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Wall Street's main indexes continued their losing streak for a fourth straight session 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. The Fed has managed to slow the economy down so it's likely that earnings estimates (for Q4) are going to come down. Treasuries fell following the BOJ's shock move, with the benchmark 10-year Treasury yield rising to a three-week high of 3.66%. Earlier, data showed U.S. single-family homebuilding tumbled in November as higher mortgage rates continued to depress housing market activity. A slew of other economic data due this week including consumer confidence and core inflation will provide more clues to investors on future interest rate hikes.

☆ Futures subdued after BOJ's policy surprise
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow climbs 0.12%, S&P up 0.01%, Nasdaq off 0.13%Dec 20 (Reuters) - U.S. stock index futures came under pressure on Tuesday after the Bank of Japan surprised global investors with a policy shift that would allow long-term interest rates to rise more. The BOJ decided to allow the 10-year bond yield to move 50 basis points either side of its 0% target, bigger than the previous 25 basis point band, against expectations of no change at its policy meeting. Treasuries fell following BoJ's shock move, with benchmark 10-year Treasury yield rising more than 8 basis points to a three-week high of 3.6676%. A slew of other economic data due this week including consumer confidence, existing home sales and core inflation will provide more clues to investors on future interest rate hikes. ET, Dow e-minis were up 41 points, or 0.12%, S&P 500 e-minis were up 0.25 points, or 0.01%, and Nasdaq 100 e-minis were down 14.25 points, or 0.13%.

"It's a knife edge between whether we're going to teeter into a recession or have a soft landing. said Brown who also noted that moves may be exaggerated as many investors take vacation around the end-of-year holidays. Declining issues outnumbered advancing ones on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 2.63-to-1 ratio favored decliners. The S&P 500 posted 5 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 66 new highs and 456 new lows. On U.S. exchanges 11.07 billion shares changed hands, compared with the 11.59 billion average for the last 20 trading days.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. "When people adjust their expectations after the Fed meeting, higher rates typically imply more compressed multiples for growth stocks." Further, hawkish messages delivered by three Fed officials including New York Fed President John Williams last week underscored the U.S. central bank's determination to do what it takes to ease price pressures. Still, money market participants are pricing in 61% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023. The S&P index recorded five new 52-week highs and 15 new lows, while the Nasdaq recorded 42 new highs and 335 new lows.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. However, money market participants still place a 73.5% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023. ET, Dow e-minis were up 14 points, or 0.04%, S&P 500 e-minis were up 4.5 points, or 0.12%, and Nasdaq 100 e-minis were up 23 points, or 0.2%. Moderna Inc (MRNA.O) advanced 2.7% after Jefferies upgraded the biotechnology firm's stock to "buy" from "hold", citing cancer therapy opportunities. Reporting by Shubham Batra and Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Futures higher after two-week selloff, Tesla jumps on Musk poll
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. REUTERS/Andrew KellySummarySummary Companies Futures up: Dow 0.31%, S&P 0.40%, Nasdaq 0.49%Dec 19 (Reuters) - U.S. stock index futures edged higher on Monday after equities suffered two straight weeks of losses, while Tesla shares rose after CEO Elon Musk launched a poll asking if he should quit as Twitter's boss. However, money market participants still place a 73.5% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023. ET, Dow e-minis were up 102 points, or 0.31%, S&P 500 e-minis were up 15.5 points, or 0.4%, and Nasdaq 100 e-minis were up 55.5 points, or 0.49%. Moderna Inc (MRNA.O) advanced 4.2% after Jefferies upgraded the biotechnology firm's stock to "buy" from "hold", citing cancer therapy opportunities.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. "When people adjust their expectations after the Fed meeting, higher rates typically imply more compressed multiples for growth stocks." Further, hawkish messages delivered by three Fed officials including New York Fed President John Williams last week underscored the U.S. central bank's determination to do what it takes to ease price pressures. Still, money market participants are pricing in 65% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023. The S&P index recorded five new 52-week highs and eight new lows, while the Nasdaq recorded two new highs and 59 new lows.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

ETMeta up on J.P. Morgan rating upgradeDigital World Acquisition down on CFO exitFutures down: Dow 1.16%, S&P 1.05%, Nasdaq 0.60%Dec 16 (Reuters) - Wall Street's main stock indexes were set to extend losses on Friday as fears of a looming recession, sparked by the Federal Reserve's relentless battle against inflation, hammered sentiment. The Bank of England and the European Central Bank were the latest ones to indicate an extended rate-hike cycle on Thursday. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. ET, Dow e-minis were down 384 points, or 1.16%, S&P 500 e-minis were down 41.25 points, or 1.05%, and Nasdaq 100 e-minis were down 68.5 points, or 0.6%. Reporting by Shubham Batra, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. Microsoft Corp (MSFT.O) rose 2% following the tech giant's deal to buy a 4% stake in the London Stock Exchange Group (LSEG.L), powering much of Wall Street's gains. The benchmark S&P 500 (.SPX) looked to rebound from its worst weekly performance since late September, sparked by dour comments from top U.S. executives and mixed economic data. Fears of an economic downturn have hammered Wall Street's main indexes this year, with the Nasdaq (.IXIC) and the S&P 500 down 29.4% and 17%, respectively. Eight out of the 11 major S&P sector indexes were in the green, led by energy (.SPNY), utilities (.SPLRCU) and technology stocks (.SPLRCT).

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. Wall Street's main indexes have slumped this year on fears of aggressive rate hikes triggering a U.S. recession. The Nasdaq and the S&P 500 (.SPX) have fallen 29.5% and 17.2%, respectively, so far in 2022 and are on track for their worst yearly performance since 2008. Seven out of the 11 major S&P 500 sector indexes were in the green, led by energy (.SPNY) and technology stocks (.SPLRCT). The S&P index recorded no new 52-week highs and two new lows, while the Nasdaq recorded 29 new highs and 136 new lows.

Wall Street's main indexes have slumped this year on fears of aggressive rate hikes triggering a U.S. recession. ET, Dow e-minis were up 81 points, or 0.24%, S&P 500 e-minis were up 12.75 points, or 0.32%, and Nasdaq 100 e-minis were up 34.25 points, or 0.3%. Qualcomm Inc (QCOM.O) lost 2.7% after Wells Fargo downgraded its rating on the smartphone chipmaker's stock to "underweight" from "equal weight". Rivian Automotive Inc (RIVN.O) lost 1.2% after the company paused its partnership discussions with Mercedes-Benz Vans on electric van production in Europe. Reporting by Shubham Batra, Ankika Biswas and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise ahead of CPI data, Fed rate decision in focus
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.22%, S&P 0.29%, Nasdaq 0.34%Dec 12 (Reuters) - U.S. stock index futures edged higher on Monday ahead of monthly consumer inflation data, while investors braced for the Federal Reserve meeting later this week. The Nasdaq (.IXIC) shed 4%, and S&P 500 (.SPX) and Dow Jones Industrial Average (.DJI) lost 3.4% and 2.8%, respectively. ET, Dow e-minis were up 73 points, or 0.22%, S&P 500 e-minis were up 11.25 points, or 0.29%, and Nasdaq 100 e-minis were up 39.25 points, or 0.34%. Rivian Automotive Inc (RIVN.O) tumbled 4.3% after the company paused its partnership discussions with Mercedes-Benz Vans on electric van production in Europe. Reporting by Shubham Batra and Ankika Biswas in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Southeast Asian markets are in for a 'bungee jump' in 2023, says JPMorgan
▼ + stars: | 2022-12-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

JPMorgan analysts expect Southeast Asian markets to experience a "sharp fall followed by a rapid increase in altitude (bear market rally) followed by another decline until eventually markets come to rest at rock-bottom" in 2023. Southeast Asia's markets will move in a way similar to that of a "bungee jump" in 2023, plunging before surging in the second half of the year, according to JPMorgan analysts. They attributed that to weakened purchasing power in light of monetary policy tightening, lower savings and the higher cost of borrowing. The MSCI ASEAN Index fell 22% from February's high to the year's lowest in October. The index subsequently rebounded 10%, buoyed by hopes of China reopening and a pivot from the U.S. Federal Reserve.

☆ S&P 500, Nasdaq snap losing streaks after jobless claims rise
▼ + stars: | 2022-12-08 | by ( David French | ) www.reuters.com time to read: +4 min

Wall Street's main indexes had come under pressure in recent days, with the S&P 500 shedding 3.6% since the beginning of December on expectations of a longer rate-hike cycle and downbeat economic views from some top company executives. Such thinking had also weighed on the Nasdaq Composite (.IXIC), which had posted four straight losing sessions prior to Thursday's advance on the tech-heavy index. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. REUTERS/Brendan McDermidNine of the 11 major S&P 500 sectors rose, led by a 1.6% gain in technology stocks (.SPLRCT). The S&P 500 posted 15 new 52-week highs and three new lows; the Nasdaq Composite recorded 82 new highs and 232 new lows.

SummarySummary Companies Weekly jobless claims rise in line with estimatesSalesforce slips on downgradeIndexes up: Dow 0.72%, S&P 0.82%, Nasdaq 1.19%Dec 8 (Reuters) - The S&P 500 gained ground on Thursday, lifted by technology and energy shares, while a rise in weekly jobless claims suggested the labor market was slowing down. "More people are filing jobless claims, which shows labor forces are weakening a little bit," said Thomas Hayes, chairman at Great Hill Capital LLC in New York. Ten of the 11 major S&P 500 sector indexes rose, led by 1.5% gain in technology stocks (.SPLRCT). Most mega-cap technology and growth stocks such as Apple Inc (AAPL.O), Nvidia Corp (NVDA.O) and Amazon.com (AMZN.O) rose between 1.4% and 4.2%. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 53 new highs and 132 new lows.

☆ Futures edge up ahead of jobs data, recession fears loom
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.02%, S&P 0.13%, Nasdaq 0.24%Dec 8 (Reuters) - U.S. stock index futures edged up on Thursday ahead of weekly jobless claims data, while fears of an impending recession brought on by an aggressive Federal Reserve kept investors on edge. The U.S. central bank has raised its policy rate by 375 basis points this year to a 3.75%-4.00% range from near zero, the fastest rate hikes since the 1980s. This aggressive approach by the central bank has stoked worries of a recession, with top executives of major U.S. banks and institutions including JPMorgan, BlackRock and Citi forecasting a likely economic downturn in 2023. "The yield curve is hideously inverted, recession is coming, and stock markets usually bottom only after a recession has started," said Luke Templeman, thematic research analyst at Deutsche Bank. ET, Dow e-minis were up 6 points, or 0.02%, S&P 500 e-minis were up 5.25 points, or 0.13%, and Nasdaq 100 e-minis were up 28 points, or 0.24%.

"It's just one data point that leads to the Fed cooling down their aggressive hikes, but it doesn't change December's 50 basis point (rate hike). The key is going to be the data between December and February as to what they do next." The U.S. central bank has raised its policy rate by 375 basis points this year in the fastest hikes since the 1980s. Adding to the fears, the yield curve between the 2-year and 10-year Treasury notes has also widened in the recent days. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 22.5 points, or 0.57%, and Nasdaq 100 e-minis were up 65.5 points, or 0.57%.

☆ S&P, Nasdaq extend losing streaks amid rising recession worries
▼ + stars: | 2022-12-07 | by ( David French | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2022. For the benchmark S&P 500 (.SPX), it was the fifth straight session that it has declined, while the Nasdaq (.IXIC) finished down for the fourth time in a row. The S&P 500 (.SPX) lost 7.34 points, or 0.19%, to close at 3,933.92 and the Nasdaq Composite (.IXIC) dropped 56.34 points, or 0.51%, to finish at 10,958.55. The S&P 500 is on track to snap a three-year winning streak. The S&P 500 posted seven new 52-week highs and seven new lows; the Nasdaq Composite recorded 61 new highs and 307 new lows.

The benchmark S&P 500 (.SPX) fell for the fifth straight session on Wednesday. The Nasdaq (.IXIC) was down for the fourth straight session, dragged lower by a 1.3% drop in Apple Inc (AAPL.O) on Morgan Stanley's iPhone shipment target cut and a 3.9% fall in Tesla Inc (.IXIC) over production loss worries. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to a two-week high to 23.01 points. The S&P 500 is on track to snap a three-year winning streak, down 17.4% so far in 2022. The S&P index recorded six new 52-week highs and seven new lows, while the Nasdaq recorded 36 new highs and 226 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2022. "From the bigger picture, the Fed has hiked rates to a point where markets are expecting monetary policy to be restrictive enough to cause a mild recession." The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to a two-week high at 23.01 points amid increased investor anxiety. Tesla Inc (TSLA.O) slumped 2.9%, down for a third straight session over production loss worries at its Shanghai plant. The S&P index recorded two new 52-week highs and six new lows, while the Nasdaq recorded 25 new highs and 149 new lows.

SummarySummary Companies Apple down, Morgan Stanley cuts Dec shipment estimateCarvana tumbles, Wedbush slashes PT to Street lowFutures down: Dow 0.25%, S&P 0.48%, Nasdaq 0.82%Dec 7 (Reuters) - U.S. stock indexes were set to open lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around China relaxing its strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes ending down 1%-2%. "From the bigger picture, the Fed has hiked rates to a point where markets are expecting monetary policy to be restrictive enough to cause a mild recession." The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to a two-week high at 23.01 points amid increased investor anxiety. ET, Dow e-minis were down 85 points, or 0.25%, S&P 500 e-minis were down 19 points, or 0.48%, and Nasdaq 100 e-minis were down 94.75 points, or 0.82%.

☆ Futures fall on growing fears of recession
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.11%, S&P 0.21%, Nasdaq 0.30%Dec 7 (Reuters) - U.S. stock index futures edged lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around the easing of China's strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes closing down 1-2%. ET, Dow e-minis were down 36 points, or 0.11%, S&P 500 e-minis were down 8.25 points, or 0.21%, and Nasdaq 100 e-minis were down 34.75 points, or 0.3%. Among other stocks, GameStop Corp (GME.N) jumped 1.1% ahead of its third-quarter results where it is expected to report a 4.5% rise in revenue. Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St slides as services data spooks investors about Fed rate hikes
▼ + stars: | 2022-12-05 | by ( David French | ) www.reuters.com time to read: +4 min

Broadly, indexes suffered as data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. Investors see an 89% chance that the U.S. central bank will increase interest rates by 50 basis points next week to 4.25%-4.50%, with the rates peaking at 4.984% in May 2023. The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year, which saw the central bank attempt to arrest a multi-decade rise in inflation with record interest rate hikes. "Stock Exchange" is seen over an entrance to the New York Stock Exchange (NYSE) on Wall St. in New York City, U.S., March 29, 2021. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn.

Broadly, indexes were suffering as data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. In other economic data this week, investors will also monitor weekly jobless claims, producer prices and the University of Michigan's consumer sentiment survey for more clues on the health of the U.S. economy. It was weighed by U.S. natural gas futures slumping more than 8% on Monday, as the outlook dimmed due to forecasts for milder weather and the delayed restart of the Freeport liquefied natural gas (LNG) export plant. EQT Corp (EQT.N), one of the largest U.S. natural gas producers, led declines with a 7.1% drop. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn.

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