Wall Street rallies on hopes that Fed rate hikes will slow

Some Fed officials show eagerness to slow hikes – WSJAlphabet, Twitter, and Meta fall after Snap’s ad warning AmEx declines, preliminary build strengthens macro macro Verizon Communications Q3 profit declines due to subscriber loss Index rises: Dow 1.47 %, S&P 1.27%, Nasdaq 1.04%Oct 21 (Reuters) – The S&P 500 and the Dow rose Friday after reports that the US Federal Reserve would discuss signs of a rate hike in December. According to the Wall Street Journal, Fed officials soon began talking about how to slow the pace of hikes and announce plans to approve smaller increases in December. “Slowing down the scale or pace of rate hikes underscores price stabilization campaigns,” said Joe Bruzuelas, chief economist at RSM, a US-based consulting firm. Register now for unrestricted access to Reuters.com. RegisterStock markets at the start of the session spurred by concerns about an aggressive rate hike cycle driving the US economy into recession as benchmark 10-year Treasury yields hit 15-year highs. I got hit. Traders are still looking forward to the fourth 75 basis. – Point increase at the November meeting of the central bank. FEDWATCH The report helped the market recover, which plunged 30.86% at the beginning of the session after Snap Inc (SNAP.N) posted the slowest quarterly revenue growth in five years as advertisers cut spending due to inflation and geopolitical concerns. I did. Other companies that relied heavily on advertising Revenues such as Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell 0.20% and 2.52% respectively, lowering the S&P 500 Telecom Services Sector Index (.SPLRCL) by 0.55%. I did. “It’s to cut advertising spending when there are concerns about a recession,” said Robert Pavlick, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. As of 12:00 ET, the Dow Jones Industrial Average (.DJI) rose 444.56 points (.47%), up 30,778.15, and the S&P 500 (.SPX) rose 46.56 points (1.27%). , at 3,712.34. The Nasdaq Composite Index (.IXIC) rose 110.56 points (1 point). 04%, 10,725.41.Refinitiv data shows that the third-quarter reporting season so far has been better than expected, with analysts raising their earnings expectations for S&P 500 companies to 3.1% from 2.8% at the beginning of the week. This is still well below the 11.1% gain expected in early July. Following earnings-driven gains earlier this week, the S&P 500 and Nasdaq are expected to record their best weeks in six weeks, while the Dow has the biggest watch. Weekly uptrend since the end of June. Verizon Communications Inc fell 5.27% as earnings fell 23% and carriers missed estimates of wireless subscriber additions. A recession is imminent. Schlumberger (SLB.N) rose 9.2%, rising 2.2% as the S&P 500 energy sector reported a better-than-expected quarterly profit. On the NYSE, there were more open issues than decliners, with ratios of 1.62:1 and 1.39 to 1.39. Nasdaq.The S&’s 1:1 ratio P index recorded 7 new 52-week highs and 32 new lows, while Nasdaq recorded 25 new highs and 252 new lows. Register now for free and unlimited access to Reuters.com. RegisterReporting by Shreyashi Sanyal and Ankika Biswas in Bengaluru; Additional Reports by Bansari Mayur Kamdar Edited by Anil D’Silva, Arun Koyyur and Shounak Dasgupta Our Standard: The Thomson Reuters Trust Principle.
#Wall #Street #rallies #hopes #Fed #rate #hikes #slow

Leave a Comment

Your email address will not be published. Required fields are marked *