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Wall Street gains as inflation data supports Fed bets

By Bansari Mayur Kamdar, Shreyashi Sanyal and Sinéad Carew (Reuters) - U.S. stock indexes rose on Wednesday after inflation data largely met high expectations, easing some fears...
Wall Street gains as inflation data supports Fed bets © Reuters. FILE PHOTO: A trader watches his chart while working on the floor of the New York Stock Exchange July 8, 2014. REUTERS/Brendan McDermid

By Bansari Mayur Kamdar, Shreyashi Sanyal and Sinéad Carew

(Reuters) - U.S. stock indexes rose on Wednesday after inflation data largely met high expectations, easing some fears that the Federal Reserve would pull back support, with megacap technology stocks offering the biggest boost.

Data from the Labor Department showed the consumer price index (CPI) increased 0.5% last month after rising 0.8% in November, while in the 12 months through December, the CPI surged 7.0% to its highest year-on-year rise in nearly four decades.

Economists polled by Reuters had forecast a CPI gain of 0.4% for December and 7.0% on a year-on-year basis.

"Investors were bracing for even hotter in inflation than what we actually saw. As bad as the number is and as much inflationary pressure that's in the economy there was a little relief in that," said Anthony Saglimbene, Ameriprise Financial (NYSE:AMP)'s global market strategist in Troy, Michigan.

"Today's inflation report validates the Fed trajectory and means they don't have to be any more aggressive than is already priced in."

The central bank's plan for easing accommodation to fight inflation includes raising interest rates, which analysts expect to start as soon as March, as well as tapering its bond buying program and reducing its asset holdings.

By 2:23PM ET, the Dow Jones Industrial Average rose 7.95 points, or 0.02%, to 36,259.97, the S&P 500 gained 12.21 points, or 0.26%, to 4,725.28 and the Nasdaq Composite added 59.02 points, or 0.39%, to 15,212.47.

Eight of the 11 major S&P 500 sector indexes rose, with materials, consumer discretionary and technology leading the percentage gains.

Growth and technology stocks, hit by rising Treasury yields and hawkish commentary from the Federal Reserve, have staged a comeback this week, with investors watching a variety of metrics to decide whether to buy the rally or brace for more declines.

Also on the watchlist for this week is the unofficial kick-off of the fourth quarter earnings season.

JPMorgan Chase & Co (NYSE:JPM), Citigroup Inc (NYSE:C) and Morgan Stanley (NYSE:MS) will report their results on Friday, followed by Bank of America Corp (NYSE:BAC) on Jan. 19.

"Earnings may exceed expectations and that is what is keeping investors active despite knowing that the Fed is going to start tightening in the next several months," said Eric Schiffer, chief executive officer of California-based private equity firm Patriarch Organization.

"You'll also see less commentary on earnings calls referencing supply chain constraints this season."

In sectors like air travel, however, the onset of Omicron variant of the coronavirus could dampen earnings expectations, with analysts at Bank of America reckoning that the pandemic's impact on corporate travel is the biggest risk to the airline industry.

The healthcare index, the S&P's biggest percentage decliner, was weighed down by shares of drugmaker Eli Lilly (NYSE:LLY), which fell 3.7%, and Biogen (NASDAQ:BIIB), which dropped 7%.

The U.S. government Medicare program said that while it plans to cover Biogen's Aduhelm Alzheimer treatment it will require patients to be enrolled in a clinical trial, limiting access to the medication. This could also impact Eli Lilly, which is developing similar drugs.

Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.25-to-1 ratio favored decliners.

The S&P 500 posted 38 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 54 new highs and 108 new lows.

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19-01-2022 14:33:32 (UTC+7)

EUR/USD

1.1346

+0.0022 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (1)

EUR/USD

1.1346

+0.0022 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (1)

GBP/USD

1.3623

+0.0029 (+0.22%)

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Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

USD/JPY

114.25

-0.35 (-0.31%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

AUD/USD

0.7222

+0.0040 (+0.56%)

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Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

USD/CAD

1.2497

-0.0015 (-0.12%)

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↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

129.64

-0.16 (-0.12%)

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↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

1.0394

+0.0006 (+0.05%)

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Neutral

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Gold Futures

1,842.40

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US Coffee C Futures

244.00

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Sell (10)

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Buy (1)

Sell (7)

Euro Stoxx 50

4,268.28

+10.46 (+0.25%)

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S&P 500

4,559.60

-17.74 (-0.39%)

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DAX

15,809.72

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FTSE 100

7,589.66

+26.11 (+0.35%)

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Buy (10)

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Hang Seng

24,127.85

+15.07 (+0.06%)

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Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (0)

US Small Cap 2000

2,071.80

-24.82 (-1.18%)

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↑ Sell

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Buy (0)

Sell (12)

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Buy (0)

Sell (9)

IBEX 35

8,774.90

-6.70 (-0.08%)

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↑ Sell

Moving Avg:

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Sell (11)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

67.800

+0.140 (+0.21%)

Summary

Buy

Moving Avg:

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Sell (6)

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Buy (7)

Sell (1)

Bayer AG NA

52.12

+0.06 (+0.12%)

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↑ Sell

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Sell (8)

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Buy (1)

Sell (7)

Allianz SE VNA O.N.

223.80

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Buy (6)

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Buy (7)

Sell (1)

Adidas AG

253.60

-0.60 (-0.24%)

Summary

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Buy (0)

Sell (12)

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Buy (2)

Sell (7)

Deutsche Lufthansa AG

6.820

-0.309 (-4.33%)

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Siemens AG Class N

144.34

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Deutsche Bank AG

11.784

-0.142 (-1.19%)

Summary

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Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (1)

 EUR/USD1.1346↑ Buy
 GBP/USD1.3623Neutral
 USD/JPY114.25↑ Sell
 AUD/USD0.7222↑ Sell
 USD/CAD1.2497↑ Buy
 EUR/JPY129.64↑ Buy
 EUR/CHF1.0394Neutral
 Gold1,842.40↑ Buy
 Silver24.212↑ Buy
 Copper4.4527↑ Sell
 Crude Oil WTI85.55↑ Sell
 Brent Oil88.22↑ Sell
 Natural Gas4.026↑ Sell
 US Coffee C244.00↑ Sell
 Euro Stoxx 504,268.28↑ Buy
 S&P 5004,559.60↑ Sell
 DAX15,809.72↑ Buy
 FTSE 1007,589.66↑ Buy
 Hang Seng24,127.85↑ Buy
 Small Cap 20002,071.80↑ Sell
 IBEX 358,774.90↑ Sell
 BASF67.800Buy
 Bayer52.12↑ Sell
 Allianz223.80Buy
 Adidas253.60↑ Sell
 Lufthansa6.820↑ Sell
 Siemens AG144.34↑ Buy
 Deutsche Bank AG11.784Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(0/ 0) # 1,151
SJC HCM6,115/ 6,175
(0/ 0) # 1,171
SJC Hanoi6,115/ 6,177
(0/ 0) # 1,173
SJC Danang6,115/ 6,177
(0/ 0) # 1,173
SJC Nhatrang6,115/ 6,177
(0/ 0) # 1,173
SJC Cantho6,115/ 6,177
(0/ 0) # 1,173
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KRW16,4820,08
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