Connect with us

Business

STOCK EXCHANGE OVERVIEW 08/11/2022

Published

on

 


NASDAQ-Adv: 3,573 Dec: 1,070 NYSE-Adv: 3,583 Dec: 630 (Source: Nasdaq)

Wall Street surged on Wednesday, putting the Nasdaq more than 20% above its June low, after US inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on hikes interest rate.

A sharp drop in the cost of gasoline helped the U.S. consumer price index hold steady last month after rising 1.3% in June, the Labor Department said. The CPI rose less than expected by 8.5% over the past 12 months after rising 9.1% in June.

The rally came on the heels of the first notable sign of relief for Americans who have seen inflation climb steadily. The Nasdaq is now up 20.8% from the low, but still needs to surpass its previous peak in November to confirm a new bull market.

Fed funds futures traders now price just a 43.5% chance the U.S. central bank will hike rates 75 basis points at its September meeting, down from 68% before the data. An increase of 50 basis points is considered a probability of 56.5%.

“For the market, it’s sort of a Goldilocks scenario right now because the labor market is holding up and inflation is potentially starting to come down. That’s what a soft landing would look like,” said Shawn Snyder, head of investment strategy at Citi US Wealth Management in New York.

But a month of slowing inflation isn’t enough for the Fed to send a clear signal, Snyder said.

The rally on Wall Street was widespread, with all 11 sectors of the S&P 500 rising in a sea of ​​green. Growth stocks (.IGX) rose more than value (.IVX), while Dow transportation (.DJT), small caps (.RUT) and semiconductors (.SOX) also rose.

The Dow Jones Industrial Average (.DJI) rose 535.1 points, or 1.63%, to 33,309.51, while the S&P 500 (.SPX) gained 87.77 points, or 2.13% , to 4,210.24 and the Nasdaq Composite (.IXIC) added 360.88 points, or 2.89%, to 12,854.81.

It was the biggest one-day gain for the Nasdaq and S&P 500 in two weeks, and for the Dow Jones in three weeks. This is the highest close for the S&P 500 since early May.

“(Inflation at) 8.5% is still very high, but there is optimism that June may have been the peak,” said Randy Frederick, vice president of trading and securities. derivatives at Charles Schwab.

Producer price data for July on Thursday as well as August inflation and jobs data to be released next month could again shift the Fed’s course, Frederick said.

The Fed has raised its key rate by 225 basis points since March despite fears that the sharp rise in borrowing costs could tip the US economy into a recession.

Slowing inflation was the first “positive” reading of price pressures since the Fed began to tighten policy, Chicago Fed Chairman Charles Evans said, although he signaled that thought the Fed still had a lot of work to do.

After a rocky start to the year, the benchmark S&P 500 is up nearly 15% from mid-June lows, largely on expectations that the Fed will be less hawkish than expected in its efforts to provide a soft landing for the economy as it struggles to rein in inflation.

But the S&P 500 is 12% below its all-time high in January, having been in a bear market since then.

The CBOE Volatility Index (.VIX), Wall Street’s fear gauge, fell below the 20.00 level to close over four months behind.

High-growth and megacap tech stocks, whose valuations are vulnerable to rising bond yields, rose as Treasury yields fell sharply across the board. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) all rose more than 2% each.

Economy-sensitive banks (.SPXBK) rose 2.7%, with Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) climbing around 3% each.

“Banks have underperformed and are now getting an offer,” said Thomas Hayes, managing member of Great Hill Capital LLC, adding that investors are chasing laggards who haven’t rallied since June lows.

Tesla Inc (TSLA.O) rose 3.9% after Elon Musk sold $6.9 billion of shares in the electric vehicle maker to fund a potential deal for Twitter Inc (TWTR.N)s he loses a legal battle with the social media platform. Twitter gained 3.7%.

Meta Platforms Inc (META.O) jumped 5.8% after Facebook’s parent company announced on Tuesday that it had raised $10 billion in its first-ever bond issue.

Volume on U.S. exchanges was 11.33 billion shares, compared to an average of 10.98 billion for the full session over the past 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a ratio of 5.69 to 1; on the Nasdaq, a ratio of 3.34 to 1 favored advancers.

The S&P 500 posted five new 52-week highs and 29 new lows; the Nasdaq Composite recorded 64 new highs and 54 new lows.
Source: Reuters (Reporting by Herbert Lash; Additional reporting by Bansari Mayur Kamdar, Aniruddha Ghosh, Sruthi Shankar, Medha Singh and Karina D’Souza in Bengaluru; Editing by Anil D’Silva, Shounak Dasgupta and Lisa Shumaker)

Sources

1/ https://Google.com/

2/ https://www.hellenicshippingnews.com/stock-market-snapshot-for-11-8-2022/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]