Sunday, October 2, 2022

Wall Street rises, but consistently tracks monthly losses

Wall Street’s main indexes ended a grueling month on Thursday as investors kept a close eye on funding talks in Washington to halt the government shutdown.

The benchmark S&P 500 was still to break its seven-month winning streak, fueled by concerns about inflation, a fallout from a possible default of China Evergrande and wrangling over debt limits.

A Commerce Department report revised second-quarter growth slightly higher, while Labor Department data showed weekly jobless claims rose higher than expected, indicating the job market remained under pressure.

“While slowing growth is a concern, it is encouraging to see a slight bounce on the (GDP) front… As we wrap up the third quarter and look ahead, investors will need to remain nimble as the economic recovery is a The zig zag is continuing, said Mike Lowengart, managing director of investment strategy at E*Trade Financial.

Five of the 11 key S&P sectors advanced in early trading, with technology gaining the most, followed by healthcare and communications services.

The energy sector was the biggest loser but headed for its best monthly performance since February. The S&P financial sector was also tracking its sixth straight quarterly profit.

Heavyweight tech stocks rose after recovering from heavy losses earlier this week.

Still, rate-sensitive FAANG stocks, excluding Netflix, have lost a combined $415 billion in value this month, as the Federal Reserve’s hawkish shift on monetary policy sparked a rally in Treasury yields and pushed investors into those sectors. Inspired to move to those who stand to benefit the most from it. an economic revival.

Netflix is ​​set to add about 8 percent in September.

Tom Mention, managing director of UBS Private Wealth Management in Stamford, Connecticut, said: “Fed officials seem more rigid when it comes to raising interest rates, a gradual movement towards normal rates for neither the economy nor the market.” would be bad for him.”

At 9:45 am, the Dow Jones Industrial Average was up 13.29 points, or 0.04 per cent, at 34,404.01, the S&P 500 was up 13.12 points, or 0.30 per cent, at 4,372.58 and the Nasdaq Composite was up 83.65 points, or 0.58. percent, at 14,596.09.

The Perrigo company jumped 11.8 percent after the drugmaker agreed to settle with Irish tax officials over the 2018 issue by paying $1.90 billion in taxes.

Advancing issues declined with a ratio of 1.66-to-1 on the NYSE and 1.8-to-1 on the Nasdaq.

The S&P index recorded three new 52-week highs and one new low, while the Nasdaq recorded 19 new highs and 54 new lows.

By Devik Jain and Amber Warrick



This News Originally From – The Epoch Times

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