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☆ Investors pummeled by tech in 2022 make new bets on sector in second quarter
▼ + stars: | 2023-08-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

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. The deadline for so-called 13-F filings for the second quarter is on Monday. 2023 has been a better year for investors, with the S&P 500 (.SPX) stock market index up 16% in the first half after a 20% drop in full-year 2022. IPhone maker Apple (AAPL.O), retailer Amazon, electric vehicle maker Tesla (TSLA.O), chip maker Nvidia and technology company Meta are among the group that accounted for 73% of the market's gains. Second-quarter filings suggest many hedge funds ramped up their bets on technology stocks that suffered last year.

Persons: Mike Segar, Meta's, Philippe Laffont, Svea Herbst, Bayliss, Matthew Lewis Organizations: Wall, New York Stock Exchange, REUTERS, Amazon.com, Meta, Coatue Management, Microsoft, Tiger Global Management, Nvidia, Investment, Securities and Exchange, Apple, Svea, Thomson Locations: Manhattan, New York City , New York, U.S, New York

☆ Wall St Week Ahead Sluggish US earnings may need pick-me-up to support 2023 stock rally
▼ + stars: | 2023-08-11 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

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. The S&P 500 (.SPX) has edged higher since earnings season began in July, with the benchmark index up 16% in 2023. Third-quarter S&P 500 earnings are seen rising 1.3% on a year-over-year basis, according to Refinitiv, before a 9.7% fourth-quarter earnings rise and a 11.9% full-year increase in 2024. Reuters Graphics Reuters GraphicsMeanwhile, the S&P 500 has become more richly valued. Q2 RESULTSWith 91% of S&P 500 companies having reported second-quarter results, 78.7% posted earnings above analysts' expectations, according to Refinitiv IBES.

Persons: Mike Segar, Eric Freedman, Refinitiv, Anthony Saglimbene, Julian Emanuel, Evercore, Emanuel, John Lynch, Ned Davis, Comerica's Lynch, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: Wall, New York Stock Exchange, REUTERS, Stock, U.S, Bank Asset Management, Reuters Graphics Reuters, Credit Suisse, Ameriprise Financial, Comerica Wealth Management, Apple, Walmart, Ned Davis Research, Thomson Locations: Manhattan, New York City , New York, U.S

☆ US bank stocks drop as Moody's downgrade sours sentiment
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

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/Mike Segar/File PhotoAug 8 (Reuters) - Shares of U.S. banks fell in premarket trading on Tuesday after ratings agency Moody's downgraded 10 mid-sized lenders, reigniting investor concerns about the challenges facing the industry. Moody's also warned it may cut ratings of some of the biggest U.S. lenders, and placed six of them under review for a potential downgrade. "It is significant for U.S. growth too, as U.S. regional banks are the financing lifeblood for small and mid-size enterprises." Shares of Bank of America (BAC.N), Citigroup (C.N) and JPMorgan Chase (JPM.N) fell more than 1%.

Persons: Mike Segar, Moody's, Stuart Cole, JPMorgan Chase, Georgios Leontaris, Niket Nishant, Mayur, Shashwat Chauhan, Shounak Dasgupta, Saumyadeb Organizations: Wall, New York Stock Exchange, REUTERS, Bank of New York Mellon, U.S . Bancorp, Truist, Equiti, Bank of America, Citigroup, JPMorgan, Bank, EMEA, HSBC Global Private Banking, Wealth, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Switzerland, Bengaluru

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

[1/3] 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. Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department said in its closely watched employment report on Friday, slightly below expectations of 200,000 jobs. U.S. Treasury yields dropped after jobs data on Friday showed the U.S. economy added fewer jobs than expected in July, but investors hesitated to rule out further monetary tightening. Oil prices headed for a sixth straight weekly gain, driven by the prospect of reduced supply from Saudi Arabia and Russia. U.S. crude rose 1.4% to $82.69 per barrel and Brent was at $86.10, up 1.13% on the day.

Persons: Mike Segar, Rick Rieder, Randy Frederick, Charles Schwab, Frederick, Sterling, Fitch, Brent, Lawrence Delevingne, Amanda Cooper, Elizabeth Howcroft, Ankur Banerjee, Sruthi Shankar, Sharon Singleton, Nick Macfie, Diane Craft Organizations: Wall, New York Stock Exchange, REUTERS, Apple, Treasury, U.S ., Labor Department, Dow Jones, Nasdaq, FTSE, U.S . Federal, Bank of England, U.S . Treasury, Thomson Locations: Manhattan, New York City , New York, U.S, Austin , Texas, United States, Saudi Arabia, Russia, Boston, London

(Reuters) -Comerica and Huntington Bancshares on Friday sharply cut their interest income growth forecasts for 2023, the latest U.S. banks to sound the alarm over faltering loan demand and spike in deposit costs. NII - the difference between what banks make on loans and pay out on deposits - rose for nearly all banks reporting earnings for the April-June quarter, with Comerica and Huntington also topping profit estimates. Mid-sized lender Regions Financial, which also reported results on Friday, said its deposit costs had risen in the second quarter. Comerica slashed its 2023 NII growth forecast to a range of 1% to 2% from 6% to 7% estimated earlier, and its shares fell 3.8%. Its shares slipped 1.3% in late-morning tradeRegions Financial kept its 2023 NII forecast unchanged but its stock declined 3.4%.

Persons: Huntington Bancshares, Mike Segar, Huntington, ”, Christopher Marinac, Janney Montgomery Scott, James Herzog Organizations: Reuters, Comerica, Huntington, Wall, New York Stock Exchange, REUTERS, Federal, Financial, ” Comerica Locations: Manhattan, New York City , New York, U.S

☆ Global stocks index flat, Dollar falls on mixed U.S. jobs data
▼ + stars: | 2023-07-07 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

Still, the unemployment rate fell to 3.6% in June from 3.7% in May and average hourly earnings rose 0.4%, the same as May. On Thursday, private payroll provider ADP's strong U.S. labor market data had sparked an equities sell-off and boosted Treasury yields. While Friday's government data was initially met with a more muted market reaction, stocks gained some ground during the session before losing ground again in afternoon trading. The dollar slumped after the labor market data as some traders were betting that the Fed could cut rates sooner than previously expected. The dollar index fell 0.795%, with the euro up 0.73% to $1.0965.

Persons: Mike Segar, nonfarm payrolls, Quincy Krosby, payrolls, Sam Stovall, Stovall, Sterling, Brent, Sinéad Carew, Caroline Valetkevitch, Nell Mackenzie, Naomi Rovnick, Tom Westbrook, Andrew Heavens, David Holmes, Will Dunham, David Evans Organizations: Wall, New York Stock Exchange, REUTERS, Federal, U.S, CFRA Research, Dow Jones, Nasdaq, Fed, Treasury, Thomson Locations: Manhattan, New York City , New York, U.S, Charlotte , North Carolina, New York, London, Sydney

☆ Bonds whipsaw, world stocks barely higher after mixed U.S. jobs data
▼ + stars: | 2023-07-07 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

On Thursday, private payroll provider ADP's strong U.S. labour market data had sent equities lower and boosted Treasury yields. But Friday's government data prompted a more muted market reaction and barely changed expectations for the Federal Reserve's rate hiking cycle. The pan-European STOXX 600 index (.STOXX) rose 0.11% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.16%. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.71% lower, while Japan's Nikkei (.N225) lost 1.17%. In commodities, oil prices were higher even as U.S. jobs data did little to allay fears of further interest rate hikes.

Persons: Mike Segar, nonfarm payrolls, Peter Cardillo, Brent, Sinéad Carew, Caroline Valetkevitch, Nell Mackenzie, Naomi Rovnick, Tom Westbrook, Andrew Heavens, David Holmes, David Evans Organizations: Wall, New York Stock Exchange, REUTERS, U.S, Federal, Spartan Capital Securities, Fed, Traders, Treasury, Dow Jones, Nasdaq, Japan's Nikkei, Thomson Locations: Manhattan, New York City , New York, U.S, Asia, Pacific, Japan, New York, London, Sydney

"We'll have a much better sense after we get another major data point on Friday with the jobs report and the inflation data next week." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.93% lower, while Japan's Nikkei (.N225) lost 0.25%. In currencies, the U.S. dollar edged higher against other major currencies after Fed minutes reinforced expectations of another interest rate hike at the end of the month. The dollar index rose 0.272%, with the euro down 0.22% to $1.0853. And market participants were awaiting demand data from the July 4 U.S. holiday weekend, which tends to mark the peak U.S. travel season.

Persons: Mike Segar, outstrip Brent, Michael James, Jack Janasiewicz, Janasiewicz, ”, Paul Nolte, Sterling, Brent, Sinéad Carew, Lewis Krauskopf, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Will Dunham, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, . Federal Reserve, Wedbush Securities, U.S . Commerce, Companies, U.S, Solutions, Traders, Murphy, Sylvest Wealth Management, “, Dow Jones, Nasdaq, Japan's Nikkei, Treasury, Brent, Thomson Locations: Manhattan, New York City , New York, U.S, Los Angeles, United States, China, Washington, Europe, Asia, Pacific, Japan, Saudi Arabia, Russia, New York, London, Sydney

"There's a lot of data we're going to see here over the next several weeks as we head to the end of July Fed meeting. The pan-European STOXX 600 index (.STOXX) lost 0.78% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.39%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.84% lower, while Japan's Nikkei (.N225) lost 0.25%. The U.S. dollar was holding steady against other major currencies as traders awaited the Fed minutes. The dollar index rose 0.097%, with the euro down 0.04% to $1.0873.

Persons: Mike Segar, Tim Ghriskey, Ingalls & Snyder, Data, Sterling, Brent, Sinéad Carew, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, U.S . Federal Reserve, Treasury, Federal, Investors, Tuesday's, Independence, Ingalls &, Dow Jones, Nasdaq, Japan's Nikkei, Traders, U.S, Brent's, Thomson Locations: Manhattan, New York City , New York, U.S, Tuesday's U.S, New York, Asia, Pacific, Japan, Saudi Arabia, Russia, London, Sydney

☆ Burt Bacharach, legendary composer of pop songs, dies at 94
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +10 min

Bacharach was both an innovator and throwback, and his career seemed to run parallel to the rock era. He was an eight-time Grammy winner, a prize-winning Broadway composer for "Promises, Promises" and a three-time Oscar winner. Fellow songwriter Sammy Cahn liked to joke that the smiling, wavy-haired Bacharach was the first composer he ever knew who didn't look like a dentist. Bacharach was essentially a pop composer, but his songs became hits for country artists (Marty Robbins), rhythm and blues performers (Chuck Jackson), soul (Franklin, Luther Vandross) and synth-pop (Naked Eyes). He's everybody's composer ... Burt Bacharach!"

☆ U.S. composer Burt Bacharach dies at age 94
▼ + stars: | 2023-02-09 | by ( Bill Trott | ) www.reuters.com time to read: +6 min

Bacharach and David had 30 Top-40 hits in the '60s alone. I'd hear his melodies and I'd hear lyrics. I'd hear rhymes, I'd hear thoughts and I'd hear it almost immediately." Bacharach and David scored the Neil Simon Broadway musical "Promises, Promises," which won them two Tonys and a Grammy. While star performers made his songs hits, Bacharach said he also enjoyed performing himself and making a personal connection with smaller audiences.

The global macro, policy and political mix dynamic has never been more uncertain, and standard economic and market models based on mean reversion and historical precedence have rarely been less useful. It is against this backdrop that Saxo Bank and Standard Chartered have released their extremely-out-of-consensus 'Outrageous Predictions' and 'Market Surprises of 2023' forecasts, respectively. Given the political, economic and financial market turmoil of the past 12 months, none of these scenarios over the next 12 could be completely ruled out. chartWALL, MEET MUDLet's take a few of these predictions, starting with Standard Chartered's yuan and euro calls. Deutsche Bank's baseline 2023 economic outlook even has euro zone growth outpacing U.S. growth next year.

"Good news on the economy is bad news for inflation, whether that's China opening up or lower gasoline prices." The 10-year's yield rose 9.3 basis points to 3.596%. The 10-year German bund , the bloc's benchmark, rose 1.3 basis points to 1.890%. The Reserve Bank of Australia meets on Tuesday, and is expected to raise rates by a mere 25 basis points. The Bank of Canada meets on Wednesday and is expected to raise rates by 50 basis points.

S&P 500 stocksAll 11 S&P 500 sector indexes declined, led by real estate (.SPLRCR), down 2.81%, and a 2.74% loss in energy (.SPNY). The S&P 500 declined 1.54% to end the session at 3,963.95 points. With two trading days left in November, the S&P 500 is on track for a gain of 2.4% for the month. Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O), Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O). The S&P 500 posted 12 new highs and two new lows; the Nasdaq recorded 93 new highs and 174 new lows.

[1/2] 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. "At best it reduced the likelihood of a three-quarter point rate hike in December and brought it down to a half-point hike. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 19 points, or 0.48%, and Nasdaq 100 e-minis were up 69 points, or 0.59%. Shares of megacap companies extended gains in premarket trading, with Alphabet Inc (GOOGL.O) up 0.8% after a near 9% surge in the previous session. Reporting by Shubham Batra, Sruthi Shankar and Devik Jain in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures point to fresh gains on Wall Street
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] 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. The S&P 500 has now rallied over 10% from its mid-October closing lows, while the Nasdaq has climbed nearly 8%, aided by better-than-expected earnings reports and hopes of a Fed slowdown. ET, Dow e-minis were up 130 points, or 0.39%, S&P 500 e-minis were up 16.25 points, or 0.41%, and Nasdaq 100 e-minis were up 66 points, or 0.57%. Shares of megacap companies extended gains in premarket trading, with Apple Inc (AAPL.O) up 0.5% after a near 9% surge in the previous session. Reporting by Shubham Batra and Sruthi Shankar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street ends sharply higher, dollar dips on UK U-turn, strong earnings
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

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. All three major U.S. stock indexes rallied to end the session 1.9% to 3.4% higher while and the dollar lost ground against a basket of world currencies. "The catalysts that have triggered in the markets year-to-date are well-known," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. The pan-European STOXX 600 index (.STOXX) rose 1.83% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 2.09%. Emerging market stocks rose 0.32%.

☆ U.S. stocks surge, dollar dips on solid earnings, UK policy U-turn
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

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. A broad-based rally sent all three major U.S. stock indexes sharply higher, while Treasury yields eased and the dollar lost ground. European stocks closed sharply higher on the UK's financial policy reversal. Emerging market stocks rose 0.37%. The euro and sterling gained strength following Hunt's announced policy reversal, causing the greenback to lose ground against a basket of major world currencies.

☆ Wall Street rallies, dollar dips on solid earnings, UK policy U-turn
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

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. "More and more economists are embracing recession," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "Usually when the market has discounted everything - and I believe it has - usually (the last months of the year) are positive for the stock market." Emerging market stocks rose 0.42%. Treasury prices rose, tracking similar moves in the UK bond market, pushing benchmark Treasury yields lower for the first time in three days.

☆ Wall Street surges as market seeks bottoming signs
▼ + stars: | 2022-10-17 | by ( Reuters Staff | ) www.reuters.com time to read: +6 min

FILE PHOTO: 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. That seems to be the daily MO for the market.”PHIL BLANCATO CEO OF CEO OF LADENBURG THALMANN ASSET MANAGEMENT“This is the turnaround week every single year. If you look for the single best turnaround week for the year, it’s always the second week of October. The fourth quarter is on average the best quarter every single year and on average the turnaround week happens the second week of October. You’re seeing earnings hold on so far.

☆ The Dow is in a bear market. What does that mean?
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Worries that the Federal Reserve's war against decades-high inflation is pushing the U.S. economy into a downturn have sent the U.S. stock market tumbling in 2022. With the S&P 500 (.SPX) and Nasdaq (.IXIC) already down some 23% and 32%, respectively, from their record highs, confirmation the Dow is also in a bear market is just the latest milestone in 2022's market turmoil. Many investors use the terms loosely, and analysts don't always share the same specific definitions, particularly about when to call the end of a bear market. However, S&P Dow Jones Indices, which administers the S&P 500 and Dow Jones Industrial Average, has an even more nuanced definition. Indeed, investors can only be sure they are in a new bull market once a new record high has been reached, and at that point, the previous low would mark the end of the bear market and beginning of the new bull market, according to S&P Dow Jones Indices.

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. Five of the 11 S&P 500 sectors were lower. Tech heavyweights Apple Inc (AAPL.O) and Tesla Inc (TSLA.O) rose more than 1% each to provide the biggest boost to S&P 500 and the Nasdaq. read moreThe CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to 26.67 points. Declining issues outnumbered advancers for a 1.31-to-1 ratio on the NYSE and for a 1.92-to-1 ratio on the Nasdaq.

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. Unexpectedly hot August inflation data last week also raised bets on increased rate hikes down the road, with the terminal rate for U.S. fed funds now at 4.47%. The Fed regards a recession as regrettable, but necessary to fight inflation," Grisanti said. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to 27.72 points, inching closer to a more than two-month high. Focus will also be on new economic projections, due to be published alongside the policy statement at 2 p.m.

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. Five of the 11 S&P 500 sectors were down in early trading. Unexpectedly hot August inflation data last week also raised bets on increased rate hikes down the road, with the terminal rate for U.S. fed funds now at 4.48%. The S&P 500 has lost 19% so far this year on worries of a central bank-induced recession amid recent warnings of slowing demand from delivery firm FedEx and an inverted U.S. Treasury yield curve. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to 27 points, inching closer to a more than two-month high.

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