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S&P 500 Climbs as Tech Comeback Continues on Less Hawkish Powell

By Yasin Ebrahim AiVIF.com – The S&P 500 steadied Tuesday as tech continued its rebound as U.S. bond yields edged lower after Federal Reserve Chairman Jerome Powell delivered...
S&P 500 Climbs as Tech Comeback Continues on Less Hawkish Powell © Reuters.

By Yasin Ebrahim

AiVIF.com – The S&P 500 steadied Tuesday as tech continued its rebound as U.S. bond yields edged lower after Federal Reserve Chairman Jerome Powell delivered less hawkish than expected remarks, soothing fears of aggressive Fed policy tightening.

The S&P 500 rose 0.8%, the Dow Jones Industrial Average gained 0.5%, or 185 points, the Nasdaq added 1.3%.

Powell confirmed the Fed plans to begin normalizing policy including ending bond purchases, hiking rates, and letting bonds on its balance sheet mature later this year.

“I would expect that this year 2022 will be the year in which we take steps toward normalization [of monetary policy],” Powell said.

That would involve “ending asset purchases in March, raising rates over the course of the year  … and “perhaps later this year, we will start to allow the balance sheet to run off.”

Surging Treasury yields, which had weighed on growth sectors of the market like tech, took a breather, supported the rebound in tech pushing the broader market higher.

Meta Platforms (NASDAQ:FB), formerly know as Facebook, Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), which make up about a quarter of the S&P 500.

The recent pullback in tech was linked to “to the fear of a Fed being more hawkish and more aggressive in its policies going forward … but Powell calm the markets in his hearing,”  Darren Schuringa, CEO of ASYMmetric ETFs said in an interview with AiVIF.com on Tuesday.

“The most powerful lever the Fed has to pull on right now is starting to shrink its balance sheet by selling bonds,” Schuringa added. "But Powell backed away that saying we're going to let our balance sheet roll off … that’s not as disruptive in the market as selling bonds."

Semiconductors continued to pare recent losses, up nearly 2%, following a 5% jump in Advanced Micro Devices (NASDAQ:AMD) after KeyBanc upgraded its rating on the stock to overweight from sector weight, citing cloud data center growth in 2022.

Energy was also among the top gainers on the day, as oil prices moved higher on expectations that the demand impact from the omicron impact may not be as severe as initially feared.

Occidental Petroleum (NYSE:OXY), Hess (NYSE:HES) and APA (NASDAQ:APA), led the energy sector move higher, with the latter up more than 8%.

In a potential sign of renewed appetite for risk assets, defensive corners of the market such as utilities and consumer staples were on the back foot.

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28-01-2022 20:06:42 (UTC+7)

EUR/USD

1.1150

+0.0007 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

EUR/USD

1.1150

+0.0007 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.3408

+0.0023 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

USD/JPY

115.22

-0.12 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (1)

AUD/USD

0.6990

-0.0041 (-0.58%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

USD/CAD

1.2764

+0.0024 (+0.18%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (4)

EUR/JPY

128.46

-0.06 (-0.05%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (4)

EUR/CHF

1.0381

+0.0013 (+0.12%)

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Sell (12)

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Buy (1)

Sell (6)

Gold Futures

1,790.10

-3.00 (-0.17%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (1)

Silver Futures

22.485

-0.191 (-0.84%)

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↑ Buy

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Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

4.3297

-0.0938 (-2.12%)

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↑ Sell

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Buy (5)

Sell (7)

Indicators:

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Sell (8)

Crude Oil WTI Futures

87.31

+0.70 (+0.81%)

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Buy

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Sell (4)

Indicators:

Buy (5)

Sell (1)

Brent Oil Futures

89.00

+0.83 (+0.94%)

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Buy

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Buy (9)

Sell (3)

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Buy (5)

Sell (2)

Natural Gas Futures

4.667

+0.384 (+8.97%)

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↑ Sell

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Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

US Coffee C Futures

235.85

+3.80 (+1.64%)

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↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

4,136.91

-48.06 (-1.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (2)

S&P 500

4,431.85

+105.34 (+2.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

DAX

15,318.95

-205.32 (-1.32%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (1)

FTSE 100

7,466.07

-88.24 (-1.17%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

Hang Seng

23,550.08

-256.92 (-1.08%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,955.70

+24.41 (+1.26%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,609.80

-96.20 (-1.10%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

68.510

+0.060 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

52.83

+0.25 (+0.48%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

227.80

-0.90 (-0.39%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (1)

Adidas AG

236.15

-6.00 (-2.48%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.791

-0.254 (-3.61%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

Siemens AG Class N

138.34

-2.16 (-1.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

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Deutsche Bank AG

11.912

-0.008 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.1150↑ Sell
 GBP/USD1.3408↑ Buy
 USD/JPY115.22Neutral
 AUD/USD0.6990Sell
 USD/CAD1.2764Sell
 EUR/JPY128.46Sell
 EUR/CHF1.0381↑ Sell
 Gold1,790.10Buy
 Silver22.485↑ Buy
 Copper4.3297↑ Sell
 Crude Oil WTI87.31Buy
 Brent Oil89.00Buy
 Natural Gas4.667↑ Sell
 US Coffee C235.85↑ Sell
 Euro Stoxx 504,136.91↑ Buy
 S&P 5004,431.85↑ Buy
 DAX15,318.95Buy
 FTSE 1007,466.07Neutral
 Hang Seng23,550.08↑ Buy
 Small Cap 20001,955.70↑ Buy
 IBEX 358,609.80↑ Buy
 BASF68.510↑ Buy
 Bayer52.83↑ Buy
 Allianz227.80↑ Buy
 Adidas236.15↑ Buy
 Lufthansa6.791↑ Buy
 Siemens AG138.34↑ Buy
 Deutsche Bank AG11.912↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,230
(0/ 0) # 1,327
SJC HCM6,180/ 6,250
(0/ 0) # 1,333
SJC Hanoi6,180/ 6,252
(0/ 0) # 1,335
SJC Danang6,180/ 6,252
(0/ 0) # 1,335
SJC Nhatrang6,180/ 6,252
(0/ 0) # 1,335
SJC Cantho6,180/ 6,252
(0/ 0) # 1,335
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