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

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

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

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

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

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

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

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

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

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

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

☆ Futures edge higher as investors assess China reopening
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.25%, S&P 0.19%, Nasdaq 0.14%Dec 28 (Reuters) - U.S. stock index futures edged higher on Wednesday as investors weighed the unwinding of pandemic restrictions by China against surging COVID cases in the world's second largest economy. "If the Chinese reopening story is positive for oil and commodity prices, it's bad news for global inflation," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The surge in Chinese demand will certainly boost inflation through higher energy and commodity prices and in response to higher inflation, the central banks will continue hiking rates." ET, Dow e-minis were up 84 points, or 0.25%, S&P 500 e-minis were up 7.25 points, or 0.19%, and Nasdaq 100 e-minis were up 15.75 points, or 0.14%. They hit their lowest level in more than two years in the previous session over demand worries in China.

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

☆ Futures climb as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.62%, S&P 0.65%, Nasdaq 0.56%Dec 27 (Reuters) - U.S. stock index futures rose on Tuesday after China further relaxed its COVID-19 curbs, fuelling hopes of a recovery in the world's second largest economy. U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding , Pinduoduo Inc (PDD.O) climbed between 2.5% and 3% in premarket trading. ET, Dow e-minis were up 208 points, or 0.62%, S&P 500 e-minis were up 25 points, or 0.65%, and Nasdaq 100 e-minis were up 62.5 points, or 0.56%. Southwest Airlines Co (LUV.N) dipped 3% after facing flight cancellations and delays a day after Christmas. Reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ European shares eye upbeat end to week on banks, healthcare boost
▼ + stars: | 2022-12-23 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 rises 0.2%Banks, healthcare firms gainBavarian Nordic at the top of STOXX 600Italian business morale rises in DecemberDec 23 (Reuters) - Europe's STOXX 600 edged higher on Friday, with gains in healthcare firms and banks putting the index on course to end the last week before Christmas on an upbeat note. The region-wide STOXX 600 (.STOXX) rose 0.2% at 0915 GMT and was bound for a 0.8% weekly advance. Morale amongst Italian businesses and consumers rose in December, data showed on Friday, although the manufacturing sector was more downbeat. On the economic data front, a report showed Spain's economy expanded 0.1% in the third quarter, slowing from a 2.0% growth rate in the previous three-month period. Among STOXX 600 sectors, shares of retailers (.SXRP) rose 0.6% to lead gains.

☆ Futures steady ahead of November inflation data
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.37%, S&P 0.31%, Nasdaq 0.28%Dec 23 (Reuters) - U.S. stock index futures inched higher on Friday as investors awaited fresh inflation data to assess the Federal Reserve's path of future interest rate hikes, with the central bank's policy tightening weighing heavily on equities this year. The core personal consumption expenditure price index, the Fed's preferred inflation gauge, is expected to have increased 0.2% in November after a similar rise in October. Wall Street's main indexes fell sharply on Thursday after data showed a resilient American economy that may push the central bank to keep hiking rates for longer. Markets are in wait-and-see mode ahead of key inflation figures, which will provide some clues about the Fed's next move," said Victoria Scholar, head of investment at Interactive Investor. ET, Dow e-minis were up 122 points, or 0.37%, S&P 500 e-minis were up 11.75 points, or 0.31%, and Nasdaq 100 e-minis were up 31.5 points, or 0.28%.

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

☆ European shares rise on financials, energy boost amid festive cheer
▼ + stars: | 2022-12-22 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The region-wide STOXX 600 index (.STOXX) was up 0.4% at a one-week high, taking cues from an upbeat session on Wall Street overnight. "What we're seeing is a recovery in risk appetite after a fairly negative set of central bank meetings for equities," said Adam Hoyes, markets economist at Capital Economics. The STOXX 600 (.STOXX) has fallen about 11% so far in 2022, but it has still outperformed the benchmark U.S. S&P 500 index (.SPX), which has declined 18.6% and is on track for its worst yearly performance since 2008. Euro zone bond yields struggled for direction on Thursday as investors took stock of a surge in borrowing costs in the wake of last week's European Central Bank (ECB) meeting. London's blue-chip FTSE 100 (.FTSE) rose 0.5% despite data showing Britain's economy contracted more than expected in the third quarter.

☆ Futures muted after Wall St rally, economic data on tap
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.10%, S&P 0.07%, Nasdaq 0.07%Dec 22 (Reuters) - U.S. stock futures were subdued on Thursday after Wall Street's main indexes staged a rally in the previous session, with investors awaiting jobs data to assess the strength of the labor market. It is expected to show gross domestic product increased at a 2.9% annualized rate, in line with the previous estimate. ET, Dow e-minis were down 32 points, or 0.1%, S&P 500 e-minis were down 2.75 points, or 0.07%, and Nasdaq 100 e-minis were down 7.75 points, or 0.07%. Micron Technology Inc (MU.O) slipped 3% in premarket trading after the chipmaker forecast a bigger-than-expected second-quarter loss. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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

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

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

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

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

☆ Futures rise as Nike posts strong quarter, consumer confidence data on tap
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

"We had some better news from the likes of Nike yesterday, which suggested that consumer sentiment and spending was holding up," said Stuart Cole, head macro economist at Equiti Capital. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. ET, Dow e-minis were up 233 points, or 0.7%, S&P 500 e-minis were up 20 points, or 0.52%, and Nasdaq 100 e-minis were up 47 points, or 0.42%. Market volumes are expected to decline this week before the Christmas and New Year holidays. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The region-wide STOXX 600 index (.STOXX) closed 1.7% higher, with consumer discretionary firms such as Adidas (ADSGn.DE) and Puma (PUMG.DE) leading gains after U.S. peer Nike beat quarterly revenue and profit expectations. Shares of Adidas and Puma rose 6.8% and 9.5%, respectively, while London-listed JD Sports (JD.L) jumped 6.1%, lifting the retail index (.SXRP). The euro STOXX 50 volatility index (.V2TX) hit its lowest level since January, reflecting easing anxiety among investors. British retailers also reported a surprise pick-up in demand in December, a Confederation of British Industry survey showed. Reporting by Amruta Khandekar and Bansari Mayur Kamdar; editing by Uttaresh.V, Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ 3M to end 'forever chemicals' output at cost of up to $2.3 billion
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Perfluoralkyl and polyfluoroalkyl substances (PFAS) do not break down quickly and have in recent years been found in dangerous concentrations in drinking water, soils and foods. Pressure to stop producing the chemicals has also increased, with investors managing $8 trillion in assets earlier this year writing to 54 companies urging them to phase out their use. 3M expects related total pre-tax charges of about $1.3 billion to $2.3 billion over the course of its PFAS exit. In the fourth quarter, it expects to take an estimated pre-tax charge between $0.7 billion and $1.0 billion, primarily non-cash and related to asset impairments. In August, the Biden administration said it will propose designating certain forever chemicals as hazardous substances under the U.S. Superfund program.

☆ European shares drop as BOJ's policy shift dents risk appetite
▼ + stars: | 2022-12-20 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The region-wide STOXX 600 index (.STOXX) was down 0.5% by 0914 GMT, but came off a one-month low hit earlier in the session. The policy tweak was widely seen as the beginning of a potential end to Japan's ultra-loose monetary policy and comes just as hawkish messages from other major central banks last week doused hopes of an end to monetary policy tightening any time soon. Rate-sensitive real estate (.SX86P) stocks led the losses in the STOXX 600, falling 2.5% to hit their lowest in more than six weeks. The real estate sector was also dragged lower by shares of Aroundtown SA (AT1.DE) and Derwent London (DLN.L), which fell 11.4% and 3.5% respectively, after Berenberg cut their price targets. Among individual stocks, shares of Orange (ORAN.PA) slipped after the French telecoms group said its deputy chief executive and head of finance is leaving the company.

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