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US STOCKS-Wall Street Pivots Value As Treasury Yields Rise

 


(For a live Reuters blog on the US, UK and EU stock markets, click LIVE / or type LIVE / in a news window.)

* Economically sensitive stocks outperform the market

* Basic capital goods orders in the United States, shipments increase in August

* Indices: the Dow Jones increases by 0.41%, the S&P decreases by 0.10%, the Nasdaq by 0.45% (afternoon updates, modification of the date, of the signature)

By Stephen Culp

NEW YORK, Sept. 27 (Reuters) – Wall Street began the last week of September and the quarter with investors supporting value over growth on Monday as tech stocks, affected by rising Treasury yields, weighed on in the market at large.

Among the three major US stock indexes, the blue chip Dow Jones Industrial Average was the only winner, supported by small caps and economically sensitive transportation. The declines in mega-cap tech and tech-adjacent stocks have pushed the S&P 500 Index and the Nasdaq Composite Index into negative territory.

“What we’re seeing is a change in the season, and it’s moving to some of the more cyclical areas in the market,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “Today is an indication of what you are going to see in the future.”

Benchmark US Treasury yields rose to the benefit of rate-sensitive financials. Rising crude prices propelled energy stocks to the front of the pack.

But the rise in rates penalized some market leaders who had benefited from low rates. Microsoft Corp, Amazon.com Inc, Facebook Inc and Apple Inc slipped between 0.5% and 1.8%.

In Washington, negotiations over government funding and raising the debt ceiling intensified earlier this week which could also include a vote on US President Biden’s $ 1 trillion infrastructure bill. .

On the economic front, new durable goods orders exceeded analysts’ expectations, gaining 1.8% in August. The value of total new orders has surpassed pre-pandemic levels to a seven-year high.

The Dow Jones Industrial Average rose 144.36 points, or 0.41%, to 34,942.36, the S&P 500 lost 4.57 points, or 0.10%, to 4,450.91 and the Nasdaq Composite lost 68.29 points, or 0.45%, to 14,979.41.

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Of the top 11 sectors in the S&P 500, healthcare and technology suffered the largest percentage losses, while energy and financials took the lead.

While the S&P 500 Value Index has underperformed growth so far this year, that gap narrowed in September as investors increasingly favored lower valued stocks that should benefit the most from. economic recovery.

The S&P 500 is on course to end its seven-month winning streak, with the prospect of rising corporate tax rates and indications from the US Federal Reserve indicating it may start to tighten its markets. accommodative monetary policies in the coming months.

Goldman Sachs strategists see potential rate hikes for companies as a hindrance to its return on equity (ROE) outlook on U.S. stocks in 2022, the broker said in a research note.

The advancing issues outnumbered the declining ones on the NYSE by a ratio of 1.59 to 1; on the Nasdaq, a ratio of 1.69 to 1 favored advances.

The S&P 500 posted 28 new 52 week highs and four new lows; the Nasdaq Composite recorded 91 new highs and 68 new lows.

(Reporting by Stephen Culp; Additional reporting by Devik Jain in Bengaluru; Editing by Richard Chang)

Sources

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2/ https://finance.yahoo.com/news/us-stocks-wall-street-pivots-182239487.html

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