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Nov. 22 (Reuters) – The S&P 500 hit an all-time high on Monday after President Joe Biden picked Federal Reserve Chairman Jerome Powell to lead the central bank for a second term, with Wall Street lenders rallying to the prospect of an interest rate hike in 2022.
But the Nasdaq (.IXIC) has lagged its peers, falling from record highs as rising Treasury yields weighed on major tech stocks.
Powell’s appointment has been widely praised by investors who were hoping there weren’t any big changes within the Fed as she guides the economy through a post-COVID recovery. The central bank is expected to announce a return to pre-pandemic policy by the end of 2022. Read more
Fed Governor Lael Brainard, who was the other leading candidate for the post, will be vice president, the White House has announced.
“Markets love predictability… while Brainard may have been a good choice, markets wouldn’t know what to expect from it even if the general consensus was that it meant lower rates for longer,” said said Randy Frederick, Managing Director of Trading and Derivatives, Charles Schwab, Austin, Texas.
The S&P 500 (.SPXBK) banking sector jumped 2.8%, following higher Treasury yields as investors factored in policy tightening by the first half of 2022. Wells Fargo & Co (WFC.N) led the gains among major Wall Street banks, adding 3.7%.
“The message is that we are on the right track to reduce the tapering and we are heading towards higher interest rates, which will most likely be raised in the middle of next year, and I think Wall Street has already digested it. most of that, ”said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.
“It’s kind of another confirmation that the Fed has a plan.”
Fed policy rate futures have indicated that money markets now expect the U.S. central bank to raise interest rates by 25 basis points by next June, from a previous estimate of July.
As of 11:46 a.m. ET, the Dow Jones Industrial Average (.DJI) was up 304.44 points, or 0.86%, to 35,906.42 and the S&P 500 (.SPX) was up 30.82 points, or 0.66%, to 4,728.78. The Nasdaq Composite (.IXIC) lost 26.03 points, or 0.16%, to 16,031.41.
Investors were now expecting a plethora of economic data this week, including IHS business activity readings, personal consumption spending and the minutes from the last Fed meeting.
Among other players, Apple Inc (AAPL.O) jumped 2.6% to an all-time high after JP Morgan reported possible improvements in iPhone 13 supply in the coming months.
Tesla Inc (TSLA.O) gained 3.9% after CEO Elon Musk tweeted that the Model S Plaid will “likely” arrive in China around March. Read more
Activision Blizzard (ATVI.O) fell 2.4% after a media report that video game publisher chief executive Bobby Kotick would consider leaving if he could not quickly address concerns about corporate culture. Read more
The advancing issues outnumbered the declines by a 1.55-to-1 ratio on the NYSE. The problems down were more numerous than the advances for a ratio of 1.30 to 1 on the Nasdaq.
The S&P Index recorded 44 new 52-week highs and nine new lows, while the Nasdaq recorded 120 new highs and 404 new lows.
Reporting by Ambar Warrick and Devik Jain in Bangalore; Additional reports by Bansari Mayur Kamdar and Shreyashi Sanyal; Editing by Shounak Dasgupta and Maju Samuel
Our standards: Thomson Reuters Trust Principles.
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