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Crude oil prices pushed higher, adding to inflationary pressures at a time when investors are hoping to see central banks back away from interest rate hikes. Energy stocks rose along with crude oil prices after Saudi Arabia and Russia said they will extend their voluntary production cut of 1 million barrels of oil a day through the end of the year. Much of the information fueled hopes that the Fed might moderate interest rate increases to fight inflation, which has been easing for months. Wall Street expects the Fed to hold its benchmark interest rate steady at its next meeting later in September, just as it did at its previous meeting. The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001.

Persons: ” Stephen Innes, Russell, Cintas, Brent, Kroger, Alex Veiga, Damian J, Troise Organizations: Japan’s Nikkei, Management, Labor, Dow Jones, Nasdaq, New York Stock Exchange, Merck, Co, JPMorgan Chase, Microsoft, Energy, Chevron, New York Mercantile Exchange, Institute for Supply Management, GameStop, Dave, AP Business Locations: Asia, U.S, Seoul, Australia, Shanghai, Saudi Arabia, Russia

With U.S. crude oil prices rallying on Tuesday, Nolte also cited recent strength in oil prices as a damper to the Fed's efforts to push inflation back to 2%. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. The Dow Jones Transport index (.DJT) finished off 2.2%, weighed down by a slide in airline stocks as rising oil prices implied higher fuel costs. Shares of Airbnb (ABNB.O) rallied 7% while Blackstone (BX.N) added 3.6% on news that their stocks would join the S&P 500 index. The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 50 new highs and 142 new lows.

Persons: Blackstone, Christopher Waller, Paul Nolte, Murphy, Nolte, Sam Stovall, Brendan McDermid, Goldman Sachs, advancers, Sinéad Carew, Shristi, Arun Koyyur, Shounak Dasgupta, Richard Chang Organizations: Dow, Nasdaq, Monday, Monday . U.S, Treasury, Sylvest Wealth Management, Traders, Labor, CFRA Research, Dow Jones, New York Stock Exchange, REUTERS, Transport, United Airlines, U.S, Blackstone, Oracle, Barclays, NYSE, Thomson Locations: Monday ., Elmhurst , Illinois, New York City, U.S, Saudi Arabia, Russia, New York, Bengaluru

The Labor Department's report showed the unemployment rate rose to 3.8% last month against expectations that it would remain unchanged at 3.5%, while wages advanced 0.2% on a monthly basis, moderating from a 0.4% rise in July. Nonfarm payrolls increased by 187,000 jobs in August, against expectations of 170,000 additions, according to a Reuters poll of economists. Data for July was revised to show 157,000 job additions instead of the 187,000 additions reported before. The payrolls report follows recent data showing a fall in job openings and softer-than-expected private employment growth, both of which signaled weakness in the labor market. Broadcom (AVGO.O) fell 4.5% as the chipmaker projected current-quarter revenue below expectations on softening enterprise demand.

Persons: Brendan McDermid, Nonfarm, Rick Meckler, salvos, Rosalind Brewer, decliners, Shristi Achar, Sruthi Shankar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Broadcom, Dell, Dow, Nasdaq, Federal, Labor, Data, Traders, Cherry Lane Investments, Fed, Institute for Supply Management, Dow Jones, Disney, Charter Communications, ESPN, Charter's, Dell Technologies, Walgreens Boots Alliance, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. The Commerce Department report showed the Personal Consumption Expenditures (PCE) price index, considered to be the Fed's preferred inflation gauge, climbed 3.3% in July on an annual basis, meeting expectations of a 3.3% rise. Excluding volatile food and energy components, the core PCE price index rose 4.2% in July, year-on-year, also in line with estimates. Investors are now awaiting the more comprehensive non-farm payrolls data due on Friday for more clarity on the Fed's likely monetary path. Dismal manufacturing data from China sent U.S.-listed shares of Chinese companies JD.com and Baidu down 3.1% and 1.8%, respectively.

Persons: Brendan McDermid, we've, Tony Roth, Shristi Achar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Commerce Department, Traders, Wilmington Trust, Dow Jones, Baidu, NYSE, Thomson Locations: New York City, U.S, Wilmington, payrolls, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. The ADP National Employment report showed private payrolls increased by 177,000 jobs in August, compared with estimates of 195,000, signaling a softening labor market. "The most recent data really shows that the economy is not overheating and it keeps this sort of Goldilocks hopes alive. Ten of the 11 major S&P 500 sectors rose, with information technology (.SPLRCT) and energy (.SPNY) leading gains, up 0.8% and 0.7%, respectively. Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, David Russell, Dow Jones, Brown, Forman, BFb.N, Jack Daniels, Shristi Achar, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Visa, Mastercard, Dow, Nasdaq, HP Inc, Traders, Treasury, Apple, Netflix, Investors, Labor, Dow Jones, Vaalco Energy, NYSE, Thomson Locations: New York City, U.S, Gabon, Bengaluru

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. 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. The S&P 500 communication services sector (.SPLRCL) rose 2.6%, while consumer discretionary (.SPLRCD) and technology (.SPLRCT) stocks gained 1.9% each. The non-farm payrolls report on Friday will offer investors more clarity about the state of the labor market. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Elliott, Hogan, Jerome Powell's, drugmaker, decliners, Shristi Achar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, U.S . Federal Reserve, Labor, Conference Board, Riley, Microsoft, Nvidia, Google, Elliott Investment Management, Dow Jones, Verizon, Citi, PDD Holdings, NYSE, Thomson Locations: New York, United States, Bengaluru

People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. Horizon's shares rose 5.5%. Advancing issues outnumbered decliners for a 3.82-to-1 ratio on the NYSE and a 1.78-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and 101 new lows. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Stocks, Jerome Powell, Roosevelt Bowman, Gina Raimondo, Wang Wentao, Goldman Sachs, decliners, Shristi Achar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bernstein Private Wealth Management, Traders, Fed, Nvidia, U.S, Baidu, U.S . Commerce, Intel, Micron, Chinese Commerce, Intel's, Dow Jones, U.S . Federal Trade Commission, Horizon Therapeutics, Creative Planning, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. The S&P 500 communication services (.SPLRCL) and technology (.SPLRCT) sectors led gains among the 11 major S&P sub-indexes, rising 1.2% and 0.8% respectively. Horizon's shares rose 5.8%. Advancing issues outnumbered decliners for a 5.47-to-1 ratio on the NYSE and a 2.95-to-1 ratio on the Nasdaq. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Stocks, Jerome Powell, Peter Andersen, Gina Raimondo, Wang Wentao, decliners, Shristi Achar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Microsoft, Andersen Capital Management, Traders, U.S, PDD Holdings, Baidu, U.S . Commerce, Intel, Micron, Chinese Commerce, Intel's, Dow Jones, Xpeng, U.S . Federal Trade Commission, Horizon Therapeutics, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

☆ This week's most overbought and oversold stocks in the S&P 500 include several pharma names
▼ + stars: | 2023-08-26 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

The relative strength index, which measures the magnitude and speed of price moves, is one way to evaluate whether shares are overbought or oversold. With this in mind, CNBC Pro screened for stocks in the broad market index that fell into overbought and oversold territory this past week. Overbought stocks Here are the ten most overbought stocks for the week. Several technology names made the list of overbought names, suggesting they may soon experience a pullback. Eli Lilly was the most overbought stock in the broad market index this week, with the highest 14-day RSI value of 85.8.

Persons: Jerome Powell's Jackson, Ralph Lauren, DXC, Eli Lilly Organizations: Nasdaq, Dow Jones, CNBC Pro, Citi, Insulet Corp, Citigroup Locations: overbought

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. While inflation has come down from its peak, Powell said, it still remains high and policymakers would "proceed carefully" in deciding further interest rate moves. "But he also threatened to drop the hammer again if the economy and job market run too hot. The S&P index recorded two new 52-week highs and seven new lows, while the Nasdaq recorded 12 new highs and 149 new low. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Nordstrom, Jerome Powell's, Powell, David Russell, advancers, Amruta Khandekar, Shinjini Organizations: New York Stock Exchange, REUTERS, Marvell Technology, Dow, Nasdaq, Jackson, Treasury, Fed, Dow Jones, NYSE, Thomson Locations: New York City, U.S, Maui

☆ Major indexes fall 1%, focus shifts to upcoming Powell speech
▼ + stars: | 2023-08-24 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Shares of Nvidia (NVDA.O) ended barely higher after they hit a record high early in the session. All of the major S&P 500 sectors were down on the day, however, and an index of semiconductors (.SOX) dropped 3.4%. Reuters GraphicsAmong the day's decliners, Dollar Tree (DLTR.O) shares dropped 12.9% after the retailer forecast annual profit largely below estimates. The S&P 500 posted 10 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 35 new highs and 220 new lows.

Persons: Robert Galbraith, Jerome Powell's, Powell's, it's, Jay Powell, Jake Dollarhide, Patrick Harker, Amruta Khandekar, Shreyashi Sanyal, Shristi, Savio D'Souza, Shinjini Ganguli, Deepa Babington Organizations: Nvidia, REUTERS, Dow, Nasdaq, Federal, Longbow, Management, Dow Jones, Treasury, Philadelphia Fed, CNBC, Reuters Graphics, NYSE, Thomson Locations: Santa Clara , California, Jackson Hole , Wyoming, Tulsa , Oklahoma, Bengaluru

☆ Wall St ends down sharply, focus shifts to upcoming Powell speech
▼ + stars: | 2023-08-24 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. All of the major S&P 500 sectors were down on the day, however, and an index of semiconductors (.SOX) also dropped. "As much as investors want to focus on Nvidia and want to focus on tech - and it's been a good year so far - this is still a market that is Fed obsessed. The market had gained along with Nvidia this week ahead of the company's report on hopes that its forecast could extend this year's artificial intelligence tech stock rally. Reuters GraphicsAmong the day's decliners, Dollar Tree (DLTR.O) shares dropped after the retailer forecast annual profit largely below estimates.

Persons: Robert Galbraith, Jerome Powell's, Powell's, it's, Jay Powell, Jake Dollarhide, Patrick Harker, Amruta Khandekar, Shreyashi Sanyal, Shristi, Savio D'Souza, Shinjini Ganguli, Deepa Babington Organizations: Nvidia, REUTERS, Nasdaq, Federal, Dow Jones, Longbow, Management, Treasury, Philadelphia Fed, CNBC, Reuters Graphics, Thomson Locations: Santa Clara , California, Jackson Hole , Wyoming, Tulsa , Oklahoma, Bengaluru

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. The reports came ahead of a speech by Fed Chair Jerome Powell at an annual central bank summit in Jackson Hole on Friday that would offer more clues on the direction for the U.S. interest rates. "The Jackson Hole last year was not good for markets. So you've got a little bit of a down shift into a wait-and-see mode to ascertain what Powell is going to sound like this year at Jackson Hole," said Hogan. Advancing issues outnumbered decliners by a 1.29-to-1 ratio on the NYSE and for a 1.29-to-1 ratio on the Nasdaq.

Persons: Robert Galbraith, Jerome Powell's, there's, Hogan, Jerome Powell, Jackson, you've, Powell, Amruta Khandekar, Shreyashi Sanyal, Shristi, Savio D'Souza, Shinjini Organizations: Nvidia, REUTERS, Dow, Nasdaq, Federal, Riley, Microsoft, Apple Inc, Investors, Labor Department, Reuters, Traders, Dow Jones, Boeing, NYSE, Thomson Locations: Santa Clara , California, Jackson, Bengaluru

☆ Dow, S&P 500 end down as US interest-rate worries mount, bank shares slip
▼ + stars: | 2023-08-22 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Financials (.SPBK) were the biggest drag on the S&P 500. An S&P downgrade of multiple regional U.S. lenders weighed on bank shares, with both the KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) sharply lower. According to preliminary data, the S&P 500 (.SPX) lost 11.90 points, or 0.27%, to end at 4,387.87 points, while the Nasdaq Composite (.IXIC) gained 10.01 points, or 0.07%, to 13,507.60. Shares of Nvidia hit an all-time high of $481.87 early but were lower on the day.

Persons: Carlo Allegri, Jerome Powell, Peter Tuz, Caroline Valetkevitch, Amruta Khandekar, Shinjini Ganguli, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Nvidia, NEW YORK, Dow, Reserve, Nasdaq, Investors, Chase Investment, Treasury, Dow Jones, . Department, Kohl's Corp, Nordstrom Inc, Thomson Locations: New York, U.S, Jackson Hole , Wyoming, Charlottesville , Virginia

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. The yield on the 10-year Treasury note scaled over 15-year highs after a brief pullback, dragging equities lower. Wall Street had regained some ground on Monday due to a rally in Nvidia and other tech stocks. Shares of Nvidia (NVDA.O) hit an all-time high of $481.87 soon after markets opened but were last down 1.5%. The S&P index recorded one new 52-week highs and 8 new lows, while the Nasdaq recorded 23 new highs and 76 new lows.

Persons: Carlo Allegri, Phil Blancato, Ladenburg, Robert Pavlik, Jerome Powell, Cos, Amruta Khandekar, Shinjini Organizations: New York Stock Exchange, REUTERS, Nvidia, KeyCorp, Comerica, Dow, Nasdaq, Treasury, Asset Management, Federal, Dakota Wealth, Microsoft, Reuters Graphics, Traders, Dow Jones, Nike, Sporting, Activision, Ubisoft Entertainment, NYSE, Thomson Locations: New York, U.S, Fairfield, Jackson

☆ Nasdaq rallies with Nvidia, tech shares; investors look toward Jackson Hole
▼ + stars: | 2023-08-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The technology sector (.SPLRCT) gave the biggest boost to the S&P 500 and Nasdaq, while an index of semiconductors (.SOX) advanced 2.8%. At the same time, she said, investors are anxious to hear Powell's comments at Jackson Hole. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Declining issues outnumbered advancing ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored decliners. The S&P 500 posted 3 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 36 new highs and 214 new lows.

Persons: Jerome Powell, Quincy Krosby, Jackson, Brendan McDermid, Johnson, Goldman Sachs, Caroline Valetkevitch, Amruta Khandekar, Arun Koyyur, Vinay Dwivedi, David Gregorio Our Organizations: Palo Alto Networks, Dow, Nasdaq, Nvidia, Federal, HSBC, Financial, Treasury, Traders, New York Stock Exchange, REUTERS, Dow Jones, Johnson, VMware, NYSE, Thomson Locations: Wyoming, Charlotte , North Carolina, New York City, U.S, Palo, billings

☆ Nasdaq rallies as Nvidia, tech jump; investors look toward Jackson Hole
▼ + stars: | 2023-08-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The technology sector (.SPLRCT) gave the biggest boost to the S&P 500 and Nasdaq, while an index of semiconductors (.SOX) was also up sharply. Nvidia's stock is up more than 200% for the year so far, while the Nasdaq is up nearly 30%. At the same time, she said, investors are anxious to hear Powell's comments at Jackson Hole. According to preliminary data, the S&P 500 (.SPX) gained 30.42 points, or 0.70%, to end at 4,400.13 points, while the Nasdaq Composite (.IXIC) gained 206.65 points, or 1.55%, to 13,497.42.

Persons: Brendan McDermid, Jerome Powell, Quincy Krosby, Jackson, Johnson, Goldman Sachs, Caroline Valetkevitch, Amruta Khandekar, Arun Koyyur, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Palo Alto Networks, Nasdaq, Nvidia, Dow, Federal, HSBC, Financial, Treasury, Dow Jones, Johnson, VMware, Thomson Locations: New York City, U.S, Wyoming, Charlotte , North Carolina, Palo, billings

Cisco Systems (CSCO.O) gained 4.6% after the networking equipment maker's fourth-quarter results beat estimates, and its CEO talked up artificial intelligence opportunities. The S&P 500 health sector (.SPXHC), down 0.2%, was among the few major sectors in the red. Advancing issues outnumbered decliners by a 1.91-to-1 ratio on the NYSE and by a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 12 new lows, while the Nasdaq recorded 11 new highs and 95 new lows. Reporting by Amruta Khandekar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Dow, Thomas Martin, Amruta Khandekar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Cisco, Dow, Nasdaq, U.S, U.S . Federal, Cisco Systems, Globalt Investments, Traders, Fed, Walmart, Target, CVS Health Corp, . Energy, Dow Jones, Ball Corp, BAE Systems, NYSE, Thomson Locations: New York, U.S ., U.S, Bengaluru

The minutes of the Fed's July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty among investors about the outlook for interest rates. Bank shares extended losses, with the S&P 500 bank index <.SPXBK> down 1% and Bank of America (BAC.N) leading losses among bigger banks to end 2.2% lower. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Equities have suffered through a rough patch in August, with the S&P 500 languishing near one-month lows as data underscoring sticky inflation and a robust economy fans fears of interest rates staying elevated for longer. The S&P 500 posted four new 52-week highs and 18 new lows; the Nasdaq Composite recorded 36 new highs and 255 new lows.

Persons: Banks, we're, Peter Tuz, Brendan McDermid, Mike Reynolds, Saeed Azhar, Noel Randewich, Amruta, Lewis Krauskopf, Maju Samuel, Vinay Dwivedi, Deepa Babington Organizations: Nasdaq, Dow, Federal, Chase Investment, ”, Dow Jones, Bank, Bank of America, Nvidia, New York Stock Exchange, REUTERS, Walmart, NYSE, Thomson Locations: Charlottesville , Virginia, New York City, U.S, New York, Bengaluru

Buoyed by inflation numbers, traders not only expect the central bank to stop further monetary tightening in 2023, they are also betting the Fed would start cutting interest rates early next year. "Inflation has returned to the good old days where in 2019 we saw an average monthly increase of around 0.2% ... The Fed, therefore, might feel it can pause as planned and not raise interest rates in September," said George Mateyo, chief investment officer at Key Private Bank. The tech-heavy Nasdaq led Wall Street lower on Wednesday, with heavyweight Nvidia (NVDA.O) falling 4.7%, followed closely by the other "Magnificent Seven" megacap stocks that drove this year's stock rally. On the earnings front, Walt Disney (DIS.N) rose 3.2% after beating Wall Street estimates for quarterly adjusted profit per share.

Persons: Brendan McDermid, George Mateyo, Mary Daly, Walt Disney, Michael Kors, Tapestry's, Joe Biden, Bansari Mayur Kamdar, Johann M Cherian, Shashwat Chauhan, Shubham Batra, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Disney, Dow, Nasdaq, Reserve, Key Private Bank, San Francisco Fed, Microsoft, Apple, Nvidia, Dow Jones, Wall, Alibaba, Wednesday, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ Stock Market Today: Dow Drops 400 Points; Eli Lilly, Novo Nordisk Stocks in Focus
▼ + stars: | 2023-08-08 | by ( ) www.wsj.com time to read: +2 min

Shares of regional banks, including U.S. Bancorp, Key and Comerica, were among the biggest decliners in the S&P 500. The pullback stood to reverse some of Monday’s stock-market gains, which included a roughly 400-point increase for the Dow . Stock indexes fell. The S&P 500, Dow industrials and Nasdaq all declined by more than 1%. Eli Lilly led the S&P 500 higher.

Persons: Dow, Eli Lilly Organizations: U.S . Bancorp, Key, Comerica, Bank of America, JPMorgan Chase, Citigroup, Dow, United Parcel Service, Dow industrials, Nasdaq, Treasury, Shanghai, Nikkei, Bank, Commodities Locations: Europe, Rome, U.S

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. U.S. stocks have sharply rallied in 2023, with the benchmark S&P 500 (.SPX) clocking 17% gains year to date, fueled by optimism around artificial intelligence and hopes of a soft landing for the world's largest economy. "But in the service side, it's been pretty sticky and that's one reason why it's taking a lot longer for inflation to subside." Reuters GraphicsOverall, second-quarter earnings have been better-than-expected so far, with 79.1% of the 422 S&P 500 companies that have reported as of Friday beating analysts' estimates, according to Refinitiv data. The S&P index recorded 17 new 52-week highs and seven new lows, while the Nasdaq recorded 46 new highs and 128 new lows.

Persons: Brendan McDermid, Dow, Charlie Ripley, it's, John Williams, Michelle Bowman, Vaibhav, Zachary Kirkhorn, Berkshire Hathaway, Warren Buffett, Tyson, packer, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Berkshire, Tyson, Dow, Nasdaq, Federal, CPI, Allianz Investment Management, York Fed, Dow Jones, Apple, Reuters, Sage Therapeutics, Tyson Foods, Yellow Corp, NYSE, Thomson Locations: New York City, U.S, Bengaluru

A partial counterweight to Apple for the S&P 500 and Nasdaq was Amazon.com. Amazon's rise were an 11-point positive for the S&P 500. Reuters GraphicsAverage hourly earnings rose 0.4% in July, unchanged from the previous month, exceeding expectations, taking the year-on-year increase in wages to 4.4%. DraftKings' (DKNG.O) shares rose 5.8% after the sports-betting firm raised its fiscal year 2023 revenue outlook. The S&P 500 posted 19 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 54 new highs and 91 new lows.

Persons: dents, jitters, Said Greg Bassuk, Brendan McDermid, Carl Icahn, DraftKings, Echo Wang, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Ganguli, Louise Heavens, David Gregorio Our Organizations: Companies, Apple, Dow, Nasdaq, AXS Investments, Treasury, Labor Department, Reuters, New York Stock Exchange, REUTERS, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York, Ukraine, China, New York City, U.S, Bengaluru

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