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☆ S&P 500, Nasdaq rise as investors bet on less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

SummarySummary Companies Tech shares lead S&P 500 sector gainsAlibaba climbs as Ant Group's Jack Ma to give up controlMacy's, Lululemon drop on holiday-quarter warningsIndexes: Dow down 0.03%, S&P 500 up 0.5%, Nasdaq up 1.3%NEW YORK, Jan 9 (Reuters) - The Nasdaq Composite (.IXIC) and S&P 500 (.SPX) indexes rose Monday afternoon, led by technology shares, on growing expectations that the Federal Reserve will become less aggressive with its interest rate hikes. Technology (.SPLRCT) led the gains among S&P 500 sectors as U.S. Treasury yields declined, while the Nasdaq led the rise among the major indexes. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 9.63 points, or 0.03%, to 33,620.98, the S&P 500 (.SPX) gained 17.57 points, or 0.45%, to 3,912.65 and the Nasdaq Composite (.IXIC) added 138.83 points, or 1.31%, to 10,708.12. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 114 new highs and 23 new lows.

Megacap growth stocks Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O) gained over 2% each as U.S. Treasury yields declined. The highly awaited U.S. Labor Department's inflation report on Thursday is expected to show some moderation in year-on-year consumer prices in December. Advancing issues outnumbered decliners for a 4.45-to-1 ratio on the NYSE and a 2.54-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and two new lows, while the Nasdaq recorded 107 new highs and 18 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

"The number of jobs created is working its way down slowly and wages are starting to calm down. Money market bets show 75% odds of a 25-basis point hike in the Fed's February policy meeting, with the terminal rate expected just below 5% by June. ET, Dow e-minis were up 103 points, or 0.30%, S&P 500 e-minis were up 16 points, or 0.41%, and Nasdaq 100 e-minis were up 56.75 points, or 0.51%. Macy's Inc (M.N) and Lululemon Athletica Inc (LULU.O) dropped 4.7% and 10%, respectively, following dour holiday-quarter forecasts from both the retailers. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise on China reopening optimism, easing rate hike worries
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +3 min

A key inflation report due on Thursday will provide further cues on the state of price pressures and the outlook for interest rates. The U.S. Labor Department's consumer prices index (CPI) report is expected to show prices increased by 6.5% year-on-year in December, moderating from a 7.1% rise in November. "Sentiment still feels as fragile as a teacup and U.S. inflation numbers on Thursday could provide a key test for investor confidence." ET, Dow e-minis were up 89 points, or 0.26%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 30.25 points, or 0.27%. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Other rate-sensitive growth stocks like Apple Inc (AAPL.O) and Alphabet Inc (GOOGL.O) gained about 1% each as U.S. Treasury yields declined. The gains pushed technology (.SPLRCT) to the top of the major S&P 500 sector indexes list. The S&P 500 growth index (.IGX) was up 3.6%, outperforming a 0.7% rise in its value peers (.IVX). Advancing issues outnumbered decliners for a 3.68-to-1 ratio on the NYSE and a 2.15-to-1 ratio on the Nasdaq. The S&P index recorded 10 new 52-week highs and two new lows, while the Nasdaq recorded 95 new highs and 14 new lows.

☆ Futures subdued ahead of December jobs report
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +3 min

The Labor Department's more comprehensive jobs report due at 8:30 a.m. The numbers come a day after the ADP National Employment report showed a higher-than-expected rise in private employment in December, while another report showed weekly jobless claims dropped to a three-month low. Factory orders for November and ISM non-manufacturing data for December, due after the opening bell, will also be closely monitored. ET, Dow e-minis were up 29 points, or 0.09%, S&P 500 e-minis were up 2.25 points, or 0.06%, and Nasdaq 100 e-minis were down 12.25 points, or 0.11%. Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The nonfarm payrolls rose by 223,000 jobs in December, data from the Labor Department showed, while a 0.3% rise in average earnings was smaller than expected and lower than the previous month. The numbers for November were revised to show nonfarm payrolls rose by 256,000 and average earnings grew by 0.4%. Another set of data showed U.S. services activity contracted for the first time in more than 2-1/2 years in December amid weakening demand, with more signs of inflation abating. Except healthcare stocks (.SPXHC), all the major S&P 500 indexes were in the green led by gains in energy shares (.SPNY). The S&P index recorded 13 new 52-week highs and five new lows, while the Nasdaq recorded 45 new highs and 52 new lows.

On the benchmark S&P 500 index, rate-sensitive real estate stocks (.SPLRCR) led the losses with a 2.2% drop, while financials (.SPSY) slipped 1%. The ADP National Employment report showed a much greater-than-expected rise in private employment in December, while another report showed weekly jobless claims fell last week. The reports came a day after data showed a moderate fall in U.S. job openings, in growing evidence that the labor market remains tight. A strong labor market has been a concern for markets pummeled by rising borrowing costs as it gives the Federal Reserve a reason to raise rates for longer than expected this year. The more comprehensive nonfarm payrolls report is due on Friday, which would provide further clues on labor demand and the rate hike trajectory.

☆ Futures muted as Fed minutes confirm more tightening ahead
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

Wall Street's main indexes erased some of their gains on Wednesday after meeting minutes showed the Fed was laser-focused on fighting inflation even as officials agreed to slow the interest rate hiking pace to limit risks to economic growth. "The meeting minutes suggested 'more evidence' is needed to confirm inflation is under control," said Victoria Scholar, head of investment at Interactive Investor. "Consequently, the Fed is expected to continue raising interest rates, with hawkish policy a continued headwind for equities into 2023." This comes a day after data showed a moderate fall in U.S. job openings, indicating a still tight market. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100 e-minis were up 13.5 points, or 0.12%.

A survey from the Labor Department showed job openings fell 54,000 to 10.458 million on the last day of November, compared with expectations of 10 million job openings. The data indicated a still tight labor market that could give the Fed cover to keep rates higher for longer. Market participants see a 68% chance of a 25-basis point rate hike from the Fed in February, and see rates peaking at 4.99% by June. Advancing issues outnumbered decliners by a 3.53-to-1 ratio on the NYSE and by a 2.18-to-1 ratio on the Nasdaq. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures edge higher ahead of Fed meeting minutes
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.20%, S&P 0.31%, Nasdaq 0.46%Jan 4 (Reuters) - U.S. stock index futures edged higher on Wednesday as hopes of an economic recovery in China lifted sentiment, while focus was also on minutes from the Federal Reserve's December policy meeting for clues on the outlook for interest rate hikes. Minutes from the Fed's previous meeting, when it raised interest rates by half a percentage point and cautioned rates may need to remain higher for longer, are due to be released at 2 p.m. "The minutes of the latest Fed meeting will be devoured later, in a search for clues about how much higher rates will go before policymakers consider pressing the pause button," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. ET, Dow e-minis were up 65 points, or 0.2%, S&P 500 e-minis were up 11.75 points, or 0.31%, and Nasdaq 100 e-minis were up 50.25 points, or 0.46%. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Tesla Inc (TSLA.O) fell nearly 10% as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. Other rate-sensitive technology and growth stocks such as Alphabet Inc (GOOGL.O), Meta Platforms Inc (META.O), Microsoft (MSFT.O) and Amazon.com Inc (AMZN.O) were up between 0.6% and 2.0%. The S&P 500 shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the Nasdaq fell 33.1%, dragged down by growth stocks. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 73 new highs and 23 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise on first trading day of 2023
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.90%, S&P 1.00%, Nasdaq 1.18%Jan 3 (Reuters) - U.S. stock index futures rose on Tuesday, the first trading day of 2023, as investors await a slew of economic data this week as well as minutes from the Federal Reserve's previous meeting for clues on the path of future interest rate hikes. The benchmark S&P 500 (.SPX) shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the tech-heavy Nasdaq (.IXIC) fell 33.1%. As investors return from the New Year holidays, focus is now on the likelihood of a recession following aggressive monetary policy tightening. ET, Dow e-minis were up 298 points, or 0.90%, S&P 500 e-minis were up 38.5 points, or 1.00%, and Nasdaq 100 e-minis were up 129.75 points, or 1.18%. Tesla Inc (TSLA.O) fell 2.6% in premarket trading as the electric-vehicle maker missed Wall Street estimates on deliveries for the fourth quarter of 2022.

The personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 0.1% last month after climbing 0.4% in October. On U.S. exchanges 7.75 billion shares changed hands on Friday compared with the 11.41 billion average for the last 20 sessions. Energy shares (.SPNY) stood out as the biggest advancers throughout the session as oil prices gained following news of Moscow's plans to cut crude output. Advancing issues outnumbered declining ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers. The S&P 500 posted 2 new 52-week highs and 1 new low; the Nasdaq Composite recorded 49 new highs and 228 new lows.

☆ Futures steady ahead of November inflation data
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.37%, S&P 0.31%, Nasdaq 0.28%Dec 23 (Reuters) - U.S. stock index futures inched higher on Friday as investors awaited fresh inflation data to assess the Federal Reserve's path of future interest rate hikes, with the central bank's policy tightening weighing heavily on equities this year. The core personal consumption expenditure price index, the Fed's preferred inflation gauge, is expected to have increased 0.2% in November after a similar rise in October. Wall Street's main indexes fell sharply on Thursday after data showed a resilient American economy that may push the central bank to keep hiking rates for longer. Markets are in wait-and-see mode ahead of key inflation figures, which will provide some clues about the Fed's next move," said Victoria Scholar, head of investment at Interactive Investor. ET, Dow e-minis were up 122 points, or 0.37%, S&P 500 e-minis were up 11.75 points, or 0.31%, and Nasdaq 100 e-minis were up 31.5 points, or 0.28%.

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures muted after Wall St rally, economic data on tap
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.10%, S&P 0.07%, Nasdaq 0.07%Dec 22 (Reuters) - U.S. stock futures were subdued on Thursday after Wall Street's main indexes staged a rally in the previous session, with investors awaiting jobs data to assess the strength of the labor market. It is expected to show gross domestic product increased at a 2.9% annualized rate, in line with the previous estimate. ET, Dow e-minis were down 32 points, or 0.1%, S&P 500 e-minis were down 2.75 points, or 0.07%, and Nasdaq 100 e-minis were down 7.75 points, or 0.07%. Micron Technology Inc (MU.O) slipped 3% in premarket trading after the chipmaker forecast a bigger-than-expected second-quarter loss. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts. Also, U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021. It's been helped by upbeat corporate commentary and an improvement in consumer confidence," said Angelo Kourkafas, investment strategist at Edward Jones in St. Louis referring to Nike and FedEx. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. On U.S. exchanges 9.81 billion shares changed hands, compared with the 11.16 billion average for the last 20 sessions.

FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts. U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021. It's been helped by upbeat corporate commentary and an improvement in consumer confidence," said Angelo Kourkafas, investment strategist at Edward Jones in St Louis referring to Nike and FedEx. The smallest gainer among the sectors was consumer staples (.SPLRCS) but it was still up 1%. The S&P 500 posted 5 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 211 new lows.

U.S. consumer confidence rebounded in December as inflation retreated and the labor market remained strong, while 12-month inflation expectations fell to 6.7%, the lowest since September last year. Nike Inc (NKE.N) jumped 13.7% after reporting its best quarterly revenue growth in more than a decade, barring one quarter, and beat profit expectations on strong holiday demand from North American shoppers. Consumer discretionary stocks (.SPLRCD) led gains among the major S&P 500 (.SPX) sectoral indexes, while financial shares (.SPSY) also gained. Nike peers Lululemon Athletica Inc (LULU.O), Under Armour Inc (UAA.N) and Vans sneaker maker VF Corp (VFC.N) rose between 1.3% and 2.8%. Energy stocks (.SPNY) also rose tracking higher oil prices after data suggested a larger-than-expected draw in U.S. crude stockpiles.

☆ Wall Street eyes higher open on strong Nike earnings
▼ + stars: | 2022-12-21 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies Nike jumps on strong second-quarter resultsFedEx soars on cost-cutting planConsumer confidence, home sales data due at 10 a.m. Wall Street's main indexes closed slightly higher on Tuesday, following early losses as Treasury yields jumped after the Bank of Japan's surprise monetary policy tweak. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities since its policy meeting last week, despite signs of cooling inflation. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. Market volumes are expected to decline this week before the Christmas and New Year holidays amid low participation.

☆ Futures rise as Nike posts strong quarter, consumer confidence data on tap
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

"We had some better news from the likes of Nike yesterday, which suggested that consumer sentiment and spending was holding up," said Stuart Cole, head macro economist at Equiti Capital. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. ET, Dow e-minis were up 233 points, or 0.7%, S&P 500 e-minis were up 20 points, or 0.52%, and Nasdaq 100 e-minis were up 47 points, or 0.42%. Market volumes are expected to decline this week before the Christmas and New Year holidays. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Fears about the Federal Reserve's plan to keep raising U.S. interest rates have weighed heavily on equities since its policy meeting last week. Among the S&P 500's 11 major sectors, the energy index (.SPNY) gained most, finishing up 1.52% as crude oil prices rose. Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 64 new highs and 399 new lows. On U.S. exchanges 10.52 billion shares changed hands, compared with the 11.15 billion average for the last 20 trading days.

In fixed income U.S. Treasury prices fell following the BOJ's shock move, with the benchmark 10-year Treasury yield was rising to a three-week high of 3.69%. Among the S&P 500's 11 major sectors, energy index (.SPNY) was leading gains, up 1.8%, as crude oil prices rose. The materials (.SPLRCM) and financials (.SPSY) sectors were the next biggest gainers with banks benefiting from a rise in Treasury yields. Advancing issues outnumbered declining ones on the NYSE by a 1.45-to-1 ratio; on Nasdaq, a 1.38-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 44 new highs and 331 new lows.

Major U.S. equity averages marked their fourth straight session of losses on Monday as investors shied away from riskier bets, worried that the Federal Reserve's interest rate hikes could push the U.S. economy into recession. Financial stocks (.SPSY) climbed 0.9%, with banks benefiting from a rise in Treasury yields. The Fed struck a hawkish tone last week at its policy meeting by saying that it expects interest rates to remain higher for longer, sparking a selloff across stock markets. Treasuries fell following the BOJ's shock move, with the benchmark 10-year Treasury yield rising to a three-week high of 3.68%. The S&P index recorded one new 52-week high and 12 new lows, while the Nasdaq recorded 31 new highs and 228 new lows.

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