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Wall Street bounces as Powell's testimony brings some relief

By Bansari Mayur Kamdar, Shreyashi Sanyal and Sinéad Carew (Reuters) - U.S. stock indexes were gaining ground on Tuesday with Nasdaq leading the advance as investors appeared...
Wall Street bounces as Powell's testimony brings some relief © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 10, 2022. REUTERS/Brendan McDermid

By Bansari Mayur Kamdar, Shreyashi Sanyal and Sinéad Carew

(Reuters) - U.S. stock indexes were gaining ground on Tuesday with Nasdaq leading the advance as investors appeared relieved that Federal Reserve Chair Jerome Powell's testimony to Congress did not include any major surprises.

Federal Reserve Chair Jerome Powell, in a congressional hearing that pointed to his likely confirmation for a second term as head of the U.S. central bank, said the economy should weather the current COVID-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy.

After falling just under 1% earlier in the session, the interest rate sensitive technology sector bounced back to rally almost 1% and provide the S&P its biggest boost.

"The market is extremely in tune to the Treasury yield move right now. As yields have started to slow down their ascent that's providing support for technology related stocks," said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. "There weren't any real surprises to Powell's comments which perhaps is adding some stability."

While Miskin saw some signs of a risk-on market on Tuesday he said investors were also "tiptoeing around" as they waited for key inflation data, which is due out on Wednesday.

The headline Consumer Price index (CPI), expected to come in at a red-hot 7% on a year-on-year basis, is expected to influence the Fed's plans for interest rate hikes.

By 2:04PM ET, the Dow Jones Industrial Average rose 87.82 points, or 0.24%, to 36,156.69, the S&P 500 gained 29.38 points, or 0.63%, to 4,699.67 and the Nasdaq Composite added 185.87 points, or 1.24%, to 15,128.70.

The S&P 500 index was on course to break a five-day slump, while the Nasdaq was looking to add to its tiny gain on Monday, when it staged a wild late day comeback that strategists attributed to an influx of retail investors hunting for bargains after an early session sell-off.

Equity markets have been battered since the start of this year after the minutes from the Fed's December meeting pointed to a sooner-than-expected rise in interest rates due to rising inflationary pressures.

Marko Kolanovic, chief global markets strategist at JPMorgan Chase & Co (NYSE:JPM), on Monday issued a research note calling the recent pull-back in riskier assets "arguably overdone" and calling it a buying opportunity. [nL1N2TQ2DY

Eight of the 11 major S&P 500 sectors rose, with growth-heavy sectors like technology and consumer discretionary contributing most to the S&P's gains. The biggest percentage gainer was energy, which rose along with crude oil futures. (OR)

Megacap growth companies, including Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN), were the biggest single-stock boosts to the S&P 500.

Also on investor watchlists for this week is the unofficial start of the fourth-quarter earnings season on Friday, with big banks expected to show an uptick in quarterly core revenue thanks to new lending and firming Treasury yields.

International Business Machines (NYSE:IBM) was down 2.7% after UBS downgraded the stock to "sell" and slashed its price target.

Vaccine maker Moderna (NASDAQ:MRNA) was down 4.7% after rising more than 9% on Monday. Pfizer (NYSE:PFE)'s vaccine partner BioNTech was also down 4.6% on Tuesday. The World Health Organization said more research is needed to find out if existing COVID-19 vaccines provide adequate protection against the Omicron variant.

Casino operator Las Vegas Sands (NYSE:LVS) Corp was up almost 8% after J.P. Morgan upgraded the stock to a "overweight" rating.

Advancing issues outnumbered declining ones on the NYSE by a 2.76-to-1 ratio; on Nasdaq, a 2.13-to-1 ratio favored advancers.

The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 29 new highs and 99 new lows.

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24-01-2022 06:39:11 (UTC+7)

EUR/USD

1.1312

-0.0028 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (4)

EUR/USD

1.1312

-0.0028 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (4)

GBP/USD

1.3498

-0.0056 (-0.42%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

USD/JPY

113.71

+0.03 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (10)

AUD/USD

0.7136

-0.0047 (-0.65%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (3)

USD/CAD

1.2613

+0.0032 (+0.25%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

EUR/JPY

128.63

-0.28 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

EUR/CHF

1.0317

-0.0016 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Gold Futures

1,838.95

+7.15 (+0.39%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Silver Futures

24.087

-0.233 (-0.96%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Copper Futures

4.4373

-0.0867 (-1.92%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

Crude Oil WTI Futures

84.86

-0.28 (-0.33%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (3)

Brent Oil Futures

86.84

-0.24 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

Natural Gas Futures

3.760

-0.022 (-0.58%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (6)

US Coffee C Futures

233.83

-4.07 (-1.71%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

Euro Stoxx 50

4,142.15

-87.41 (-2.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

S&P 500

4,397.93

-84.80 (-1.89%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

15,319.05

-284.83 (-1.83%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,405.79

-88.34 (-1.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Hang Seng

24,656.46

-309.09 (-1.24%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (1)

US Small Cap 2000

1,987.92

-36.12 (-1.78%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,532.32

-162.38 (-1.87%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

BASF SE NA O.N.

65.270

-0.910 (-1.38%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Bayer AG NA

51.17

-0.45 (-0.87%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (7)

Allianz SE VNA O.N.

219.65

-2.05 (-0.92%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Adidas AG

245.62

-4.98 (-1.99%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Deutsche Lufthansa AG

6.763

-0.146 (-2.11%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

Siemens AG Class N

140.96

-3.56 (-2.46%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

11.070

-0.408 (-3.55%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.1312↑ Sell
 GBP/USD1.3498Sell
 USD/JPY113.71↑ Sell
 AUD/USD0.7136Neutral
 USD/CAD1.2613↑ Buy
 EUR/JPY128.63↑ Sell
 EUR/CHF1.0317↑ Sell
 Gold1,838.95↑ Buy
 Silver24.087Buy
 Copper4.4373Neutral
 Crude Oil WTI84.86Neutral
 Brent Oil86.84↑ Sell
 Natural Gas3.760Neutral
 US Coffee C233.83↑ Buy
 Euro Stoxx 504,142.15↑ Sell
 S&P 5004,397.93↑ Sell
 DAX15,319.05↑ Sell
 FTSE 1007,405.79↑ Sell
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,532.32Neutral
 BASF65.270↑ Sell
 Bayer51.17↑ Sell
 Allianz219.65↑ Sell
 Adidas245.62↑ Sell
 Lufthansa6.763↑ Sell
 Siemens AG140.96↑ Sell
 Deutsche Bank AG11.070↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,154
SJC HCM6,150/ 6,210
(27/ 17) # 1,155
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,157
SJC Danang6,150/ 6,212
(27/ 17) # 1,157
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,157
SJC Cantho6,150/ 6,212
(27/ 17) # 1,157
Cập nhật 24-01-2022 06:39:15
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ↀ Giá vàng thế giới
$1,837.90+3.260.18%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$84.76+0.020.02%
Brent$87.61+0.080.09%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.500,0022.810,00
EUR25.000,4426.401,93
GBP29.901,5831.178,49
JPY193,25204,57
KRW16,4019,98
Cập nhật lúc 18:31:15 24/01/2022
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