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Wall Street edges higher after Powell's remarks

By Devik Jain and Anisha Sircar (Reuters) - U.S. stock indexes edged higher in choppy trading on Wednesday, with healthcare shares offsetting losses in the energy sector, after...
Wall Street edges higher after Powell's remarks © Reuters. FILE PHOTO: A monitor displays stock market information on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 18, 2022. REUTERS/Andrew Kelly/File Photo

By Devik Jain and Anisha Sircar

(Reuters) - U.S. stock indexes edged higher in choppy trading on Wednesday, with healthcare shares offsetting losses in the energy sector, after Federal Reserve Chair Jerome Powell said the U.S. central bank is "strongly committed" to bringing down inflation.

In his testimony to the Senate committee, Powell pledged an "overarching focus" on bringing down decades-high inflation and reiterated that ongoing increases in the policy rate would be appropriate, with the exact pace dependent on the economic outlook.

"We are not trying to provoke, and I don't think we will need to provoke, a recession," Powell said.

Powell's comments came a week after the Fed raised interest rate by three-quarters of a percentage point, its largest increase since 1994. Economists expect a similar move next month, followed by a half-percentage-point rise in September, according to a Reuters poll.

"It's the dovish side of very hawkish ... a little bit less clear and a little bit less than totally committed," said Thomas Simons, money market economist at Jefferies, New York.

"There isn't this we-will-do-whatever-it-takes ironclad commitment that you might expect would be the predecessor to perhaps really aggressive rate hikes that might lead to a rapid decline in output."

Wall Street has been whipsawed in recent sessions as traders debate if the market has found a bottom in the wake of a sharp sell-off on concerns that aggressive policy moves by central banks could trigger a global economic slowdown.

At 11:50 a.m. ET, the Dow Jones Industrial Average was up 38.42 points, or 0.13%, at 30,568.67, the S&P 500 was up 8.44 points, or 0.22%, at 3,773.23, and the Nasdaq Composite was up 42.94 points, or 0.39%, at 11,112.24.

Markets were also supported by a fall in oil prices. [O/R]

The energy sector fell 3.6% to be the biggest loser among the 11 major S&P sectors. Healthcare and real estate jumped 1.6% and 1.8%, respectively.

Rate-sensitive growth and technology stocks climbed. Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) rose 0.5% and 0.7% to lead the Nasdaq higher.

"The meaningful move lower in oil has dampened some of the rampant inflation fears ... with the rates moving lower, that's prompted a significant short covering move in technology names across the board," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

"We have come to a realization that rates are going higher, whether we're going into a recession or not is debatable."

Dow Inc slid 5.2% after Credit Suisse downgraded the chemicals maker's stock to "underperform".

Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE. Advancing issues outnumbered decliners for a 1.12-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week high and 38 new lows, while the Nasdaq recorded nine new highs and 142 new lows.

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27-06-2022 22:00:47 (UTC+7)

EUR/USD

1.0599

+0.0045 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0599

+0.0045 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2304

+0.0042 (+0.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

USD/JPY

135.18

+0.01 (+0.01%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (3)

AUD/USD

0.6944

-0.0004 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

USD/CAD

1.2877

-0.0016 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

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EUR/JPY

143.27

+0.61 (+0.43%)

Summary

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Moving Avg:

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Sell (0)

EUR/CHF

1.0135

+0.0026 (+0.26%)

Summary

Neutral

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Indicators:

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Gold Futures

1,826.35

-3.95 (-0.22%)

Summary

↑ Sell

Moving Avg:

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Silver Futures

21.348

+0.189 (+0.89%)

Summary

Neutral

Moving Avg:

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Copper Futures

3.7880

+0.0435 (+1.16%)

Summary

↑ Buy

Moving Avg:

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Crude Oil WTI Futures

109.36

+1.74 (+1.62%)

Summary

↑ Buy

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Brent Oil Futures

110.77

+1.67 (+1.53%)

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Natural Gas Futures

6.291

+0.010 (+0.16%)

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US Coffee C Futures

221.20

-2.05 (-0.92%)

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Euro Stoxx 50

3,546.25

+13.08 (+0.37%)

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↑ Buy

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S&P 500

3,920.00

+8.26 (+0.21%)

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DAX

13,199.26

+81.13 (+0.62%)

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FTSE 100

7,274.40

+65.59 (+0.91%)

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Hang Seng

22,229.52

+510.46 (+2.35%)

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Sell (8)

US Small Cap 2000

1,775.80

+13.34 (+0.76%)

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IBEX 35

8,260.73

+16.63 (+0.20%)

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42.835

+0.620 (+1.47%)

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Bayer AG NA

59.50

+1.71 (+2.96%)

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Allianz SE VNA O.N.

181.41

+0.21 (+0.12%)

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Adidas AG

172.10

+1.74 (+1.02%)

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↑ Buy

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Deutsche Lufthansa AG

5.995

+0.029 (+0.49%)

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Siemens AG Class N

104.03

+1.41 (+1.37%)

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Deutsche Bank AG

8.896

-0.023 (-0.26%)

Summary

↑ Buy

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Sell (2)

Indicators:

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Sell (0)

 EUR/USD1.0599↑ Buy
 GBP/USD1.2304↑ Buy
 USD/JPY135.18Sell
 AUD/USD0.6944↑ Buy
 USD/CAD1.2877↑ Sell
 EUR/JPY143.27↑ Buy
 EUR/CHF1.0135Neutral
 Gold1,826.35↑ Sell
 Silver21.348Neutral
 Copper3.7880↑ Buy
 Crude Oil WTI109.36↑ Buy
 Brent Oil110.77↑ Buy
 Natural Gas6.291Neutral
 US Coffee C221.20↑ Buy
 Euro Stoxx 503,546.25↑ Buy
 S&P 5003,920.00↑ Buy
 DAX13,199.26↑ Buy
 FTSE 1007,274.40Buy
 Hang Seng22,229.52↑ Sell
 Small Cap 20001,775.80↑ Buy
 IBEX 358,260.73↑ Buy
 BASF42.835↑ Buy
 Bayer59.50↑ Buy
 Allianz181.41↑ Buy
 Adidas172.10↑ Buy
 Lufthansa5.995↑ Buy
 Siemens AG104.03↑ Buy
 Deutsche Bank AG8.896↑ Buy
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Cập nhật 27-06-2022 22:00:49
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ↀ Giá vàng thế giới
$1,824.98-5.97-0.33%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$108.01-2.58-2.44%
Brent$110.59-2.54-2.35%
$ Tỷ giá Vietcombank
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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