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Tech and energy shares boost Wall St in bear market rally

By Devik Jain and Anisha Sircar (Reuters) -Wall Street's major indexes climbed on Tuesday as investors scooped up shares of megacap growth and energy companies that were hammered...
Tech and energy shares boost Wall St in bear market rally © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 15, 2022. REUTERS/Brendan McDermid/File Photo

By Devik Jain and Anisha Sircar

(Reuters) -Wall Street's major indexes climbed on Tuesday as investors scooped up shares of megacap growth and energy companies that were hammered in a rout last week on worries over a global economic downturn.

All the 11 major S&P sectors advanced in the short-term rebound. The S&P 500 and the Nasdaq are still in bear market, with the benchmark index down 21.6% from its record closing high on Jan. 3.

"We are still viewing this as a rally in a bear market. Right now this is just another one-day wonder and investors have seen this movie before," said Ken Mahoney, chief executive officer of Mahoney Asset Management.

Energy was the top gainer, up 4.3%, after losing more than 17% last week. Apple Inc (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) Inc jumped 3.8% and 10.8%, respectively, boosting the S&P 500 and tech-heavy Nasdaq.

"So while we have this rally today, I am looking at the volatility index that is down just slightly, it is not really buying this. There is still quite a bit of nervousness around the markets."

The CBOE volatility index, also known as Wall Street's fear gauge, was down to 29.94 points, its lowest level since June 15, but still way above its long-term average of 19.6 points.

The S&P 500 index had in the previous session posted its biggest weekly percentage drop since March 2020 as investors feared aggressive steps by global central banks to fight inflation would slow economic growth.

Markets have priced in further rate hikes in July and September amid growing doubts if the U.S. central bank can engineer a soft landing for the economy and avoid a recession.

Goldman Sachs (NYSE:GS) now expects a 30% chance of the U.S. economy tipping into recession over the next year, up from its previous forecast of 15%.

"The market already may have priced in a shallow recession... you had negative GDP in Q1, so it is possible the second quarter is negative, in which case the recession could potentially be in the rear-view mirror," Thomas Hayes, managing member of Great Hill Capital in New York said.

All eyes are now on Fed Chair Jerome Powell's testimony to the Senate Banking Committee on Wednesday for clues on future interest rate hikes.

At 11:43 a.m. ET, the Dow Jones Industrial Average was up 550.36 points, or 1.84%, at 30,439.14, the S&P 500 was up 90.52 points, or 2.46%, at 3,765.36, and the Nasdaq Composite was up 323.46 points, or 3.00%, at 11,121.81.

Kellogg (NYSE:K) Co climbed 4.1% after the breakfast cereal maker said it was splitting itself into three separate companies with a focus on snacking.

Spirit Airlines (NYSE:SAVE) jumped 8% as JetBlue Airways (NASDAQ:JBLU) sweetened its bid to convince the ultra-low cost carrier to accept its offer over rival Frontier Airlines' proposal.

Advancing issues outnumbered decliners by a 4.86-to-1 ratio on the NYSE and by a 3.59-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week highs and 30 new lows, while the Nasdaq recorded 34 new highs and 69 new lows.

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27-06-2022 21:00:27 (UTC+7)

EUR/USD

1.0585

+0.0031 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

EUR/USD

1.0585

+0.0031 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

GBP/USD

1.2286

+0.0024 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

USD/JPY

135.12

-0.06 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.6934

-0.0014 (-0.19%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.2906

+0.0013 (+0.10%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

EUR/JPY

143.01

+0.35 (+0.25%)

Summary

Sell

Moving Avg:

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Sell (11)

Indicators:

Buy (3)

Sell (3)

EUR/CHF

1.0138

+0.0029 (+0.29%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (7)

Sell (1)

Gold Futures

1,829.25

-1.05 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

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Sell (6)

Silver Futures

21.348

+0.189 (+0.89%)

Summary

Buy

Moving Avg:

Buy (6)

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Indicators:

Buy (7)

Sell (2)

Copper Futures

3.7535

+0.0090 (+0.24%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (7)

Crude Oil WTI Futures

106.77

-0.85 (-0.79%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Brent Oil Futures

108.60

-0.50 (-0.46%)

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↑ Sell

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Natural Gas Futures

6.149

-0.132 (-2.10%)

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US Coffee C Futures

220.80

-2.45 (-1.10%)

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Moving Avg:

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Indicators:

Buy (2)

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Euro Stoxx 50

3,532.15

-1.02 (-0.03%)

Summary

Neutral

Moving Avg:

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Sell (8)

Indicators:

Buy (5)

Sell (2)

S&P 500

3,900.30

-11.44 (-0.29%)

Summary

↑ Buy

Moving Avg:

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DAX

13,160.45

+42.32 (+0.32%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (5)

Sell (1)

FTSE 100

7,240.40

+31.59 (+0.44%)

Summary

Neutral

Moving Avg:

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Sell (4)

Indicators:

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Sell (3)

Hang Seng

22,229.52

+510.46 (+2.35%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

US Small Cap 2000

1,761.40

-1.06 (-0.06%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

Indicators:

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IBEX 35

8,194.98

-49.12 (-0.60%)

Summary

Neutral

Moving Avg:

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Sell (6)

Indicators:

Buy (2)

Sell (3)

BASF SE NA O.N.

42.727

+0.512 (+1.21%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

Buy (0)

Sell (10)

Bayer AG NA

58.95

+1.16 (+2.01%)

Summary

↑ Buy

Moving Avg:

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Allianz SE VNA O.N.

180.82

-0.38 (-0.21%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Adidas AG

172.50

+2.14 (+1.26%)

Summary

↑ Sell

Moving Avg:

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Sell (10)

Deutsche Lufthansa AG

5.997

+0.031 (+0.52%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (6)

Siemens AG Class N

103.74

+1.12 (+1.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Deutsche Bank AG

8.801

-0.118 (-1.32%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.0585↑ Buy
 GBP/USD1.2286Neutral
 USD/JPY135.12Neutral
 AUD/USD0.6934↑ Sell
 USD/CAD1.2906Buy
 EUR/JPY143.01Sell
 EUR/CHF1.0138Neutral
 Gold1,829.25↑ Sell
 Silver21.348Buy
 Copper3.7535↑ Sell
 Crude Oil WTI106.77↑ Sell
 Brent Oil108.60↑ Sell
 Natural Gas6.149↑ Sell
 US Coffee C220.80↑ Sell
 Euro Stoxx 503,532.15Neutral
 S&P 5003,900.30↑ Buy
 DAX13,160.45Neutral
 FTSE 1007,240.40Neutral
 Hang Seng22,229.52↑ Sell
 Small Cap 20001,761.40↑ Buy
 IBEX 358,194.98Neutral
 BASF42.727↑ Sell
 Bayer58.95↑ Buy
 Allianz180.82↑ Sell
 Adidas172.50↑ Sell
 Lufthansa5.997↑ Sell
 Siemens AG103.74↑ Sell
 Deutsche Bank AG8.801↑ Sell
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Cập nhật 27-06-2022 21:00:30
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RON 95-V33.47034.130
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Ngoại tệMua vàoBán ra
USD23.080,0023.390,00
EUR23.932,6125.273,13
GBP27.815,2929.001,83
JPY167,64177,48
KRW15,5718,97
Cập nhật lúc 18:53:21 27/06/2022
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