues on the central bank's policy moves. Seven of the 11 major S&P sectors rose, with gains in material (.SPLRCM) and energy (.SPNY) shares offsetting losses in technology (.SPLRCT) stocks. The S&P index recorded six new 52-week highs and no new lows, while the Nasdaq recorded 43 new highs and 72 new lows.

Hopes that the Fed will soon end its aggressive monetary policy tightening have helped the benchmark S&P 500 (.SPX) stabilize so far in April after the collapse of two U.S. mid-sized lenders sparked a selloff last month. This marks a shift in traders' bets of a pause in the Fed's policy tightening after recent weak economic data raised the possibility of a U.S. recession. Data on Wednesday is expected to show consumer prices grew 5.2% in March after a 6.0% rise in February. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the year, according to Refinitiv data. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.10%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%.

Losses in megacap stocks such as Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) weighed on the tech-heavy Nasdaq, while gains in industrial stocks such as Caterpillar Inc (CAT.N) boosted the Dow. Hopes that the Fed will soon end its aggressive monetary policy tightening helped the S&P 500 stabilize so far in April after the collapse of two U.S. mid-sized lenders sparked a selloff last month. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the year, according to Refinitiv data. Seven of the 11 major S&P sectors rose, with gains in industrial (.SPLRCI) and material (.SPLRCM) shares offsetting losses in technology (.SPLRCT) stocks. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 32 new highs and 30 new lows.

☆ 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.

Charles Schwab Corp (SCHW.N) gained 3.3% after the financial broker on Thursday disclosed upbeat new client assets inflow in March. Pioneer Natural Resources Co (PXD.N) jumped 5.7% after a report that Exxon Mobil Corp (XOM.N) held preliminary talks with the company about a possible acquisition of the shale oil producer. Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) surged 7.9% and 8.9%, respectively, on Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 30 new highs and 108 new lows.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. Several economic indicators last week, including weak private payrolls and job openings data, had initially raised hopes of a pause to the market-punishing rate hikes amid the recent banking sector turmoil. Declining issues outnumbered advancers for a 1.48-to-1 ratio on the NYSE and 1.74-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new lows, while the Nasdaq recorded 13 new highs and 57 new lows. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Shounak Dasgupta and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. ET, Dow e-minis were down 122 points, or 0.36%, S&P 500 e-minis were down 21.5 points, or 0.52%, and Nasdaq 100 e-minis were down 107.75 points, or 0.82%. Shares of regional banks slipped after Fed data on Friday showed overall credit from U.S. banks declined by a record of more than $120 billion in the latest week, on a nonseasonally adjusted basis. Semiconductor stocks such as Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) gained 5.5% and 4.7%, respectively, following Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Varun H K and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures muted as focus shifts to jobs data amid recession fears
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures mixed: Dow flat, S&P down 0.05%, Nasdaq down 0.24%April 6 (Reuters) - U.S. stock index futures were subdued on Thursday as investors awaited jobs data to gauge the impact of the Federal Reserve's aggressive policy tightening on the U.S. economy. Weak data from services and manufacturing sectors this week has pointed to slowing growth, fueling hopes in the market of a pause in interest rate hikes. ET, Dow e-minis were up 9 points, or 0.03%; and S&P 500 e-minis were down 2 points, or 0.05%. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) are on track to notch declines for the first time in four weeks. The U.S. stock market will be shut on Friday for the Good Friday holiday.

S&P 500's busiest tradesThe S&P 500 declined 0.25% to end the session at 4,090.38 points. Reuters Graphics Reuters GraphicsOf the 11 S&P 500 sector indexes, seven declined, led lower by consumer discretionary (.SPLRCD), down 2.04%, followed by a 1.3% loss in industrials (.SPLRCI). Analysts on average expect aggregate S&P 500 company earnings for the first quarter to have fallen 5% year-over-year, according to Refinitiv I/B/E/S. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.2-to-one ratio. The S&P 500 posted 11 new highs and two new lows; the Nasdaq recorded 39 new highs and 269 new lows.

Driving the recession fears, the ADP National Employment report showed U.S. private employers hired far fewer workers than expected in March. S&P 500's busiest tradesThe S&P 500 was down 0.52% at 4,079.37 points. Of the 11 S&P 500 sector indexes, six declined, led lower by consumer discretionary (.SPLRCD), down 1.93%, followed by a 1.65% loss in information technology (.SPLRCT). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted eight new highs and two new lows; the Nasdaq recorded 25 new highs and 218 new lows.

Earlier this week data showed falling factory orders and soft manufacturing activity. Traders' bets of a pause by the Fed in May stood at 60.5%, while odds of a 25-basis point interest rate hike was at 39.5%, according to CME Group's Fedwatch tool. Defensive stocks such as consumer staples (.SPLRCS) were in the green among major S&P 500 sectors, with healthcare (.SPXHC) and utilities (.SPLRCU) hitting their highest in close to two months. The benchmark S&P 500 and the tech-heavy Nasdaq are now on track for their first weekly declines in four in the holiday-shortened week. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 23 new highs and 185 new lows.

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