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Industrial conglomerate 3M Co (MMM.N) fell 4.7%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit. General Electric Co (GE.N) rose 2.2% as it topped quarterly profit estimates, boosted by strong demand for its engines and after-market services. Wall Street's main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year. Shares of Microsoft Corp (MSFT.O), which is scheduled to report quarterly earnings after the bell, were flat. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained.

All of the 11 major S&P 500 sector indexes were up by early afternoon trading, with a 2.5% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. So now in a lot of those names, there's value," said Jimmy Lee, chief executive officer of Wealth Consulting Group. Xylem Inc (XYL.N) dropped 8.74% on its acquisition of water treatment solutions firm Evoqua Water Technologies Corp (AQUA.N) in a $7.42 billion deal. Advancing issues outnumbered decliners by a 3.40-to-1 ratio on the NYSE and by a 1.90-to-1 ratio on the Nasdaq.

☆ Wall Street rises as chipmakers lead tech shares higher
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

Six of the 11 major S&P 500 sector indexes were up in early trading, with a 1.3% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. Analysts now expect fourth-quarter earnings from S&P 500 companies to fall 2.9%, according to IBES Refinitiv data, compared with a 1.6% drop at the beginning of the year. Investors are also awaiting January manufacturing and fourth-quarter GDP data to assess the impact of the Fed's rate hikes on the economy. Advancing issues outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by a 1.60-to-1 ratio on the Nasdaq.

Alphabet Inc (GOOGL.O) was the latest to join the list as it said it was cutting 12,000 jobs on Friday. The gains made communication services stocks (.SPLRCL) the top gainer among major S&P 500 sectors, climbing 2.7%, with information technology (.SPLRCT) in tow, helped by a 1.6% rise in Microsoft Corp (MSFT.O). Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.9% for the fourth quarter, according to Refinitiv data, compared with a 1.6% decline in the beginning of the year. Weighing on the S&P 500, Eli Lilly & Co fell 1.7% after the U.S. health regulator rejected the accelerated approval of its Alzheimer's drug. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 35 new highs and 13 new lows.

The Labor Department's report showed a surprise fall in U.S. weekly jobless claims, highlighting labor market resilience in a higher interest rate environment. "There's virtually no signs of any weakness in the labor market and that's one of the things the Fed's been leaning against to keep rates higher for longer." The S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI) are now headed for their third straight day of declines. Shares of both the companies fell around 2%, and were among the top drags to the benchmark S&P 500 and Nasdaq (.IXIC) indexes. Industrial (.SPLRCI) and consumer discretionary stocks (.SPLRCD) were among the leading decliners on the S&P 500, down 1.5% and 1.7%, respectively.

Before the market opened, U.S. economic data showed retail sales and producer prices declined more than expected in December, while production at U.S. factories fell more than expected and November output was weaker than thought. The Dow Jones Industrial Average (.DJI) fell 613.89 points, or 1.81%, to 33,296.96 and the S&P 500 (.SPX) lost 62.11 points, or 1.56%, to 3,928.86. Today's economic data served as a trigger to initiate a profit taking spell and the groups with most profits to take have been the ones that have done best last year," said Stovall. Earlier in the day, St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester stressed on the need to raise rates beyond 5% to bring inflation to heel. The S&P 500 posted nine new 52-week highs and 2 new lows; the Nasdaq Composite recorded 78 new highs and 20 new lows.

A reading from the Commerce Department showed retail sales fell 1.1% in December against expectations of a 0.8% drop, while a separate report showed producer prices declined more than expected in December. Traders' bets of a 25-basis point rate hike rose after the data, while U.S. 10-year Treasury yields fell to a four-month low. Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.6% for the quarter, according to Refinitiv data, compared with a 1.6% decline in the beginning of 2023. Among major S&P 500 sectors, consumer discretionary stocks (.SPLRCD) were up 1%, leading gains. U.S. stock markets have started 2023 on a strong footing on hopes that a moderation in inflationary pressures could give the Fed cover to dial down the size of its interest rate hikes.

Goldman Sachs Group Inc (GS.N) fell 3.5% after the bank reported a bigger-than-expected drop in quarterly profit, weighing the most on the Dow Jones Industrial Average (.DJI). "Widely expected to be awful, Goldman Sachs' quarterly results were even more miserable than anticipated," said Octavio Marenzi, chief executive at consultancy Opimas. The S&P 500 energy (.SPNY) and consumer staples (.SPLRCS) sectors were up about 0.6% each, while financial stocks (.SPSY) fell 0.6%. Earnings from Goldman Sachs and Morgan Stanley wrap up a mixed reporting season for big banks, most of which have put aside rainy-day funds to prepare for a looming recession. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.4% for the quarter, according to Refinitiv data.

☆ Tesla drops as the EV maker cuts prices in the US and Europe, deepening the stock's rout
▼ + stars: | 2023-01-13 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

GettyTesla shares fell Friday after the company cut prices on its electric vehicles in the US and in Europe. Tesla stock finished 2022 among the S&P 500's 10 biggest decliners. Investors may later come to see Tesla's price cuts as the 'right' move directed by CEO Elon Musk, said Wedbush Securities. Tesla's moves in the US and in Europe follow recent price cuts in China and other markets in Asia aimed at bolstering sales. Tesla in 2022 delivered a record 1.3 million EVs but fourth-quarter deliveries fell short of market expectations.

The Fed raised the key rate by 50 basis points in December, after four back-to-back 75-bps hikes, but also indicated a prolonged period of rate hikes to above 5% in 2023. Traders' bets of a 25-basis point rate hike by the Fed in February shot up to 89% after the inflation data, from 77% previously. Advancing issues outnumbered decliners for a 2.31-to-1 ratio on the NYSE and a 1.63-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 39 new highs and 10 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St ends higher, Powell comments avoid rate policy
▼ + stars: | 2023-01-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Fed Governor Michelle Bowman said on Tuesday the bank will have to raise interest rates further to combat high inflation. Amazon.com Inc. (AMZN.O) shares rose 2.9% and gave the Nasdaq and S&P 500 their biggest boosts. This week marks the start of the fourth-quarter earnings season for S&P 500 companies, with results from several of Wall Street's biggest banks due later this week. The World Bank on Tuesday slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies. The S&P 500 posted four new 52-week highs and no new lows; the Nasdaq Composite recorded 71 new highs and 30 new lows.

☆ Wall Street climbs; Powell comments avoid rate policy
▼ + stars: | 2023-01-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Fed Governor Michelle Bowman said on Tuesday the bank will have to raise interest rates further to combat high inflation. Traders are betting on a 25-basis point rate hike at the Fed's upcoming policy meeting in February. Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) gave the S&P 500 its biggest boost. The World Bank on Tuesday slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies. The S&P 500 posted two new 52-week highs and no new lows; the Nasdaq Composite recorded 54 new highs and 25 new lows.

The Fed's aggressive monetary policy tightening to curb decades-high inflation hammered U.S. equities in 2022, with the three main indexes logging their steepest annual declines since 2008. Fed Governor Michelle Bowman said on Tuesday the U.S. central bank will have to raise interest rates further to combat high inflation. Healthcare stocks (.SPXHC) rose 0.5% and were also a major boost to the benchmark S&P 500 index. Advancing issues outnumbered decliners for a 1.17-to-1 ratio on the NYSE and a 1.62-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 37 new highs and 20 new lows.

SummarySummary Companies Powell steers clear of monetary policy outlookMicrosoft up on report of investment talksBoeing down on report of rating downgradeIndexes up: Dow 0.33%, S&P 0.42%, Nasdaq 0.70%Jan 10 (Reuters) - Wall Street's main indexes edged higher on Tuesday, boosted by gains in Microsoft and Amazon, as investors assessed commentary from Federal Reserve Chair Jerome Powell that steered clear of the monetary policy outlook. Microsoft Corp (MSFT.O) rose 1.2% after a report stated the software company was in talks to invest $10 bln in ChatGPT creator OpenAI. The U.S. central bank's independence from political influence is central to its ability to battle inflation, Powell said on Tuesday. The Fed's aggressive monetary policy tightening to curb decades-high inflation hammered U.S. equities in 2022, with the three main indexes logging their steepest annual declines since 2008. The S&P index recorded 1 new 52-week high and no new lows, while the Nasdaq recorded 27 new highs and 14 new lows.

☆ S&P 500 near flat as investors weigh chances of less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Dow ended lower, and the Nasdaq Composite (.IXIC) ended well off the day's highs. A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 112.96 points, or 0.34%, to 33,517.65, the S&P 500 (.SPX) lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite (.IXIC) added 66.36 points, or 0.63%, to 10,635.65. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 129 new highs and 32 new lows.

☆ S&P 500, Nasdaq rise as investors bet on less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

SummarySummary Companies Tech shares lead S&P 500 sector gainsAlibaba climbs as Ant Group's Jack Ma to give up controlMacy's, Lululemon drop on holiday-quarter warningsIndexes: Dow down 0.03%, S&P 500 up 0.5%, Nasdaq up 1.3%NEW YORK, Jan 9 (Reuters) - The Nasdaq Composite (.IXIC) and S&P 500 (.SPX) indexes rose Monday afternoon, led by technology shares, on growing expectations that the Federal Reserve will become less aggressive with its interest rate hikes. Technology (.SPLRCT) led the gains among S&P 500 sectors as U.S. Treasury yields declined, while the Nasdaq led the rise among the major indexes. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 9.63 points, or 0.03%, to 33,620.98, the S&P 500 (.SPX) gained 17.57 points, or 0.45%, to 3,912.65 and the Nasdaq Composite (.IXIC) added 138.83 points, or 1.31%, to 10,708.12. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 114 new highs and 23 new lows.

Megacap growth stocks Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O) gained over 2% each as U.S. Treasury yields declined. The highly awaited U.S. Labor Department's inflation report on Thursday is expected to show some moderation in year-on-year consumer prices in December. Advancing issues outnumbered decliners for a 4.45-to-1 ratio on the NYSE and a 2.54-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and two new lows, while the Nasdaq recorded 107 new highs and 18 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Other rate-sensitive growth stocks like Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O) gained about 1% each as U.S. Treasury yields declined. The gains pushed technology (.SPLRCT) to the top of the major S&P 500 sector indexes list. The S&P 500 growth index (.IGX) was up 3.6%, outperforming a 0.7% rise in its value peers (.IVX). Advancing issues outnumbered decliners for a 3.68-to-1 ratio on the NYSE and a 2.15-to-1 ratio on the Nasdaq. The S&P index recorded 10 new 52-week highs and two new lows, while the Nasdaq recorded 95 new highs and 14 new lows.

The nonfarm payrolls rose by 223,000 jobs in December, data from the Labor Department showed, while a 0.3% rise in average earnings was smaller than expected and lower than the previous month. The numbers for November were revised to show nonfarm payrolls rose by 256,000 and average earnings grew by 0.4%. Another set of data showed U.S. services activity contracted for the first time in more than 2-1/2 years in December amid weakening demand, with more signs of inflation abating. Except healthcare stocks (.SPXHC), all the major S&P 500 indexes were in the green led by gains in energy shares (.SPNY). The S&P index recorded 13 new 52-week highs and five new lows, while the Nasdaq recorded 45 new highs and 52 new lows.

A survey from the Labor Department showed job openings fell 54,000 to 10.458 million on the last day of November, compared with expectations of 10 million job openings. The data indicated a still tight labor market that could give the Fed cover to keep rates higher for longer. Market participants see a 68% chance of a 25-basis point rate hike from the Fed in February, and see rates peaking at 4.99% by June. Advancing issues outnumbered decliners by a 3.53-to-1 ratio on the NYSE and by a 2.18-to-1 ratio on the Nasdaq. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Tesla Inc (TSLA.O) fell nearly 10% as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. Other rate-sensitive technology and growth stocks such as Alphabet Inc (GOOGL.O), Meta Platforms Inc (META.O), Microsoft (MSFT.O) and Amazon.com Inc (AMZN.O) were up between 0.6% and 2.0%. The S&P 500 shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the Nasdaq fell 33.1%, dragged down by growth stocks. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 73 new highs and 23 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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