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Wall St falls as tech stocks weaken on hawkish Fed minutes; cyclicals rise

Thursday, January 6, 2022
Wall St falls as tech stocks weaken on hawkish Fed minutes; cyclicals rise © Reuters. FILE PHOTO: The Wall Street sign is seen in front of the New York Stock Exchange January 22, 2008. REUTERS/Chip East

By Devik Jain

(Reuters) - Wall Street's main indexes fell in choppy trading on Thursday after minutes from the Federal Reserve's last meeting struck a hawkish note, pushing down shares of big technology companies and buoying economy-sensitive cyclical sectors.

Six of the 11 major S&P sectors fell in early trading, while value-oriented energy, financials and industrials rose.

Technology and consumer discretionary, the sectors hosting some of the biggest growth stocks including Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL), fell more than 1% each.

"Tech stocks have got more of their earnings power coming but they're much more sensitive to a higher discount rate," said Dave Grecsek, managing director in investment strategy and research at Aspiriant.

"We've barbelled our equity position, so we like the more cyclically-sensitive equities in the U.S. ... these would be stocks like the traditional financials, industrials and staples that have room to run."

The Dow slipped from an intra-day record high after minutes from the Fed's December meeting signaled the possibility of sooner-than-expected rate hikes and stimulus withdrawal to curb inflation.

The tech-heavy Nasdaq plunged more than 3% on Wednesday, its biggest one-day percentage drop since February.

"The hawkish tone of the FOMC (the Federal Open Market Committee) minutes suggests that the central bank is concerned about inflation," said Nancy Davis, founder of Quadratic Capital Management.

"We believe the Fed is likely to be more prudent and take longer than the market expects to evaluate the economy before embarking on a swift rate hiking cycle and balance sheet reduction plan."

So far this week, market participants have rotated out of technology-heavy growth shares and into cyclical names such as industrials, energy and materials that stand to benefit the most in a high interest rate environment.

The banking sub-index rose 1.0%, tracking the benchmark U.S. 10-year Treasury yield, which touched its highest level since April 2021 on Thursday. [US/]

At 10:15 a.m. ET, the Dow Jones Industrial Average was down 147.18 points, or 0.40%, at 36,259.93, the S&P 500 was down 17.96 points, or 0.38%, at 4,682.62, and the Nasdaq Composite was down 135.79 points, or 0.90%, at 14,964.39.

After a stronger-than-expected ADP private payrolls report on Wednesday, the Labor Department's more comprehensive nonfarm payrolls data for December will be closely watched on Friday.

Data on Thursday showed the number of Americans filing new claims for unemployment benefits rose last week. Another report showed U.S. services industry activity slowed more than expected in December, but supply bottlenecks appear to be easing.

Netflix Inc (NASDAQ:NFLX) slipped 3.9% after J.P. Morgan cut its price target on the movie streaming platform's stock.

Declining issues outnumbered advancers for a 1.48-to-1 ratio on the NYSE and for a 2.54-to-1 ratio on the Nasdaq.

The S&P index recorded 29 new 52-week highs and one new low, while the Nasdaq recorded 26 new highs and 426 new lows.

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16-01-2022 23:47:41 (UTC+7)

EUR/USD

1.1421

+0.0007 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

EUR/USD

1.1421

+0.0007 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

GBP/USD

1.3680

+0.0008 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

USD/JPY

114.43

+0.22 (+0.20%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

AUD/USD

0.7211

+0.0004 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.2536

-0.0016 (-0.13%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (1)

EUR/JPY

130.68

+0.34 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

1.0439

+0.0010 (+0.10%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (2)

Gold Futures

1,819.65

+3.15 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Silver Futures

23.043

+0.125 (+0.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

4.4220

-0.0060 (-0.14%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

Crude Oil WTI Futures

83.44

+0.14 (+0.17%)

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↑ Sell

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Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

86.09

+0.03 (+0.03%)

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↑ Sell

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Sell (10)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

4.319

+0.096 (+2.27%)

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↑ Sell

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Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

239.65

+2.65 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (3)

Euro Stoxx 50

4,272.19

-43.71 (-1.01%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

S&P 500

4,662.85

+3.82 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (2)

DAX

15,883.24

-148.35 (-0.93%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,542.95

-20.90 (-0.28%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

Hang Seng

24,217.43

-165.89 (-0.68%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (4)

US Small Cap 2000

2,161.48

+2.05 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

8,806.60

-10.30 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

BASF SE NA O.N.

68.110

+0.360 (+0.53%)

Summary

Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (3)

Sell (4)

Bayer AG NA

52.59

+1.53 (+3.00%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

Buy (0)

Sell (9)

Allianz SE VNA O.N.

227.00

-0.40 (-0.18%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (7)

Adidas AG

252.35

-3.85 (-1.50%)

Summary

Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (5)

Sell (1)

Deutsche Lufthansa AG

7.241

-0.043 (-0.59%)

Summary

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Moving Avg:

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Siemens AG Class N

145.86

-5.64 (-3.72%)

Summary

Neutral

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Deutsche Bank AG

11.954

-0.246 (-2.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.1421↑ Buy
 GBP/USD1.3680↑ Buy
 USD/JPY114.43Buy
 AUD/USD0.7211Sell
 USD/CAD1.2536Buy
 EUR/JPY130.68↑ Buy
 EUR/CHF1.0439Neutral
 Gold1,819.65↑ Buy
 Silver23.043↑ Buy
 Copper4.4220↑ Sell
 Crude Oil WTI83.44↑ Sell
 Brent Oil86.09↑ Sell
 Natural Gas4.319↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,272.19Buy
 S&P 5004,662.85↑ Buy
 DAX15,883.24↑ Buy
 FTSE 1007,542.95Sell
 Hang Seng24,217.43Sell
 Small Cap 20002,161.48↑ Buy
 IBEX 358,806.60↑ Buy
 BASF68.110Sell
 Bayer52.59↑ Sell
 Allianz227.00↑ Sell
 Adidas252.35Buy
 Lufthansa7.241↑ Buy
 Siemens AG145.86Neutral
 Deutsche Bank AG11.954Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,145
SJC HCM6,110/ 6,170
(10/ 0) # 1,160
SJC Hanoi6,110/ 6,172
(10/ 0) # 1,162
SJC Danang6,110/ 6,172
(10/ 0) # 1,162
SJC Nhatrang6,110/ 6,172
(10/ 0) # 1,162
SJC Cantho6,110/ 6,172
(10/ 0) # 1,162
Cập nhật 16-01-2022 23:47:44
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Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$83.45+0.390.47%
Brent$85.60+0.450.52%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.540,0022.850,00
EUR25.234,8826.649,42
GBP30.246,4531.537,99
JPY192,66203,94
KRW16,5020,10
Cập nhật lúc 11:41:39 17/01/2022
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