Market Trades Uneven After Powell Says "Wait" | Wall Street Today
RECAP
Indexes traded unevenly on Tuesday. Treasuries rose after Powell said rates would have to stay in place longer, leading to a drop in stocks.
The $S&P 500 Index traded -0.21% at the time of writing. The $Dow Jones Industrial Average climbed about 0.17%, and the $Nasdaq Composite Index fell about 0.12%.
MACRO
After last week's inflation data, investors are awaiting further news and speeches from the Federal Reserve on the direction of interest rates. Federal Reserve Chair Jerome Powell said recent macroeconomic data showed, "a lack of further progress on inflation this year," at a Canadian macroeconomic speaking event in Washington D.C. on Tuesday. He said that the Fed will likely need to keep rates higher for a longer until inflation falls.
In response, the $U.S. 2-Year Treasury Notes Yield(US2Y.BD$ climbed past 5% briefly, a line not crossed since Nov. of last year. The $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ climbed to 4.68%
"A year from now, we'll have more answers," Powell said.
SECTORS
When it comes to sectors, eyes are watching the commodities. Oil and gold are in the green following inflation fears. The $U.S. 2-Year Treasury Notes Yield and the $U.S. 10-Year Treasury Notes Yield climbed Tuesday as well, as investors were looking away from stocks as the market pulled back.
MOOVERS
Bank earnings are in full swing, with large banks reporting this morning. $Bank of America reported results that failed to impress, down 4.2%.
$Morgan Stanley's first-quarter earnings showed a pickup in investment banking, climbing 3.2%.
$PNC Financial Services(PNC.US$ Financial said net income fell 22% from a year earlier to $1.2 billion, or $3.10 a share. Analysts polled by FactSet expected $3.01 a share.
United Beats Expectations, Looses $200M from Boeing
$United Airlines(UAL.US$ reported an adjusted loss per share for the first quarter of 15c vs. loss/shr 63c y/y. Analysts expected a 57c loss per share. The firm said its earnings reflect approximately $200M impact from the Boeing 737 Max 9 Grounding.
AMD Launches New Processors
$Advanced Micro Devices(AMD.US$ said Tuesday that it has launched new processors to expand its commercial mobile and desktop artificial intelligence personal computer portfolio.
UnitedHealth Earnings in the Green
$UnitedHealth was the S&P 500's largest gainer, up 4.7% on upbeat earnings this morning. The stock gain is pulling the entire Dow Jones in the green.
Mooers, what are you watching?
Source: Bloomberg, Dow Jones, CNBC, Reuters
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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