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Wall Street pivots to value as Treasury yields rise

By Stephen Culp NEW YORK (Reuters) - Wall Street began the last week of September and the quarter with investors backing value over growth on Monday as tech shares, hurt by rising...
Wall Street pivots to value as Treasury yields rise © Reuters. FILE PHOTO: A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., September 17, 2019. REUTERS/Brendan McDermid

By Stephen Culp

NEW YORK (Reuters) - Wall Street began the last week of September and the quarter with investors backing value over growth on Monday as tech shares, hurt by rising Treasury yields, weighed on the broader market.

Of the three major U.S. stock indexes, the blue-chip Dow Jones Industrial Average was the sole gainer, buoyed by economically sensitive smallcaps and transports. Declines in megacap tech and tech-adjacent shares dragged the S&P 500 index and the Nasdaq Composite index into negative territory.

"What we're seeing is a change in the season, and it's shifting to some of the more cyclical areas of the market," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "Today is an indication as to what you're going to see going forward."

Benchmark U.S. Treasury yields forged higher, to the benefit of rate-sensitive financials [US/]. Rising crude prices pushed energy stocks to the head of the pack. [O/R]

But rising yields hurt some market leaders that had benefited from low rates. Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Facebook Inc (NASDAQ:FB) and Apple Inc (NASDAQ:AAPL) slipped between 0.5% and 1.8%.

In Washington, negotiations over funding the government and raising the debt ceiling were heating up at the start of a week that could also include a vote on U.S. President Biden's $1 trillion infrastructure bill.

On the economic front, new orders for durable goods waltzed past analyst expectations, gaining 1.8% in August. The value of total new orders has grown beyond pre-pandemic levels to a seven-year high.

The Dow Jones Industrial Average rose 144.36 points, or 0.41%, to 34,942.36, the S&P 500 lost 4.57 points, or 0.10%, to 4,450.91 and the Nasdaq Composite dropped 68.29 points, or 0.45%, to 14,979.41.

Of the 11 major sectors in the S&P 500, healthcare and tech suffered the largest percentage losses, while energy and financials took the lead.

While the S&P 500 value index has underperformed growth so far this year, that gap has narrowed in September as investors increasingly favor lower valuation stocks that stand to benefit most from economic revival.

The S&P 500 is on track to snap its seven-month winning streak, with the prospect of higher corporate tax rates and hints from the U.S. Federal Reserve that it could start to tighten its accommodative monetary policies in the months ahead.

Goldman Sachs (NYSE:GS) strategists see potential corporate rate hikes as a headwind to its outlook for return-on-equity (ROE) on U.S. stocks in 2022, the broker said in a research note.

Advancing issues outnumbered declining ones on the NYSE by a 1.59-to-1 ratio; on Nasdaq, a 1.69-to-1 ratio favored advancers.

The S&P 500 posted 28 new 52-week highs and four new lows; the Nasdaq Composite recorded 91 new highs and 68 new lows.

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27-10-2021 02:04:04 (UTC+7)

EUR/USD

1.1597

-0.0008 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

EUR/USD

1.1597

-0.0008 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

GBP/USD

1.3764

-0.0003 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

USD/JPY

114.15

+0.45 (+0.40%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (6)

AUD/USD

0.7506

+0.0015 (+0.21%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2384

+0.0003 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (1)

Sell (6)

EUR/JPY

132.38

+0.42 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

EUR/CHF

1.0667

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (5)

Gold Futures

1,794.85

-11.95 (-0.66%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

Silver Futures

24.183

-0.409 (-1.66%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Copper Futures

4.4905

-0.0375 (-0.83%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Crude Oil WTI Futures

84.58

+0.82 (+0.98%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (4)

Brent Oil Futures

85.62

+0.45 (+0.53%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (5)

Natural Gas Futures

5.947

-0.109 (-1.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

US Coffee C Futures

208.30

+5.75 (+2.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Euro Stoxx 50

4,223.97

+35.66 (+0.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

S&P 500

4,584.34

+17.86 (+0.39%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

DAX

15,757.06

+157.83 (+1.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

FTSE 100

7,277.62

+54.80 (+0.76%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (11)

Sell (0)

Hang Seng

26,038.27

-93.76 (-0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,306.05

-5.13 (-0.22%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

Sell (4)

IBEX 35

9,001.60

+80.70 (+0.90%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

BASF SE NA O.N.

63.740

+0.410 (+0.65%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Bayer AG NA

48.83

+0.27 (+0.56%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

201.95

+3.43 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Adidas AG

280.25

+2.25 (+0.81%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Deutsche Lufthansa AG

5.628

+0.154 (+2.81%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Siemens AG Class N

141.36

+2.32 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Deutsche Bank AG

11.905

+0.225 (+1.93%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (0)

 EUR/USD1.1597↑ Buy
 GBP/USD1.3764↑ Sell
 USD/JPY114.15↑ Sell
 AUD/USD0.7506↑ Sell
 USD/CAD1.2384Neutral
 EUR/JPY132.38↑ Buy
 EUR/CHF1.0667↑ Sell
 Gold1,794.85↑ Buy
 Silver24.183↑ Buy
 Copper4.4905↑ Sell
 Crude Oil WTI84.58↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas5.947↑ Sell
 US Coffee C208.30↑ Buy
 Euro Stoxx 504,223.97↑ Sell
 S&P 5004,584.34↑ Buy
 DAX15,757.06↑ Sell
 FTSE 1007,277.62↑ Buy
 Hang Seng26,038.27↑ Buy
 Small Cap 20002,306.05Sell
 IBEX 359,001.60↑ Sell
 BASF63.740↑ Buy
 Bayer48.83↑ Buy
 Allianz201.95↑ Buy
 Adidas280.25↑ Sell
 Lufthansa5.628↑ Buy
 Siemens AG141.36↑ Buy
 Deutsche Bank AG11.905↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,800/ 5,850
(0/ 0) # 889
SJC HCM5,790/ 5,860
(0/ 0) # 900
SJC Hanoi5,790/ 5,862
(0/ 0) # 902
SJC Danang5,790/ 5,862
(0/ 0) # 902
SJC Nhatrang5,790/ 5,862
(0/ 0) # 902
SJC Cantho5,790/ 5,862
(0/ 0) # 902
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RON 95-IV2443024910
RON 95-II,III2433024810
E5 RON 92-II2311023570
DO 0.05S1871019080
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Dầu hỏa1763017980
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.625,0022.855,00
EUR25.732,9927.151,49
GBP30.514,9531.789,89
JPY193,97205,16
KRW16,8320,49
Cập nhật lúc 18:54:25 26/10/2021
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