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☆ U.S. stocks close lower as investors take cover ahead of Fed decision
▼ + stars: | 2023-09-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged. The Fed is also due to release its Summary Economic Projections, including its dot plot, which should provide a glimpse into the Federal Open Markets Committee's forecast trajectory of interest rates, inflation and economic growth. On the economic front, a jump in Canada's annual inflation rate due to rising gasoline prices, and a bigger-than-expected plunge in U.S. housing starts helped feed investor uncertainty. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Starbucks (SBUX.O) lost ground following TD Cowen's decision to downgrade the coffee chain's shares to "underperform."

Persons: Bill Northey, Helena Montana, Northey, Michael Green, Brendan McDermid, Walt Disney, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: Disney, Dow, Nasdaq, U.S . Federal Reserve, Federal Reserve, U.S, Bank Wealth Management, Federal, Management, Fed, Maplebear Inc, chipmaker, Holdings, New York Stock Exchange, REUTERS, Arm Holdings, Dow Jones, Starbucks, General Motors, Ford Motor, United Auto Workers, NYSE, Thomson Locations: Helena, Philadelphia, New York City, U.S, Bengaluru

☆ Wall Street moves sideways as investors look to Fed
▼ + stars: | 2023-09-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Financial markets have currently baked in a 99% certainty that the Fed will hold the key rate at 5.25%-5.00% on Wednesday. British chipmaker Arm Holdings slid 4.5% after Bernstein initiated coverage with an "underperform" rating just days after its stellar debut. Declining issues outnumbered advancing ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 247 new lows.

Persons: Brendan McDermid, Bernstein, Jerome, Powell, Peter Tuz, Janet Yellen, Sam Stovall, Stovall, Piper, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Holdings, Dow, Nasdaq, U.S, U.S . Federal, Chase Investment, Markets, CFRA Research, Dow Jones, Energy, Tesla Inc, Corp, Arm Holdings, Paypal Holdings, NYSE, Thomson Locations: New York City, U.S, U.S ., Charlottesville , Virginia, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Energy (.SPNY) was the top S&P 500 sector gainer, up 1.1%, as crude prices firmed near the $95-per-barrel mark on tight supply. Chipmaker Micron Technology (MU.O) rose 1.3%, following Friday's rout, after Deutsche Bank upgraded its stock rating to "buy" from "hold". Declining issues outnumbered advancers by a 1.02-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded five new 52-week highs and 11 new lows, while the Nasdaq recorded 24 new highs and 172 new lows.

Persons: Brendan McDermid, Bernstein, Piper Sandler, Paul Nolte, Goldman Sachs, Janus Henderson, Wells, MoffettNathanson, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Holdings, Micron, L3Harris, Dow, Nasdaq, Energy, VF, Microsoft, U.S, Treasury, Murphy, Sylvest Wealth Management, Traders, Morgan Asset Management, Janus Henderson Investors, Arm Holdings, Dow Jones, Chipmaker Micron Technology, Deutsche Bank, L3Harris Technologies, PayPal Holdings, NYSE, Thomson Locations: New York City, U.S, Bengaluru

The benchmark 10-year Treasury yield hit 4.399% overnight in Asia, its highest rate since early November 2007, and the two-year yield rose further above 5%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.27%, while the pan-European STOXX 600 index (.STOXX) lost 1.05%, hit by lowered growth outlooks. CENTRAL BANKSGlobal central banks take stage, with five of those overseeing the 10 most-heavily traded currencies holding rate-setting meetings this week. A swathe of emerging market central banks including Turkey and South Africa will also meet. The Swedish crown sank to a record low against the euro on Monday, days before the Riksbank is expected to raise interest rates again.

Persons: Brendan McDermid, BOE, Brent, Marc Chandler, Chandler, Saira Malik, France's, Stocks, Xi, Kazuo Ueda, Herbert Lash, Nell Mackenzie, Dhara, Stella Qiu, Philippa Fletcher, Alexander Smith, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, Global, Federal, United Auto Workers, Detroit Three, Bannockburn Global, U.S, Societe Generale, Dow Jones, Nasdaq, China Evergrande, HK, CENTRAL, Bank of England, Bank of Japan, European Central Bank, Thomson Locations: New York City, U.S, China, Bannockburn, New York, Asia, Turkey, South Africa, Swedish, London, Sydney

A slew of recent hotter-than-expected economic data has eased recession concerns without raising fears of a September rate hike. "Further rate hikes would risk sending the economy into a hard landing," said Thomas Simons, U.S. economist at Jefferies. "Instead, the Fed can look to a strategy of maintaining current policy rates for a long time as the best way to administer restrictive monetary policy to the economy." ET, Dow e-minis were up 31 points, or 0.09%, S&P 500 e-minis were up 5.25 points, or 0.12%, and Nasdaq 100 e-minis were up 23 points, or 0.15%. Asset management firm Blackstone Inc (BX.N) and vacation rentals platform Airbnb (ABNB.O), which are set to join the S&P 500 before the bell on Monday, were down 0.5% and 0.1%, respectively.

Persons: Brendan McDermid, Blackstone, Thomas Simons, Goldman Sachs, Janus Henderson, Wells, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Micron, Deutsche Bank, Airbnb, Dow, Nasdaq, Federal Reserve, Traders, Jefferies, Morgan Asset Management, Janus Henderson Investors, Bank of England, Bank of, Dow e, Micron Technology, Blackstone Inc, L3Harris Technologies, Thomson Locations: New York City, U.S, Bank of Japan, Bengaluru

☆ S4 misery offers reality check on tech exuberance
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 18 (Reuters Breakingviews) - Is the technology sector bouncing back? The tech-heavy Nasdaq Composite Index (.IXIC) is up 31% this year, and chip designer Arm enjoyed a 25% first-day pop on its listing. S4 on Monday downgraded its 2023 like-for-like net revenue growth forecast to “down on last year”. The news still sent S4 shares down 25% on Monday morning. Any recovery will require Sorrell to show he can keep winning business in an era of tech uncertainty.

Persons: Martin Sorrell, That’s, Publicis, Sorrell, Oliver Taslic, Neil Unmack, Streisand Neto Organizations: Reuters, Nasdaq, S4, Nvidia, Meta, X, Thomson

☆ Wall Street tumbles, Treasury yields gain as focus turns to Fed
▼ + stars: | 2023-09-16 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The S&P 500 and the Nasdaq reversed their weekly advances, while the blue-chip Dow ended the week nominally higher. European stocks closed higher, extending a rally sparked by the European Bank signaling an end to its rate-hiking cycle, and logging a weekly gain. The pan-European STOXX 600 index (.STOXX) rose 0.23% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.63%. Emerging market stocks rose 0.33%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.58% higher, while Japan's Nikkei (.N225) rose 1.10%.

Persons: Brendan McDermid, Dow, TW, Chuck Carlson, Robert Pavlik, Sterling, Brent, Stephen Culp, Naomi Rovnick, Kevin Buckland, Nick Zieminski, Diane Craft, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Treasury, Nasdaq, Semiconductor, SOX, Reuters, University of Michigan, Federal Reserve, Horizon Investment, Financial, Dakota Wealth, Dow Jones, Bank, Japan's Nikkei, Thomson Locations: New York City, U.S, Philadelphia, Hammond , Indiana, Fairfield , Connecticut, Asia, Pacific, Japan, London, Tokyo

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 15 (Reuters) - Shares of SoftBank's Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion. The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. The Nasdaq (.IXIC) was down 1.6% and the S&P 500 (.SPX) fell 1.2%, while an index of semiconductors (.SOX) sank 3%. Analysts said further trading volatility in Arm may be seen if the company draws more interest from AI-focused retail investors.

Persons: Rene Haas, Brendan McDermid, chipmakers, Arm's, Randy Frederick, Charles Schwab, Rick Meckler, Sophie Lund, Yates, Hargreaves Lansdown, Financials, Michael Ashley Schulman, Needham, Manya Saini, Caroline Valetkevitch, Saqib Iqbal Ahmed, Niket Nishant, Arun Koyyur, Grant McCool Organizations: Nasdaq, REUTERS, Arm Holdings, Major U.S, Cherry Lane Investments, Analysts, Graphics Arm, Running, Capital Advisors, Nvidia, Reuters Graphics, Thomson Locations: New York, U.S, British, Austin , Texas, New Vernon , New Jersey, Bengaluru

☆ There's one Wall Street investment bank that's not buying the AI hype
▼ + stars: | 2023-09-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Excitement around artificial intelligence is leading many investors to snatch up shares of potential winners in 2023. But not everyone on Wall Street is buying up the near-term hype. Even so, Bersey called Snowflake "well placed" for AI due to its data warehousing business needed for deploying large sets of data. This necessity should also benefit shares of Oracle, along with its cloud-based enterprise software segments, necessary for automating business needs. While the AI tailwinds may take longer to play out, Bersey does see some shorter-term macro trends that should benefit the sector.

Persons: Stephen Bersey, Bersey, — CNBC's Michael Bloom Organizations: HSBC, Wall, Nasdaq, Oracle, Software

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Chipmakers including Nvidia (NVDA.O), Micron Technology (MU.O) and Advanced Micro Devices (AMD.O) added between 0.7% and 1.2% before the bell. Citigroup also expects the Fed to hike interest rates by 25-basis points in November, compared with its previous forecast of a September hike. ET for further clues on the trajectory for U.S. interest rates ahead of the Federal Reserve's policy meeting next week. Meanwhile, investors largely expect another European Central Bank rate hike later in the day, which will take interest rates to a record high, amid sticky inflation and a deteriorating economy.

Persons: Brendan McDermid, Emin Hajiyev, Warren Buffett's Berkshire Hathaway, Ankika Biswas, Shristi, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Vital Energy, Dow, Nasdaq, Wall, Arm Holdings, Nvidia, Micron Technology, Devices, Insight Investment, Tool, Citigroup, Apple, Google, Microsoft, Treasury, Central Bank, Dow e, HP, Visa, Thomson Locations: New York City, U.S, Bengaluru

Megacap growth stocks Tesla (TSLA.O), Meta Platforms (META.O), Microsoft (MSFT.O) and Amazon.com (AMZN.O) gained for much of the session. According to preliminary data, the S&P 500 (.SPX) gained 5.87 points, or 0.13%, to end at 4,467.77 points, while the Nasdaq Composite (.IXIC) gained 39.96 points, or 0.29%, to 13,813.59. Data showed consumer prices increased by the most in 14 months in August as gasoline prices surged, but the annual rise in underlying inflation was the smallest in nearly two years. Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Reuters Graphics Reuters GraphicsThe Fed is unlikely to cut rates before the April-June period next year, a Reuters poll showed.

Persons: Victoria Fernandez, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Federal Reserve, Microsoft, Apple, Nasdaq, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Investors await August consumer prices data, due on Wednesday, and producer prices scheduled on Thursday, followed by the Fed's policy decision on Sept. 20. A recent uptick in oil prices and strong economic data have fueled concerns over stubborn inflation, clouding the outlook for an end to U.S. monetary tightening. Investors will also monitor the European Central Bank's policy decision on Thursday, where it is seen holding rates after nine consecutive hikes. ET, Dow e-minis were down 48 points, or 0.14%, S&P 500 e-minis were down 9 points, or 0.2%, and Nasdaq 100 e-minis were down 27.5 points, or 0.18%.

Persons: Carlo Allegri, Wall, Morgan Stanley, BoE, Mohit Kumar, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Kappa, Dow, Nasdaq, Microsoft, Investors, Fed, ECB, Jefferies, Dow e, Oracle, Paramount Global, Amusements, Thomson Locations: New York, U.S, Bengaluru

☆ Wall Street gains, dollar eases ahead of CPI report
▼ + stars: | 2023-09-11 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. The relatively languid session appeared to be the calm before a storm of U.S. economic data this week, with Wednesday's crucial consumer prices report (CPI) paramount. "Investors are focusing on how they will respond to Wednesday's CPI report," Stovall added. Emerging market stocks rose 0.48%. Gold prices headed higher in opposition to the dollar.

Persons: Brendan McDermid, Sam Stovall, Stovall, Kazuo Ueda, Sterling, Brent, Stephen Culp, Amanda Cooper, William Maclean, Angus MacSwan Organizations: New York Stock Exchange, REUTERS, Bank of, Nasdaq, Tesla Inc, CFRA Research, CPI, U.S, Financial, Bank of Japan, Dow Jones, Bank's, Japan's Nikkei, Treasury, Thomson Locations: New York City, U.S, Bank of Japan, New York, U.S . Federal, Japan, Asia, Pacific, Russian, Saudi, London

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSummaryCompanies Tesla gains on Morgan Stanley upgradeQualcomm up after deal to supply 5G chips to AppleHostess Brands up after J.M. The S&P 500 consumer discretionary stocks (.SPLRCD) rose 2.2% to their highest level in a month, leading gains in key S&P 500 sectors. Investors now await the crucial consumer and producer prices data as well as retail sales numbers due later this week. Wall Street had logged weekly losses on Friday after a recent uptick in oil prices and stronger-than-expected economic data fueled concerns of sticky inflation and interest rates staying higher for longer.

Persons: Brendan McDermid, Morgan Stanley, Tesla, Anthony, chipmaker, Ankika Biswas, Shreyashi Sanyal, Shubham Batra, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Qualcomm, Apple Hostess Brands, Dow, Nasdaq, U.S, Apple, Microsoft, Energy, Investors, New York Fed, Traders, FedWatch, Fed, Dow Jones, Nvidia, Hostess Brands, Sunday, NYSE, Thomson Locations: New York City, U.S, megacaps, U.S . Federal, Bengaluru

Are higher rates going to lead to some slow down in conjunction with the dwindling of excess consumer savings," said Lefkowitz, who also cited concerns about high valuations in equities. The Dow Jones Industrial Average (.DJI) rose 75.86 points, or 0.22%, to 34,576.59, the S&P 500 (.SPX) gained 6.35 points, or 0.14%, to 4,457.49 and the Nasdaq Composite (.IXIC) added 12.69 points, or 0.09%, to 13,761.53. For the week, which was shortened by Monday's Labor Day holiday, the S&P 500 fell 1.3%, while the Nasdaq lost 1.9% with both snapping two weeks of gains. After losing 2.9% in two sessions, the S&P 500 technology sector (.SPLRCT) closed higher. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 36 new highs and 229 new lows.

Persons: David Lefkowitz, Lefkowitz, Brendan McDermid, Phil Blancato, Ladenburg, John Williams, Lorie Logan, Ryan Cohen, Sinéad Carew, Chuck Mikolajczak, Gertrude Chavez, Dreyfuss, Shristi, Arun Koyyur, Vinay Dwivedi, David Gregorio Our Organizations: Gilead Sciences, Kroger, Dow, Nasdaq, Index, UBS Global Wealth Management, Dow Jones, Monday's Labor, Apple, New York Stock Exchange, REUTERS, Asset Management, York Fed, Dallas, BofA Securities, GameStop, U.S . Securities, Exchange Commission, NYSE, Thomson Locations: Beijing, New York City, U.S, New York, Bengaluru

☆ Dollar has 8th straight week of gains; U.S. stocks edge up
▼ + stars: | 2023-09-08 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. The dollar index's weekly winning streak was its longest since 2014, bolstered by recent data suggesting the U.S. economy is still resilient. Investors are waiting for the U.S. Consumer Price Index reading for August, due Wednesday, especially with oil prices rising. Dollar gains have also prompted a step up in rhetoric from Japanese policymakers growing uncomfortable with the yen's slide. In energy, oil prices rose to a nine-month high as U.S. diesel futures rose and as investors worried about tight oil supplies.

Persons: Brendan McDermid, Quincy Krosby, Wall, Masato Kanda, Hirokazu Matsuno, Huw Jones, Heekyong Yang, Shri Navaratnam, Tomasz Janowski, David Evans, Richard Chang Organizations: New York Stock Exchange, REUTERS, Apple, U.S, Strong U.S, Federal Reserve, Investors, U.S . Consumer, Financial, Dow Jones, Nasdaq, Treasury, Thomson Locations: New York City, U.S, Strong, Charlotte , North Carolina, China, Japan, Brent, London, Seoul

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Are higher rates going to lead to some slow down in conjunction with the dwindling of excess consumer savings," said Lefkowitz, who also cited concerns about high equity valuations. According to preliminary data, the S&P 500 (.SPX) gained 6.85 points, or 0.15%, to end at 4,457.62 points, while the Nasdaq Composite (.IXIC) gained 12.69 points, or 0.09%, to 13,761.53. Oil prices are up so far in September and on track for a fourth straight monthly gain, and this week's data also fueled inflation fears. This included stronger-than-expected services activity data and a fall in weekly jobless claims.

Persons: Brendan McDermid, David Lefkowitz, Lefkowitz, Phil Blancato, Ladenburg, John Williams, Lorie Logan, Sinéad Carew, Shristi, Arun Koyyur, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Index, Federal, FedWatch, Treasury, UBS Global Wealth Management, Nasdaq, Dow Jones, Asset Management, York Fed, Dallas, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Stocks stumble as 'dollar juggernaut' on a roll
▼ + stars: | 2023-09-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2% in early trade and is down 1.4% for the week. "China’s partial ban on Apple products put trade wars and U.S.-China decoupling back on the agenda," said Capital.com analyst Kyle Rodda. U.S. suppliers' shares had fallen overnight and helped drag the S&P 500 (.SPX) 0.3% lower and the Nasdaq (.IXIC) down by 0.9%. The Australian dollar is down more than 1% on the week and traded at $0.6384 on Friday.

Persons: Issei Kato, TSMC, Kyle Rodda, Masato Kanda, Hirokazy Matsuno, Brent, Heekyong Yang, Shri Navaratnam Organizations: REUTERS, Rights, Japan's Nikkei, South Korea's SK Hynix, Huawei Technologies, Tokyo, Apple, Nasdaq, ANZ Bank, European Central Bank, Treasury, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, U.S, Asia, Pacific, Hong Kong, China, South Korea's, Europe, Seoul

☆ Morning Bid: Markets find feet after Apple topples
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +4 min

People walk near an Apple logo outside its store in Shanghai, China September 8, 2023. The stock appeared to stabilize in out-of-hours trade on Friday and Morgan Stanley analysts claimed China's iPhone bans would at most hit Apple revenues by about 4%. The upshot was the rates market calmed a bit - with the odds on another Fed hike in the cycle falling back below 50% despite the red hot jobless claims readout. That helped Treasury yields <US10YT+RR> fall back too, aided by the stock market wobble and an oil price coming off the boil. The stock exchange there halted trading in both securities and derivatives markets due to a black rainstorm warning.

Persons: Aly, Mike Dolan, Apple sideswipe, Morgan Stanley, We've, John Williams, Austan Goolsbee, Lorie Logan, Michael Barr, Mary Daly, Andrew Cawthorne Organizations: Apple, REUTERS, Federal, Huawei, New, Fed, Chicago Fed, Dallas Fed, San Francisco Fed, Kroger Reuters Graphics Reuters, Reuters, Thomson Locations: Shanghai, China, U.S, India, Asia, Hong Kong, United States, New Delhi

☆ Fundstrat’s Tom Lee sees a buying opportunity in tech stocks as the Nasdaq faces a losing week
▼ + stars: | 2023-09-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

The selloff this week in the Nasdaq Composite is a buying opportunity, according to Tom Lee, head of research at Fundstrat Global Advisors. .IXIC 5D mountain Nasdaq Composite's 5-day performance However, Lee said there are signs that inflation is tracking lower. "If inflation is falling and companies are becoming more confident — and we already know corporate profit revisions have been positive. The tech giant slid 5% this week on reports that China is restricting iPhone use by government workers. However, Lee thinks Apple isn't going to face big risks in China because it is a structural partner with the country.

Persons: Tom Lee, Lee, Apple Organizations: Nasdaq, Fundstrat Global Advisors Locations: China

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. U.S. Treasury yields edged lower on Friday, helping boost major growth stocks, with Microsoft (MSFT.O) leading gains, up 1.9%, and Meta Platforms (META.O) advancing nearly 1%. The S&P 500 information technology (.SPLRCT) sector rose 0.6% while energy stocks (.SPNY) rose 1.3% to their highest level in over seven months, tracking an uptick in crude prices. Advancing issues outnumbered decliners by a 1.64-to-1 ratio on the NYSE and by a 1.01-to-1 ratio on the Nasdaq. The S&P 500 recorded 13 new 52-week highs and 14 new lows, while the Nasdaq posted 31 new highs and 160 new lows.

Persons: Brendan McDermid, Morgan Stanley, Phil Blancato, Ladenburg, John Williams, Lorie Logan, Ryan Cohen, Shristi Achar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Gilead Sciences, Kroger, Dow, Nasdaq, Apple, Microsoft, Treasury, Wall, Federal Reserve, Index, Federal, Asset Management, FedWatch, New York Fed, Dallas, Dow Jones, BofA Securities, GameStop, U.S . Securities, Exchange Commission, NYSE, Thomson Locations: New York City, U.S, Beijing, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The Consumer Price Index reading for August is due on Sept. 13, while the Federal Reserve's policy decision is scheduled for Sept. 20. New York Fed President John Williams kept his options open over future interest rate policy and Dallas Fed President Lorie Logan said while it "could be appropriate" to skip a rate hike in the upcoming meeting, more policy tightening might be needed. DocuSign (DOCU.O) added 3.1% as the e-Signature product provider beat second-quarter results estimates and raised its annual revenue forecast. GameStop (GME.N) fell 2.3% on a report that the U.S. Securities and Exchange Commission was investigating the videogame retailer's chairman, Ryan Cohen.

Persons: Brendan McDermid, Mark Haefele, Morgan Stanley, John Williams, Lorie Logan, Mary Daly, Ryan Cohen, Shristi Achar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Mizuho, Dow, Nasdaq, Federal, UBS Global Wealth Management, Traders, FedWatch, Apple, Wall, Dow e, . New York Fed, Dallas Fed, San Francisco Federal Reserve Bank, GameStop, U.S . Securities, Exchange Commission, Thomson Locations: New York City, U.S, Beijing, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The S&P 500 information technology index (.SPLRCT) fell 1.9% while the Philadelphia semiconductor index (.SOX) dropped 2.8%. ET, the S&P 500 (.SPX) was down 21.95 points, or 0.49%, at 4,443.53, and the Nasdaq Composite (.IXIC) was down 176.52 points, or 1.27%, at 13,695.95. The weightage of a stock on the Dow is proportional to its share value as opposed to the market capitalization-weighted S&P 500 (.SPX.). The S&P index recorded 10 new 52-week highs and 23 new lows, while the Nasdaq recorded 16 new highs and 212 new lows.

Persons: Brendan McDermid, stoked, Rick Meckler, Alibaba, Patrick Harker, John Williams, Dow Jones, Wells, Shristi Achar, Johann M, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Bloomberg, Nvidia, Netflix, U.S, Cherry Lane Investments, Skyworks, Qualcomm, Labor Department, Traders, PDD Holdings, Baidu, Philadelphia Fed, New York Fed, NYSE, Thomson Locations: New York City, U.S, China, Wells Fargo, Philadelphia, McDonald's, Bengaluru

The prospect of higher rates put particular pressure on growth stocks with the S&P 500 growth index (.IGX) underperforming the benchmark throughout the session. "Growth stocks have been pricing in the idea that inflation has been well anchored and that the Fed's going to cut. The S&P 500 showed little reaction to the Fed's "Beige Book" snapshot of the U.S. economy a week ahead of the keenly awaited August inflation data and the Fed's rate decision on Sept. 20. The report showed "modest" U.S. economic growth in recent weeks while job growth was "subdued," and inflation slowed in most parts of the country. The S&P 500 posted six new 52-week highs and 25 new lows; the Nasdaq Composite recorded 34 new highs and 174 new lows.

Persons: Lockheed Martin, Carol Schleif, Schleif, Susan Collins, Patrick Kaser, Mike Segar, advancers, Sinéad Carew, Shristi, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Institute for Supply Management, Traders, Federal Reserve, Boston, Equity, Brandywine Global, Apple Inc, Wall, New York Stock Exchange, REUTERS, Dow Jones, Energy, Lockheed, NYSE, Thomson Locations: China, Minneapolis, Manhattan, New York City , New York, U.S, New York, Bengaluru

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. "Every Fed governor comes out and says they look for the data and that data point today is definitely something that's a little bit more inflationary." Declining issues outnumbered advancers by a 2.14-to-1 ratio on the NYSE and by a 2.06-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and 24 new lows, while the Nasdaq recorded 32 new highs and 119 new lows. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Martin, Joe Saluzzi, Susan Collins, megacaps, Johnson, Lockheed Martin, Shristi Achar, Vinay Dwivedi Organizations: Wall, New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Institute for Supply Management, Traders, Themis, Boston, Nvidia, Treasury, Healthcare, Johnson, HSBC, thefly.com, Federal Reserve, Dow Jones, Lockheed, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, China, Chatham , New Jersey, Bengaluru

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