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☆ Morning Bid: Fed leaves shoe dangling in policy parade
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

At least eight major central banks are meeting on Thursday. Central banks in South Africa and Turkey are also meeting. Futures now show the implied Fed policy rate for the end of next year at a new cycle high of 4.85% - up a whopping 35 basis points in just over a week. Key developments that should provide more direction to U.S. markets later on Thursday:* Bank of England policy decision; South Africa Reserve Bank policy decision, Central Bank of Turkey policy decision. European Central Bank President Christine Lagarde speaks* Philadelphia Fed's September business survey, U.S. weekly jobless claims, U.S. Aug existing home sales, U.S. Q2 current account estimate.

Persons: Sarah Silbiger, Mike Dolan, Jerome Powell, Goldman Sachs, Goldman, Jan Hatzius, Robin Brooks, Brooks, BoE, Christine Lagarde, Darden, Christina Fincher Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Swiss National Bank, Bank of, Fed, for International Finance, Treasury, Swiss, Africa Reserve Bank, Central Bank of, European Central Bank, Factset, Reuters, Thomson Locations: Washington ,, U.S, Norwegian, Bank of England, South Africa, Turkey, Central Bank of Turkey, Philadelphia

☆ Wall Street closes lower after Fed holds rates steady, warns of higher for longer
▼ + stars: | 2023-09-20 | 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. The SEP projections also called for 50 basis points of rate cuts next year. "It’s your standard Fed day volatility," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. Among the 11 major sectors of the S&P 500, interest rate sensitive communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted 14 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 39 new highs and 246 new lows.

Persons: Brendan McDermid, Ryan Detrick, Detrick, Jerome Powell, Maplebear, Stephen Culp, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, U.S . Federal Reserve, Microsoft Corp, Apple Inc, Nvidia Corp, Carson Group, Fed, Dow Jones, Arm Holdings, Maplebear Inc, Holdings, Coty, NYSE, Thomson Locations: New York City, U.S, Omaha , Nebraska

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. ET, with investors focused on Fed economic projections and Chair Jerome Powell's comments for clues on the outlook for rates and inflation. Reinforcing the likelihood of a Fed pause, U.S. Treasury yields retreated from their 2007 highs hit in the previous session. Investors are now looking forward to marketing automation company Klaviyo's (KVYO.N) debut on the New York Stock Exchange, with the stock last indicated to open between $36 and $38. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 33 new highs and 140 new lows.

Persons: Brendan McDermid, Jerome Powell's, Mark Luschini, Janney Montgomery Scott, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Coty, Citigroup, Dow, Nasdaq, Treasury, Microsoft, Apple, Arm Holdings, Investors, Dow Jones, NYSE, Thomson Locations: New York City, U.S, Boston, Bengaluru

☆ Never before have just 10 stocks held this much sway over the global stock market
▼ + stars: | 2023-09-19 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

The top 10 global stocks by market value have a greater hold than ever before on the capital markets, and that could be a bad thing, says Ned Davis Research. Ned Davis found that a heavy concentration in the years 2000 and 2021 was soon followed by a bear market. However, there was an exception in 2020, when the rise in a handful of stocks broadened out and supported a bull market. Ned Davis is watching for aggregate strength in key 50-day and 200-day indicators. However, stocks could fall into a bear market if the rally this year fails to expand to more sectors, the firm said.

Persons: Ned Davis, Tim Hayes, Hayes Organizations: Ned Davis Research, Microsoft, Nvidia, Tesla, Rally Watch

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

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

☆ Asian shares drop as investors brace for central bank-packed week
▼ + stars: | 2023-09-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

U.S. West Texas Intermediate crude futures gained 0.8% to $91.52, their highest level since November, while Brent crude futures rose 0.7% to $94.55 per barrel. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7%. This week, global central banks will take centre stage, with five of those overseeing the 10 most heavily traded currencies holding rate-setting meetings. Last Friday, Wall Street ended sharply lower as U.S. industrial labour action weighed on auto shares. The euro gained 0.1% to $1.0667, after slumping to a 3-1/2 month low of $1.0632 last week as the European Central Bank signalled its rate hikes could be over.

Persons: BOE, BOJ, Taiwan's TSMC, Hong, Tommy Xie, Chris Weston, Weston, Kazuo Ueda, Cash Treasuries, Stella Qiu, Shri Navaratnam, Edwina Gibbs Organizations: Federal Reserve, Bank of Japan, Nasdaq, . West Texas, Brent, Japan's Nikkei, Technology, Reuters, Trust, Greater, Greater China Research, OCBC Bank, China Evergrande, Fed, U.S ., Bank of England, Treasury, Amazon, European Central Bank, Thomson Locations: China, SYDNEY, Europe, Asia, Pacific, Japan, Zhongrong, Greater China, HK, Pepperstone, Tokyo

☆ Asian shares stumble as investors brace for central bank packed week
▼ + stars: | 2023-09-18 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

S&P 500 futures advanced 0.2% while Nasdaq futures edged 0.1% higher. Also, Chinese trust firm Zhongrong International Trust Co, with exposure to Chinese property developers, said over the weekend it was unable to make payments on some trust products on time. The euro recovered 0.1% to $1.0673 in early Asia trade, after slumping to a 3-1/2 month low of $1.0629 last week as the European Central Bank signalled its rate hikes could be over. Brent crude futures rose 0.3% at $94.20 per barrel and U.S. West Texas Intermediate crude futures were up 0.4% at $91.14. Reporting by Stella Qiu; Editing by Lincoln Feast and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: BOE, BOJ, Tommy Xie, Jerome Powell, Chris Weston, Weston, Kazuo Ueda, Cash Treasuries, Stella Qiu, Lincoln Organizations: SYDNEY, Federal Reserve, Bank of Japan, Nasdaq, Japan's Nikkei, China Evergrande, HK, International Trust Co, Greater, Greater China Research, OCBC Bank, U.S . Federal, Fed, U.S ., Bank of England, Treasury, Amazon, European Central Bank, Brent, . West Texas, Thomson Locations: China, Asia, Pacific, Japan, Hong Kong, Beijing, Greater China, Tokyo

REUTERS/Brendan McDermid Acquire Licensing RightsReuters Graphics Reuters GraphicsThe S&P 500 dropped 1.22% to end at 4,450.32 points. All 11 S&P 500 sector indexes declined, led lower by information technology (.SPLRCT), down 1.95%, followed by a 1.88% loss in consumer discretionary (.SPLRCD). For the week, the S&P 500 fell 0.16% and the Nasdaq lost 0.39%. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 4.4-to-one ratio. The S&P 500 posted seven new highs and eight new lows; the Nasdaq recorded 48 new highs and 216 new lows.

Persons: chipmakers, Lam, Stoking, Lisa Erickson, Brendan McDermid, Amgen, Japan's, Ankika Biswas, Shristi, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Nasdaq, Dow, Lam Research, KLA Corp, Reuters, Nvidia, Devices, Broadcom, Micron Technology, Philadelphia Semiconductor, United Auto Workers ', General Motors, Ford, Chrysler, Federal Reserve, U.S, Bank Wealth Management, Traders, Microsoft, Adobe, New York Stock Exchange, REUTERS, Reuters Graphics Reuters, Dow Jones, SoftBank's Arm Holdings, Neumora Therapeutics, Thomson Locations: U.S, Minneapolis, New York City, Bengaluru, Oakland , California

☆ Arm’s shares seen as a shoo-in for Nasdaq 100, though S&P 500 unlikely
▼ + stars: | 2023-09-15 | by ( Suzanne Mcgee And Lewis Krauskopf | ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Sept 15 (Reuters) - Newly publicly traded company Arm Holdings is poised to be added to popular indexes such as the tech-heavy Nasdaq 100, although inclusion in the S&P 500 is unlikely, analysts said. Shares of the British chip designer closed up 24.7% in their Nasdaq debut on Thursday, giving it a market value of $65 billion. “The Nasdaq 100 is the most likely widely followed index for the company to get added into,” said Todd Rosenbluth, Head of Research at VettaFi. However, inclusion in the Nasdaq 100 may take time for Arm shares. Inclusion of Arm shares in the S&P 500, which is the standard benchmark for the U.S. stock market, is far less certain, analysts said.

Persons: Rene Haas, Brendan McDermid, ”, Todd Rosenbluth, Russell, Todd Sohn, Sohn, Jeffrey DeMaso, Dow Jones, Lois Gregson, Suzanne McGee, Lewis Krauskopf, Ira Iosebashvili, Nick Zieminski Organizations: Nasdaq, REUTERS, Arm Holdings, Fund, Nvidia, Research, Lucid, ARM, Vanguard Investment, VanEck Semiconductor, Software, FactSet, Thomson Locations: New York, U.S, British, VettaFi

☆ Citadel's Ken Griffin says he's anxious about the market, seeing rally in the 7th or 8th inning
▼ + stars: | 2023-09-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ken Griffin , founder and CEO of Citadel, said Thursday he's uncertain that the stock-market rally can keep chugging along as the economy starts to feel the pain from rate hikes. "I'm a bit anxious that this rally can continue," Griffin said on CNBC's " Squawk on the Street. " He thinks that the market might have a hard time maintaining its solid 2023 gains as the negative effects of rate hikes starts to emerge. Griffin believes that there's a small chance of one more rate increase later this year. "We're now at the point where we're gonna see the impact of these hikes really start to play out we're seeing the job market starting to weaken."

Persons: Ken Griffin, Griffin, he's, We're Organizations: Citadel, Big Tech, Nvidia, Federal

The S&P 500 climbed 0.12% to end the session at 4,467.44 points. The Nasdaq gained 0.29% to 13,813.59 points, while the Dow Jones Industrial Average declined 0.20% to 34,575.53 points. The S&P 500 consumer discretionary index (.SPLRCD) climbed 0.9%, lifted as Ford Motor (F.N) rallied 1.5% on the vehicle maker's plans to double the production of its hybrid F-150 pickup trucks in 2024. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 10 new highs and 11 new lows; the Nasdaq recorded 20 new highs and 199 new lows.

Persons: Victoria Fernandez, Raindrops, 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, Nasdaq, Dow, Federal Reserve, Microsoft, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit Airlines, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

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

☆ ‘Higher for longer’ rates remain a threat to U.S. stocks after inflation data
▼ + stars: | 2023-09-13 | by ( David Randall | ) 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., August 15, 2023. In the 12-months through August, the CPI jumped 3.7%, though year-on-year consumer prices have come down from a peak of 9.1% in June 2022. Markets now anticipate that the Fed will cut rates for the first time in July 2024, compared with expectations a month ago that rates would begin falling by March. “Earnings are what matter from here, particularly with an AI sector that needs to justify expectations." Reporting by David Randall; Editing by Ira Iosebashvili and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Alex McGrath, Kevin Gordon, Charlie McElligott, ”, David Randall, Ira Iosebashvili, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Futures, Treasury, U.S ., Schwab Center, Financial Research JPMorgan, Nomura, Nvidia, Companies, Thomson Locations: New York City, U.S

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

☆ International stocks offer a host of opportunities for investors, says Schwab’s Jeffrey Kleintop
▼ + stars: | 2023-09-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

While the U.S. equities market is having a strong year, international stocks are the more promising investment play, according to Jeffrey Kleintop, Charles Schwab's chief global investment strategist. "International stocks are outperforming U.S. for the second year in a row, and I think the thesis behind that is the U.S. is really [centered] on seven stocks. The "terrible" investor sentiment for international stocks has created a promising buy-in point for investors, said the strategist. The strategist added that in addition to the equity opportunities outside of the U.S., investors ought to consider bumping their bond allocation a bit higher. The answer is probably, no matter who you are, probably a little more than you have now," said Kleintop.

Persons: Jeffrey Kleintop, Charles Schwab's, Kleintop, CNBC's Bob Pisani Locations: U.S, Germany, Ukraine, Europe

☆ Wall St Week Ahead: Investor hopes for US soft landing ride on inflation data
▼ + stars: | 2023-09-10 | by ( David Randall | ) www.reuters.com time to read: +4 min

Too high a number could fan fears of the Fed leaving interest rates higher for longer or hiking them more in coming months. That would give investors less reason to hold onto stocks after a tech-led drop in which the S&P 500 lost about 5% from summer highs. Reasons for optimism include the relative outperformance of the U.S. economy compared to Europe and China, and signs the so-called profit recession among S&P 500 companies may be over. The S&P 500 Information Technology sector lost more than 2% this week following news that Beijing had ordered central government employees to stop using iPhones for work. Still, much of the bull case for stocks hinges on softer inflation eventually pushing the Fed to lower interest rates.

Persons: Andrew Kelly, Michael Purves, Randy Frederick, Ed Clissold, Ned Davis, Jonathan Golub, David Lefkowitz, David Randall, Ira Iosebashvili, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Tallbacken Capital Advisors, Schwab Center, Financial Research, Technology, Apple, Huawei, Chief, Ned, Ned Davis Research, Credit Suisse Securities, UBS Global Wealth Management, Thomson Locations: Manhattan , New York City, U.S, Europe, China, Beijing

☆ Wall St Week Ahead Investor hopes for US soft landing ride on inflation data
▼ + stars: | 2023-09-08 | by ( David Randall | ) www.reuters.com time to read: +4 min

☆ Friday, Sept. 8, 2023: Cramer sees bargains in these stocks
▼ + stars: | 2023-09-08 | by ( Joshua Natoli | ) www.cnbc.com time to read: 1 min

Friday, Sept. 8, 2023: Cramer sees bargains in these stocksJim Cramer and Jeff Marks discuss how they are seeing buying opportunities being created after a tough week for the market. Jim explains why Club members should not worry about a megacap tech holding's recent decline ahead of its annual new product launch event next week. Finally, Jim shares an economic scenario where he could see the Federal Reserve raising interest rates once again.

Persons: Cramer, Jim Cramer, Jeff Marks, Jim Organizations: Federal Reserve

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

☆ September to remember or to forget? Here are things working for and against the stock market
▼ + stars: | 2023-09-04 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I never like higher rates at any end of the curve. At every benchmark, you will first hear that every bull market ends because of higher rates. We have done well in the stock market at 7% on the 20-year and well at half that. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Shawn Fain, Fain, He's, haven't, Tesla, —, Mike Wilsons, Mike Wilson, Morgan Stanley's, Here's, it's, there's, that's, Jim Cramer's, Jim Cramer, Jim, Jim Cramer Rob Kim Organizations: Companies, Federal Reserve, Big, ARM Holdings, Club, MarketEdge, United Auto Workers, UAW, Ford, ARM, American Free Trade, Netflix, Earth, Apple, Treasury, Fed, CNBC Locations: Mexico, United States, Canada

☆ Karen Firestone: What investors should know about megacap stocks’ market influence
▼ + stars: | 2023-08-30 | by ( Karen Firestone | ) www.cnbc.com time to read: +5 min

These four are responsible for 46% of the 17% gain in the S & P 500 year to date. In 2003, the largest stocks – General Electric , Microsoft, Pfizer and Exxon Mobil – represented merely 4.4% of the total index market value. By 2013, the share commanded by giants Apple, Exxon, Microsoft and GE rose to 8.9% of the S & P 500. That's still below their 21% market value share, but it helps explain what investors are paying for: exceptional free cash flow and sustainable margins. The S & P 500 will struggle without participation from its biggest components.

Persons: That's, Price, Karen Firestone Organizations: Apple, Microsoft, Nvidia, Meta, Delta Air Lines, Micron Technology, Electric, Pfizer, Exxon Mobil, Exxon, GE, U.S, Union, Asset Management

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. ET and is expected to show that private payrolls increased by 195,000 jobs in August after rising by 324,000 in July. Wall Street ended sharply higher on Tuesday after a drop in monthly job openings raised hopes the U.S. Federal Reserve could pause interest rate hikes, sending megacap growth stocks higher. ET, Dow e-minis were up 5 points, or 0.01%, S&P 500 e-minis were down 4 points, or 0.09%, and Nasdaq 100 e-minis were down 27.75 points, or 0.18%. Rite Aid (RAD.N) dropped 3.7% after S&P Global Ratings downgraded the drug retailer due to increased risk from restructuring.

Persons: Brendan McDermid, Susannah Streeter, Hargreaves Lansdown, Alibaba, Gina Raimondo, Bernstein, Shristi Achar, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Global, Dow, Nasdaq, Hargreaves, U.S . Federal, Traders, Treasury, PDD Holdings, Baidu, Beijing . U.S . Commerce, Dow e, HP Inc, Rite, Texas, Thomson Locations: New York City, U.S, Washington, Beijing . U.S, China, Bengaluru

☆ Funds punished for owning too few Nvidia shares after stunning 230% rally
▼ + stars: | 2023-08-30 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Yet many funds hold less of the stock in their portfolios compared with Nvidia's weight in key equity indexes, making it tougher for them to beat their benchmarks. Among those funds that held a below-average weight in Nvidia, 85% underperformed the index so far this year, Morningstar's data showed. Nvidia's valuation has been a primary reason keeping some investors away, while others are wary of buying in after the stock’s mammoth 230% run this year. Nvidia shares marked a record high closing price on Tuesday, in the wake of a strong earnings report last week. "The stock has had an amazing rally, but it would be totally normal for it to correct 20-25%."

Persons: Robert Galbraith, Refinitiv, ”, Chuck Carlson, Dow, Goldman Sachs, Goldman, Morgan Stanley, Robby Greengold, Jeremy Schwartz, Schwartz, Michael Purves, Purves, ” Purves, Lewis Krauskopf, Ira Iosebashvili, Matthew Lewis Organizations: Nvidia, REUTERS, Nasdaq, Horizon Investment Services, Reuters Graphics Reuters, Big, Microsoft, Dow Jones, Apple, U.S, Mutual, Morningstar, Tallbacken Capital Advisors, Thomson Locations: Santa Clara , California, Big Tech, New York

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. The S&P 500 and Nasdaq touched their highest in over two weeks during the session after the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed the number of job openings stood at 8.827 million in July, falling for the third straight month and signaling easing labor market pressures. Interest rate futures signaled an 87% chance the Fed will keep rates steady at its September meeting and a 54% chance it will keep rates on hold through November, according the CME Group's FedWatch tool. "Investors are of the mindset that 'You know what, maybe interest rate hikes are indeed behind us. According to preliminary data, the S&P 500 (.SPX) gained 64.39 points, or 1.45%, to end at 4,497.70 points, while the Nasdaq Composite (.IXIC) gained 239.36 points, or 1.74%, to 13,943.37.

Persons: Carlo Allegri, Elliott, let's, Sam Stovall, Jerome Powell's, drugmaker, Shristi Achar, Noel Randewich, Shounak Dasgupta, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Tesla, Nvidia, U.S . Federal Reserve, Nasdaq, Labor, CFRA Research, Dow Jones, Apple, Google, Elliott Investment Management, Verizon, Citi, PDD Holdings, Thomson Locations: New York, United States, U.S, Bengaluru, Oakland, Calif

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