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☆ Nvidia drops from record high, tracking market fall; AI bets support outlook
▼ + stars: | 2023-08-22 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. Rising bets that Nvidia's revenue target will once again surpass Wall Street estimates have lifted the stock about 19% from a two-month low hit last week. That pushed its market capitalization above $1 trillion, making its stock the best performer on the S&P 500 index (.SPX). At least 19 brokerages have this month raised their target price on Nvidia, pushing the median view to $500, which is a 6.5% increase to the stock's last closing price. If Nvidia were to miss (expectations), this market would be in a world of pain," Dick said.

Persons: Ann Wang, Dennis Dick, Brian Mulberry, Goldman Sachs, Dick, Medha Singh, Amruta Khandekar, Gertrude Chavez, Dreyfuss, Anil D'Silva, Arun Koyyur, Lisa Shumaker Organizations: REUTERS, Nvidia, Dow, Nasdaq, Wall, Triple D Trading, Reuters Graphics, Big Tech, Zacks Investment Management, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru, Bengalaru, New York

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

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 sector (.SPLRCT), which houses Nvidia, rose 0.7% while real estate (.SPLRCR) and utilities (.SPLRCU) were a drag, down more than 1% each. Declining issues outnumbered advancers by a 2.38-to-1 ratio on the NYSE and a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 18 new lows, while the Nasdaq recorded 27 new highs and 141 new lows. Reporting by Amruta Khandekar and Shristi Achar; Editing by Arun Koyyur and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Thomas Hayes, Jerome Powell, stokes, Dow, Johnson, Goldman Sachs, Amruta Khandekar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Palo Alto Networks, Broadcom Indexes, Dow, Nasdaq, Nvidia, HSBC, Fed, Great, Capital LLC, Equity Research, Dow Jones, Federal, Federal Reserve, Traders, Reuters Graphics Reuters, VMware, NYSE, Thomson Locations: New York City, U.S, Jackson, Wyoming

☆ SNAPSHOT Wall St opens higher with focus on Nvidia earnings, Jackson Hole meet
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 21 (Reuters) - Wall Street's main indexes opened higher on Monday as shares of Nvidia rose ahead of its earnings later this week, while investors awaited a meeting of central bank policymakers at Jackson Hole to gauge interest rate path. The Dow Jones Industrial Average (.DJI) rose 30.62 points, or 0.09%, at the open to 34,531.28. The S&P 500 (.SPX) opened higher by 10.57 points, or 0.24%, at 4,380.28, while the Nasdaq Composite (.IXIC) gained 56.48 points, or 0.42%, to 13,347.26 at the opening bell. Reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Jackson, Amruta, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, Dow Jones, Nasdaq, Thomson Locations: New York City, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. If the yield on the 10-year note, last up at 4.298%, crosses 4.338%, it would hit its highest level since 2007. Bruised growth stocks edged higher, with Tesla (TSLA.O) rising 3.1% in premarket trading on Monday to lead the advance. Nvidia earnings will be a major test for this year's stock market rally, which has been fueled by optimism around the potential for artificial intelligence. ET, Dow e-minis were up 105 points, or 0.3%, S&P 500 e-minis were up 20.5 points, or 0.47%, and Nasdaq 100 e-minis were up 103.25 points, or 0.7%.

Persons: Brendan McDermid, Jackson, Jerome Powell, Rick Meckler, Amruta Khandekar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Alto Networks, Broadcom Futures, Dow, Nasdaq, Nvidia, Reserve, Federal, Cherry Lane Investments, Reuters Graphics Reuters, Traders, HSBC, Dow e, Palo Alto Networks, CrowdStrike Holdings, VMware, Thomson Locations: New York City, U.S, Jackson, Wyoming

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. If the yield on the 10-year note, last at 4.296%, crosses 4.338%, it would hit its highest level since 2007. Investors are now keenly waiting for comments from Federal Reserve Chair Jerome Powell on Friday at a meeting of central bankers at Jackson Hole in Wyoming that begins on Aug. 24. "The Jackson Hole symposium will be key to assess Powell's dovishness meter. Nvidia earnings will be a major test for this year's stock market rally, which has been fueled by optimism around the potential for artificial intelligence.

Persons: Brendan McDermid, Jerome Powell, Jackson, Charu Chanana, Amruta Khandekar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Alto, Broadcom Futures, Dow, Nasdaq, Nvidia, Strong, Reserve, Federal, Saxo Markets, Reuters Graphics Reuters, Traders, HSBC, Dow e, Palo Alto Networks, CrowdStrike Holdings, VMware, Thomson Locations: New York City, U.S, Jackson, Wyoming

Megacap technology-related growth stocks dipped, with Alphabet (GOOGL.O) and Tesla (TSLA.O) falling, as investors fretted that interest rates could stay higher for longer. The tech-heavy Nasdaq (.IXIC) posted the biggest weekly decline of the three major indices. The Dow Jones Industrial Average (.DJI) rose 34.29 points, or 0.10%, to 34,510.38. The S&P 500 energy index (.SPNY) rose, with Exxon Mobil (XOM.N) among leading gainers. Shares of cryptocurrency firm Coinbase Global (COIN.O) fell and Riot Platform (RIOT.O) tumbled as bitcoin hit a two-month low.

Persons: Jason Reed, Estee Lauder, Jerome Powell, Nvidia's, Michael Reynolds, Amruta Khandekar, Saeed Azhar, Maju Samuel, David Gregorio Our Organizations: U.S . Federal, REUTERS, Federal, Nasdaq, Nvidia, Dow Jones, Walmart, Exxon Mobil, Treasury, Thursday, Hawaiian, Coinbase, Thomson Locations: Washington, Bengaluru, New York

[1/2] The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. Among major movers of the day, Applied Materials (AMAT.O) rose 2.5% after the chip equipment maker forecast fourth-quarter profit above analysts' estimates and posted better-than-expected third-quarter earnings. Estee Lauder (EL.N) lost 2.9% after the cosmetics maker forecast its annual net sales and profit below Street estimates. Deere & Co(DE.N) added 0.4% after the construction equipment maker raised its annual profit outlook. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week.

Persons: Jason Reed, Estee Lauder, Russ Mould, AJ Bell, EL.N, Jerome Powell's, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Federal Reserve, Traders, Alibaba, Materials, Deere, Co, Federal, Nvidia, Dow e, Keysight Technologies, Thomson Locations: Washington, U.S

☆ Wall St slides as megacap growth stocks drag on rate jitters
▼ + stars: | 2023-08-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. The communication services (.SPLRCL) and technology (.SPLRCT) sectors housing major growth stocks fell 1.6% and 1.0% respectively. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week as well as earnings from chip designer Nvidia (NVDA.O). Declining issues outnumbered advancers for a 1.08-to-1 ratio on the NYSE and for a 1.00-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 17 new lows, while the Nasdaq recorded 10 new highs and 146 new lows.

Persons: Jason Reed, Estee Lauder, Hogan, EL.N, Jerome Powell's, advancers, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Riley, Apple, Microsoft, Nvidia, Alibaba, Federal, Dow Jones, Inc, NYSE, Thomson Locations: Washington, U.S, Maui

Cisco Systems (CSCO.O) gained 2.2% in premarket trading after the networking equipment maker's fourth-quarter results beat estimates, and its CEO talked up artificial intelligence opportunities. Traders' bets of a rate hike pause from the Fed in September slipped to 86.5% from about 89% a week earlier, according to CME Group's Fedwatch tool. Walmart results follow stronger-than-expected earnings from Target (TGT.N) and Home Depot (HD.N) earlier this week, marking an upbeat second quarter for major U.S. retailers. ET, Dow e-minis were up 37 points, or 0.11%, S&P 500 e-minis were up 16 points, or 0.36%, and Nasdaq 100 e-minis were up 72.5 points, or 0.49%. Reporting by Amruta Khandekar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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

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

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Wall Street closed sharply lower on Tuesday after solid retail sales growth in July added to uncertainty around the interest rate outlook, with concerns over a possible downgrade of several U.S. lenders by Fitch further denting risk sentiment. Investors are now focused on the Federal Reserve's July 25-26 meeting minutes, due at 1400 ET (1800 GMT), which may indicate how many policymakers feel the U.S. central bank is done raising interest rates. The central bank had raised rates by 25 basis points at the end of the meeting. Coinbase(COIN.O) gained 5.4% as the crypto exchange secured regulatory approval to allow U.S. retail customers to trade crypto futures.

Persons: Brendan McDermid, Piper Sandler, Fitch, Michael Hewson, Tesla, Amruta Khandekar, Vinay Dwivedi, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Nvidia, Dow, Nasdaq, Federal, Target, Traders, Committee, CMC Markets, Walmart, Dow e, Tower Semiconductor, Intel, Thomson Locations: New York City, U.S, China, 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

REUTERS/Brendan McDermid/File PhotoSummaryCompanies Retail sales data due at 8:30 a.m. ETNvidia gains as UBS, Wells Fargo raise PTFutures down: Dow 0.67%, S&P 0.65%, Nasdaq 0.68%Aug 15 (Reuters) - U.S. stock index futures fell on Tuesday as government bond yields hit fresh highs ahead of July retail sales data that could offer clues on the Federal Reserve's interest rate path. ET (1230 GMT) is expected to show retail sales rose 0.4% last month after climbing 0.2% in June, likely adding to evidence that the U.S. economy remains on a strong footing. Rising Treasury yields have pressured equities after hotter-than-expected producer prices data last week stoked concerns the Fed could keep rates higher for longer than previously anticipated. ET, Dow e-minis were down 238 points, or 0.67%, S&P 500 e-minis were down 29.5 points, or 0.65%, and Nasdaq 100 e-minis were down 104.25 points, or 0.68%.

Persons: Brendan McDermid, Wells, Otunuga, Morgan Stanley, Wells Fargo, Bilibili, Neel Kashkari, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, UBS, Wells Fargo, PT, Dow, Nasdaq, Commerce, Treasury, Nvidia, Apple, Alibaba, Minneapolis Federal Reserve Bank, Traders, Fed, Dow e, General Motors, Berkshire, Warren, Thomson Locations: New York City, U.S, United States, China, Beijing, Minneapolis, Warren Buffett's Berkshire, homebuilder D.R

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

The rally in the chipmaker's stock pushed the information technology index (.SPLRCT) 1.85% higher, making it the strongest of 11 S&P 500 sector indexes. The S&P 500 climbed 0.58% to end the session at 4,489.72 points. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted 8 new highs and 11 new lows; the Nasdaq recorded 50 new highs and 192 new lows.

Persons: Tesla, Morgan Stanley, Jay Hatfield, Brendan McDermid, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: Nvidia, China AMC, Nasdaq, Dow, Chipmaker Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Walmart, New York Stock Exchange, REUTERS, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: China, New York, New York City, U.S, Delaware, Maui, Lahaina, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Nvidia's (NVDA.O) gain pushed the information technology index (.SPLRCT) higher, making it the strongest of 11 S&P 500 sector indexes. Other megacap growth stocks including Alphabet (GOOGL.O), and Amazon.com (AMZN.O) also posted gains, as did chipmaker Micron Technology (MU.O). According to preliminary data, the S&P 500 (.SPX) gained 26.28 points, or 0.59%, to end at 4,490.33 points, while the Nasdaq Composite (.IXIC) gained 143.81 points, or 1.05%, to 13,788.66. The Nasdaq and S&P 500 fell last week after hotter-than-expected U.S. producer prices data fanned concerns that the Federal Reserve could keep U.S. interest rates higher for longer.

Persons: Brendan McDermid, Tesla, Morgan Stanley, Jay Hatfield, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, China AMC, Nasdaq, Nvidia, Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Federal Reserve, Walmart, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: New York City, U.S, China, New York, Delaware, Maui, Lahaina, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Hotter-than-expected U.S. producer prices data last week fanned concerns that the Federal Reserve could keep interest rates higher for longer, driving up U.S. Treasury yields and weighing on rate-sensitive big technology and growth stocks. Market focus will be on quarterly earnings from major U.S. retailers including Walmart (WMT.N) and Target (TGT.N) this week. Economic data expected includes retail sales for July as well as industrial production and jobless claims numbers. ET, Dow e-minis were up 59 points, or 0.17%, S&P 500 e-minis were up 8 points, or 0.18%, and Nasdaq 100 e-minis were up 41.5 points, or 0.27%.

Persons: Brendan McDermid, Tesla, We've, Peter Cardillo, treasuries, Goldman Sachs, Amruta Khandekar, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, China AMC, Dow, Nasdaq, Federal Reserve, U.S, Treasury, Investors, Spartan Capital Securities, Microsoft, Apple Inc, Fed, Walmart, Dow e, AMC Entertainment, Nikola, U.S . Steel, Thomson Locations: New York City, U.S, China, Delaware, Cleveland, Bengaluru

U.S.-listed shares of Chinese companies also fell, with Alibaba , Baidu Inc and Nio Inc down between 2% and 6%. Economic data expected includes retail sales for July as well as industrial production and jobless claims numbers to gauge the direction for U.S. interest rates. Investors are basically staying on the sidelines until we get the economic news of the week," said Peter Cardillo, chief market economist at Spartan Capital Securities. AMC Entertainment common shares (AMC.N) fell 39.2% after a Delaware judge approved the theater chain's revised stockholder settlement on Friday. The S&P index recorded three new 52-week highs and six new lows, while the Nasdaq recorded 27 new highs and 93 new lows.

Persons: Brendan McDermid, Tesla, We've, Peter Cardillo, Alex Chriss, advancers, Amruta Khandekar, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, China AMC, Dow, Nasdaq, Tesla, Alibaba, Baidu Inc, Nio Inc, Walmart, Federal Reserve, U.S, Treasury, Investors, Spartan Capital Securities, Traders, Dow Jones, PayPal Holdings, Intuit, AMC Entertainment, U.S . Steel, NYSE, Thomson Locations: New York City, U.S, China, Delaware, Cleveland, Bengaluru

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

The German share price index DAX graph is pictured at the Frankfurt stock exchange in Frankfurt, Germany, March 17, 2023. The pan-European STOXX 600 (.STOXX) closed up 0.1% ahead of inflation readings from Germany, China and the U.S. later this week, all likely to drive expectations on how long interest rates could remain high. Europe's aerospace and defence index (.SXPARO) hit a record high, rising 1.0%, with Italy's Leonardo (LDOF.MI) and London-listed Melrose (MRON.L) up 3.1% and 2.6% respectively. Major European bourses were mixed, with London's commodity-heavy FTSE 100 down 0.1%, while France's blue-chip CAC 40 index (.FCHI) rose 0.1%. Pressuring Germany's DAX (.GDAXI), Siemens Energy (ENR1n.DE) dropped 6.1%, having shuttled between gains and losses throughout the day.

Persons: Daniela Hathorn, Italy's Leonardo, Anthi Tsouvali, Germany's DAX, Shashwat Chauhan, Sruthi Shankar, Amruta, Varun, Alex Richardson Organizations: REUTERS, Staff, Defence, Siemens Energy, U.S, Aurubis AG, Capital.com, Bavarian, Melrose, State Street Global Markets, Thomson Locations: Frankfurt, Germany, China, Danish, London, U.S, Bengaluru

Microsoft is set to shed about $100 billion from its market capitalization if the loses hold until close of trading. "The tech earnings season has started on a mixed note," said Mark Haefele, global wealth management chief investment officer at UBS in a client note. "The tone set by quarterly results over the next week will be crucial to the performance of tech stocks through the rest of the third quarter." Large tech companies, which rely heavily on borrowed money, have been pressured since the Fed started its tightening cycle to tame inflation. However, optimism over AI and hopes that the Fed is nearing the end of its rate hiking cycle have supported tech stocks in recent months.

Persons: Lucy Nicholson, Paul Nolte, Murphy, Sylvest, Mark Haefele, Wall, Stuart Cole, Bernstein, Mark Shmulik, Meta, enviously, Shmulik, Shreyashi Sanyal, Amruta, Lucy Raitano, Johann M Cherian, Amanda Cooper, Saumyadeb Organizations: Los Angeles , California U.S, REUTERS, Microsoft, Google, UBS, Apple Inc, Amazon.com Inc, Fed, Equiti, Federal Trade Commission, Amazon, Inc, Facebook, Thomson Locations: Los Angeles , California, U.S, HK, Bengaluru, London

The pan-European STOXX 600 index (.STOXX) ended 0.6% higher, extending gains to the fifth straight day, its longest winning streak in nearly three months. Rate-sensitive technology stocks (.SX8P) were the top gainers on STOXX 600, jumping 1.7%, with IT provider Softcat (SCTS.L) advancing 5.3% after Citi raised it to "buy". Also supporting STOXX 600 were miners (.SXPP) rising 1.7%, as commodity prices won support from a weaker dollar. [MET/l]A faster-than-expected slowdown in U.S. inflation reinforced bets that the Fed could end its rate hikes soon after July. Shares of Swatch (UHR.S) rose 6.9% after the watchmaker reported record growth in the first half of the year.

Persons: Barratt, Pierre Veyret, Chris Zaccarelli, Matteo Allievi, Shreyashi Sanyal, Sherry Jacob, Phillips, Janane Venkatraman, William Maclean Organizations: Federal, Citi, ActivTrades, Independent, Alliance, Swatch, Thomson Locations: Tech, U.S, Gdansk, Amruta, Bangalore

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