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A "substantial majority" of policymakers agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes, the minutes showed. Since the Fed's last meeting on Nov. 1-2, investors have been more optimistic that price pressures have started to ease, meaning smaller rate hikes could curtail inflation. Heavyweight stocks, including Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O), rose 1.00% and 0.72%, respectively. Advancing issues outnumbered decliners on the NYSE by a 1.97-to-1 ratio; on Nasdaq, a 1.61-to-1 ratio favored advancers. The S&P 500 posted 21 new 52-week highs and no new lows, while the Nasdaq Composite recorded 97 new highs and 126 new lows.

Best Buy Co Inc (BBY.N) jumped 12.4%, leading gains on S&P 500 (.SPX) index, after forecasting a smaller drop in annual sales than previously estimated, confident that a ramp up in deals and discounts will lure more customers. "People are hopeful that consumers can still squeeze out a strong holiday season despite the headwinds they're facing," said Brandon Pizzurro, director of public investments at GuideStone Capital Management. "It would be an upside surprise if consumers really brought their full wallet to the table this year, probably what's driving Best Buy movement today." Gains in Best Buy boosted the S&P 500 retail (.SPXRT) sector index, but a 9.4% fall in Dollar Tree Inc (DLTR.O) capped the upside as the discount retailer lowered its annual profit forecast for the second time. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, up 3.0%, as oil prices rose after top exporter Saudi Arabia said OPEC+ stuck with output cuts.

Dow component (.DJI) Walgreens Boots Alliance Inc (WBA.O) rose 1.9% after Cowen & Co upgraded the drug distributor stock, citing its healthcare services business push. Best Buy Co Inc (BBY.N) soared 9.4%, rising the most among S&P 500 (.SPX) components after forecasting a smaller-than-expected drop in annual sales. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, bouncing off four-week lows by adding 2%. Advancing issues outnumbered decliners by a 2.70-to-1 ratio on the NYSE and by a 1.12-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 49 new highs and 122 new lows.

☆ Activist investor Cevian takes axe to Thyssenkrupp stake
▼ + stars: | 2022-11-22 | by ( Christoph Steitz | Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

SummarySummary Companies Cevian cuts stake by more than 5.6%Thyssenkrupp turnaround failed to boost share priceCevian first disclosed stake in 2013FRANKFURT, Nov 22 (Reuters) - Activist fund Cevian has cut its stake in Thyssenkrupp (TKAG.DE) to less than 1%, it said on Tuesday, effectively ending its loss-making engagement with the German industrial group after years of restructuring that failed to boost its share price. Cevian, which first disclosed a stake in Thyssenkrupp in 2013, had nearly halved its stake to 7.9% a year ago after a far-reaching overhaul it had long demanded arrived too late. Shares in Thyssenkrupp fell 4.7% lower on the news, making them the second-biggest decliners in Germany's mid-cap index and valuing the stake Cevian has sold at more than 180 million euros ($185 million). Refinitiv news service IFR earlier reported that Cevian sold shares at 5.15-5.40 euros apiece in a process run by UBS, indicating the fund took a loss, given Thyssenkrupp stock traded around 17-19 euros when the fund disclosed holdings. The share sale also highlights Cevian's sobering track record in Germany, which includes a 26.67% stake in Bilfinger (GBFG.DE) that has fallen in value since the fund first disclosed a stake in 2011.

☆ Wall Street slips as concerns rise of stricter China COVID curbs
▼ + stars: | 2022-11-21 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

U.S. casino operators with businesses in China including Wynn Resorts Ltd (WYNN.O), Las Vegas Sands Corp (LVS.N), MGM Resorts International (MGM.N) and Melco Resorts & Entertainment Ltd all fell at least 2%. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. Energy was the only major S&P 500 sector eying gains for the year, surging around 63%. Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.60-to-1 ratio favored decliners. The S&P 500 posted 9 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 96 new highs and 220 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. "That's a piece of what's driving the tech stocks down because we rely so much on China and Taiwan for critical components." Energy was the only major S&P 500 sector eying gains for the year, surging around 63%. Declining issues outnumbered advancing ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.57-to-1 ratio favored decliners. The S&P 500 posted 9 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 76 new highs and 194 new lows.

The S&P 500 has retreated this week after a month-long rally following softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. “What is driving all equities of course is Fed policy and the gravitational force that rising interest rates have on the equity complex as a whole," Goodwin said. Energy fell 1.7%, most among S&P 500 sectors, as oil prices dropped, stemming from concern about weakened demand in China and further increases to U.S. interest rates. Gap Inc (GPS.N) shares rose about 5% after the company beat Wall Street estimates for quarterly sales and profit. The S&P 500 posted 7 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 112 new lows.

Traders' bets of a 75-bps rate hike in December have gone up to 24.2% from 19.4% the previous week, according to the CME Group's FedWatch tool. The benchmark S&P 500 (.SPX) and the Nasdaq (.IXIC) have lost 17% and nearly 29%, respectively, so far this year on worries that the aggressive rate hikes could push the economy into a recession. Among S&P 500 sectors, defensive stocks advanced on Friday, with utilities (.SPLRCU) and health (.SPXHC) rising 1.5% and 0.9%, respectively, and in the lead. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 45 new highs and 96 new lows.

Shares of Target Corp (TGT.N) tumbled 13.1% after the big-box retailer forecast a surprise drop in holiday-quarter sales. The S&P 500 consumer discretionary sector (.SPLRCD) shed 1.5%. The S&P 500 information technology sector (.SPLRCT) fell 1.4% and the Philadelphia SE Semiconductor index (.SOX) sank 4.3%. Elsewhere in retail, shares of Lowe's (LOW.N) rose 3% after the home improvement company raised its annual profit forecast. The S&P 500 posted 3 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 71 new highs and 133 new lows.

Shares of Target Corp (TGT.N) tumbled 12% after the big-box retailer forecast a surprise drop in holiday-quarter sales. Micron Technology (MU.O) shares dropped over 7% after the company said it would reduce memory chip supply and make more cuts to its capital spending plan. The S&P 500 information technology sector (.SPLRCT) dropped 1.3%, while the Philadelphia SE Semiconductor index (.SOX) sank over 4%. Elsewhere in retail, shares of Lowe's (LOW.N) rose over 3% after the home improvement company raised its annual profit forecast. The S&P 500 posted 3 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 54 new highs and 110 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. Home Depot Inc (HD.N) left its annual forecasts unchanged, but the home improvement chain's results exceeded Wall Street expectations and shares rose 1.6% amid a jump in shares of retailers. Among the S&P 500 sectors, consumer staples was up (.SPLRCS) 1.2%, while the consumer discretionary (.SPLRCD) index jumped 1.9%. Atlanta President Raphael Bostic echoed the views, saying he sees little evidence that the central bank's aggressive monetary policy tightening is slowing inflation. Advancing issues outnumbered decliners by a 5.30-to-1 ratio on the NYSE and by a 2.80-to-1 ratio on the Nasdaq.

The Labor Department's producer prices index rose 8% in the 12 months through October, lower than an estimated 8.3% rise, according to a Reuters poll of economists. Excluding volatile food and energy costs, the index rose 5.4% on an annual basis last month after increasing 5.6% in September. The report follows softer-than-expected consumer prices data late last week, which sparked a massive rally on hopes of a less aggressive monetary policy. "It (the data) is going to confirm people's hopes that inflation is starting to turn the corner. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 23 new highs and 27 new lows.

The comments follow a softer-than-expected inflation report last week, which had buoyed hopes that the Fed could scale back its hefty interest rate hikes and helped drive a euphoric market rally. The S&P 500 in the previous session logged its biggest weekly percentage gain in about five months, while the tech-heavy Nasdaq (.IXIC) notched its best week since March. "The market is expecting the Fed to continue its hawkish rhetoric on rates. ET, the S&P 500 (.SPX) was down 17.25 points, or 0.43%, at 3,975.68, and the Nasdaq Composite (.IXIC) was down 115.13 points, or 1.02%, at 11,208.20. The S&P 500 information technology sector (.SPLRCT) was down 1.2% and among the leading sectoral decliners on the benchmark index.

"It takes off the table the risk that the Fed will have to overtighten and break the economy." The inflation data prompted traders to adjust their rate hike bets, with odds of a 50-basis point rate hike in December jumping to more than 80% from 52% before the data was released. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, fell to a near two-month low of 23.4 points. Wall Street's main indexes have suffered sharp losses this year as investors feared the U.S. central bank's aggressive rate hikes to tame decades-high inflation will tip the economy into recession. The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 70 new highs and 93 new lows.

Nonpartisan forecasters and opinion polls suggested a strong chance of Republicans winning a House majority and a tight race for Senate control. Shares in healthcare, energy and defense sectors could see more volatility in the wake of the election. "A Republican victory is seen as removing either current regulations, like in the energy sector, or potential future regulations like in the pharmaceutical sector." The S&P 500 (.SPX) is up nearly 9% from its recent October lows, but has still posted steep losses this year on worries that aggressive monetary policy tightening would tip the U.S. economy into a recession. Among S&P 500 sectors, energy (.SPNY) and consumer discretionary (.SPLRCD) fell the most, down 1% and 0.5%, respectively.

[1/4] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 7, 2022. Traders are now betting on 61% odds of a 50-basis point rate hike at the U.S. central bank's meeting in December. Meta Platforms Inc (META.O) climbed 5.4% following a report that the company was planning to begin large-scale layoffs this week. Advancing issues outnumbered decliners by a 1.14-to-1 ratio on the NYSE and by a 1.02-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and 11 new lows, while the Nasdaq recorded 58 new highs and 145 new lows.

[1/2] A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. A split government could result in political gridlock that stymies major policy changes, an outcome that investors see as favorable for equities. Shares of Meta Platforms Inc (META.O) climbed 5.4% following a report that the company was planning to begin large-scale layoffs this week. Advancing issues outnumbered decliners for a 1.31-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and two new lows, while the Nasdaq recorded 43 new highs and 95 new lows.

☆ Wall St climbs as jobs data supports smaller rate hike prospects
▼ + stars: | 2022-11-04 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

"Powell should also be pleased that the unemployment rate went up from 3.6% to 3.7%. Traders' bets of a 75 basis point rate hike in December briefly rose to 64.5% after the release of the data but swiftly slipped back to around 60%. Meanwhile, CBOE's volatility index VIX, known as Wall Street's fear gauge, hit its lowest level since Sept. 9. Advancing issues outnumbered decliners by a 3.43-to-1 ratio on the NYSE and by a 1.51-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and 15 new lows, while the Nasdaq recorded 40 new highs and 98 new lows.

☆ Wall St down for fourth straight day on Fed rate hike worry
▼ + stars: | 2022-11-03 | by ( Chuck Mikolajczak | ) 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., October 14, 2022. read moreWith roughly 80% of S&P 500 companies having reported earnings, the expected growth rate is 4.7%, according to Refinitiv data, up slightly from the 4.5% at the start of October. Declining issues outnumbered advancing ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and 46 new lows; the Nasdaq Composite recorded 77 new highs and 291 new lows. Reporting by Chuck Mikolajczak in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street drops as Powell signals Fed not close to done
▼ + stars: | 2022-11-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

Reuters GraphicsInvestors had been widely anticipating a 75-basis point rate hike, while hoping the Fed would signal a willingness to begin downsizing the rate hikes at its December meeting. However, comments from Fed Chair Jerome Powell that it was "very premature" to be thinking about pausing rate hikes sent stocks sharply lower. Wednesday's decline was the largest percentage drop for the S&P 500 since October 7. The private payrolls report came on the heels of data on Tuesday that showed a jump in U.S. monthly job openings, indicating labor demand remained strong. The S&P 500 posted 22 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 108 new highs and 203 new lows.

☆ Wall St drops as focus shifts to Fed rate decision
▼ + stars: | 2022-10-31 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

A policy decision from the Fed is due on Wednesday, with investors expecting a fourth straight 75-basis point interest rate hike to curb decades-high inflation. Among S&P 500 sectors, information technology (.SPLRCT) and communication services (.SPLRCL) were the lead decliners, falling 1.2% and 1.5%, respectively. Meanwhile, traders' bets of a 50 basis point rate hike in December stood at 44.6%, according to CME Group's Fedwatch tool. Among single stocks, TuSimple Holdings (TSP.O) plunged 46.8% after the trucking firm said its board terminated its chief executive officer. The S&P index recorded 22 new 52-week highs and seven new lows, while the Nasdaq recorded 101 new highs and 79 new lows.

☆ S&P 500, Nasdaq slide, while Dow ends higher on mixed earnings picture
▼ + stars: | 2022-10-27 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

That sent S&P 500 futures down 0.5% and Nasdaq futures down 0.6%, showing traders expect Wall Street to open lower on Friday. Among the 11 major sectors of the S&P 500, industrials had the biggest percentage gain, with communication services (.SPLRCL), weighed by Meta, down the most. Third-quarter reporting season forges ahead at full speed, with 227 of the companies in the S&P 500 having reported. Shares of Southwest Airlines Co (LUV.N) rose 2.7% after the carrier's quarterly profit topped consensus estimates. The S&P 500 posted 23 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 93 new highs and 119 new lows.

☆ European stocks slip ahead of ECB decision, Credit Suisse drops on turnaround plans
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - European shares opened lower on Thursday, as investors were cautious ahead of a widely expected interest rate hike from the European Central Bank, while Credit Suisse tumbled after the embattled Swiss bank unveiled restructuring plans. The pan-European STOXX 600 index (.STOXX) slipped 0.3%, after closing at a five-week high on Wednesday. read moreThe lender's stock, among the top decliners on the STOXX 600 index, hit a two-week low. read moreAmong other stocks, Neste (NESTE.HE) tumbled 7.2%, after the Finnish refiner posted weaker-than-expected third-quarter operating results. read more($1 = 0.9873 Swiss francs)Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The benchmark 10-year Treasury yield fell to one-week lows as expectations of slower rate hikes gained after the Bank of Canada delivered a smaller-than-expected 50 basis point increase. Such hopes also come against the backdrop of economic indicators and corporate results suggesting that rapid increases to the borrowing cost is slowing the economic growth. Bets for a 50 basis point hike in December have increased to 55.3%, up from 47.4% a day ago, while the expectations for a 75 basis point hike have shrunk to 38.6% from 50.8%, according to CME's FedWatch tool. Visa Inc (V.N) jumped 5.2%, boosting the Dow, after the payments processor topped quarterly profit estimates on strong travel demand. The S&P index recorded 23 new 52-week highs and two new lows, while the Nasdaq recorded 73 new highs and 41 new lows.

Technology stocks (.SX8P) fell 1.8% to lead sectoral losses in Europe after their U.S. peers were dragged down by weak results from Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O). The European banking index (.SX7P) fell 0.7%. read moreItaly's UniCredit (CRDI.MI) was a rare bright spot as its shares rose 3.9% after the bank raised its 2022 profit goal. "Nonetheless, we are likely to see some hesitation, with the economic implications of rising interest rates yet to be felt. read moreReporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

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