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Wall St mixed ahead of Fed minutes; tech stocks falter

Wednesday, January 5, 2022
Wall St mixed ahead of Fed minutes; tech stocks falter © Reuters. FILE PHOTO: The Wall St. sign is seen outside the New York Stock Exchange (NYSE) in New York, U.S., December 17, 2019. REUTERS/Brendan McDermid

By Devik Jain and Shreyashi Sanyal

(Reuters) - Wall Street's main indexes were mixed on Wednesday ahead of minutes from the Federal Reserve's December meeting, as investors swapped technology stocks for cyclicals that stand to benefit from a high interest rate environment.

Seven of the 11 major S&P sectors advanced in early trading with value-oriented energy, financials and materials shares leading the pack.

Tech titans Apple Inc (NASDAQ:AAPL) Google-owner Alphabet (NASDAQ:GOOGL) Inc, Amazon.com (NASDAQ:AMZN), Meta Platforms and Microsoft Corp (NASDAQ:MSFT) fell between 0.4% and 1.2% to weigh the most on the S&P 500 and the Nasdaq indexes.

Interest-rate sensitive growth shares were also under pressure from a recent rise in U.S. Treasury yields, sparked by growing angst towards the prospect of interest rate hikes by the Fed to curb inflation. [US/]

The U.S. central bank said last month it would end its pandemic-era bond buying in 2022, signaling at least three interest rate hikes for the year. Minutes from the meeting are due at 1400 ET/1900 GMT.

"With interest rates expected to rise this year, there is a likelihood that tech stocks could end up feeling some more pressure," said Sam Stovall, chief investment strategist at CFRA Research in New York.

"Investors would continue to rotate away from the growth categories and move more towards the value side of the equation."

Salesforce.com Inc (NYSE:CRM) dropped 5.3% after UBS lowered its rating on the stock to "neutral" from "buy".

At 10:14 a.m. ET, the Dow Jones Industrial Average was up 21.33 points, or 0.06%, at 36,820.98, the S&P 500 was down 5.97 points, or 0.12%, at 4,787.57, and the Nasdaq Composite was down 85.91 points, or 0.55%, at 15,536.81.

The ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.

The report comes ahead of the Labor Department's more comprehensive and closely watched employment data for December on Friday.

Peloton Interactive (NASDAQ:PTON) fell 0.5% after J.P. Morgan cut its price target on the fitness firm's stock on expectations of softer demand.

AT&T Inc (NYSE:T) rose 2.5% after the U.S. telecom company added 880,000 monthly paying phone subscribers in the fourth quarter.

Beyond Meat (NASDAQ:BYND) jumped 4.6% after Yum Brands' KFC said it would start selling plant-based fried "chicken" from the vegan meat maker across the United States for a limited time.

Meanwhile, Citigroup (NYSE:C) analysts said they now expect the S&P 500 index to touch 5,100 by the end of 2022 on the back of strong corporate earnings.

Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE and by a 1.04-to-1 ratio on the Nasdaq.

The S&P index recorded 45 new 52-week highs and no new low, while the Nasdaq recorded 50 new highs and 64 new lows.

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24-01-2022 05:13:05 (UTC+7)

EUR/USD

1.1324

-0.0015 (-0.14%)

Summary

↑ Sell

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Sell (12)

Indicators:

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Sell (4)

EUR/USD

1.1324

-0.0015 (-0.14%)

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↑ Sell

Moving Avg:

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Indicators:

Buy (1)

Sell (4)

GBP/USD

1.3511

-0.0043 (-0.32%)

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Sell (8)

USD/JPY

113.54

-0.14 (-0.12%)

Summary

Sell

Moving Avg:

Buy (5)

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Buy (2)

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AUD/USD

0.7143

-0.0040 (-0.56%)

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Moving Avg:

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USD/CAD

1.2608

+0.0027 (+0.22%)

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↑ Buy

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Buy (9)

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EUR/JPY

128.59

-0.32 (-0.25%)

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EUR/CHF

1.0323

-0.0010 (-0.10%)

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Neutral

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Gold Futures

1,842.30

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Silver Futures

24.233

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Copper Futures

4.4600

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85.19

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Brent Oil Futures

87.19

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Natural Gas Futures

3.733

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US Coffee C Futures

235.38

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Euro Stoxx 50

4,155.35

-74.21 (-1.75%)

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S&P 500

4,397.93

-84.80 (-1.89%)

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↑ Sell

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DAX

15,372.72

-231.16 (-1.48%)

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FTSE 100

7,423.98

-70.15 (-0.94%)

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Hang Seng

24,656.46

-309.09 (-1.24%)

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Buy (10)

Sell (2)

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Buy (5)

Sell (1)

US Small Cap 2000

1,987.92

-36.12 (-1.78%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

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IBEX 35

8,559.32

-135.38 (-1.56%)

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BASF SE NA O.N.

65.350

-0.830 (-1.25%)

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Bayer AG NA

51.06

-0.56 (-1.08%)

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Allianz SE VNA O.N.

220.25

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Adidas AG

246.05

-4.55 (-1.82%)

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Sell (8)

Deutsche Lufthansa AG

6.715

-0.194 (-2.81%)

Summary

↑ Sell

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Siemens AG Class N

142.62

-1.90 (-1.31%)

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Deutsche Bank AG

11.166

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Summary

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Indicators:

Buy (3)

Sell (5)

 EUR/USD1.1324↑ Sell
 GBP/USD1.3511↑ Sell
 USD/JPY113.54Sell
 AUD/USD0.7143↑ Sell
 USD/CAD1.2608↑ Buy
 EUR/JPY128.59↑ Sell
 EUR/CHF1.0323Neutral
 Gold1,842.30Sell
 Silver24.233↑ Sell
 Copper4.4600↑ Sell
 Crude Oil WTI85.19↑ Sell
 Brent Oil87.19↑ Sell
 Natural Gas3.733Sell
 US Coffee C235.38↑ Sell
 Euro Stoxx 504,155.35↑ Sell
 S&P 5004,397.93↑ Sell
 DAX15,372.72↑ Sell
 FTSE 1007,423.98↑ Sell
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,559.32↑ Sell
 BASF65.350↑ Sell
 Bayer51.06↑ Sell
 Allianz220.25↑ Sell
 Adidas246.05↑ Sell
 Lufthansa6.715↑ Sell
 Siemens AG142.62↑ Sell
 Deutsche Bank AG11.166Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,151
SJC HCM6,150/ 6,210
(27/ 17) # 1,150
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,152
SJC Danang6,150/ 6,212
(27/ 17) # 1,152
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,152
SJC Cantho6,150/ 6,212
(27/ 17) # 1,152
Cập nhật 24-01-2022 05:13:08
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E5 RON 92-II2359024060
DO 0.05S1890019270
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Ngoại tệMua vàoBán ra
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EUR25.000,4426.401,93
GBP29.901,5831.178,49
JPY193,25204,57
KRW16,4019,98
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