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Wall Street gains led by defensives after Powell remarks

By Lewis Krauskopf, Devik Jain and Anisha Sircar (Reuters) - Wall Street's main indexes gained in choppy trading on Wednesday led higher by defensive shares, after Federal Reserve...
Wall Street gains led by defensives after Powell remarks © Reuters. FILE PHOTO: A monitor displays stock market information on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 18, 2022. REUTERS/Andrew Kelly/File Photo

By Lewis Krauskopf, Devik Jain and Anisha Sircar

(Reuters) - Wall Street's main indexes gained in choppy trading on Wednesday led higher by defensive shares, after Federal Reserve Chair Jerome Powell spoke to the central bank's aim to bring down inflation.

After opening lower, major U.S. indexes erased losses following Powell's testimony before a Senate committee. He said the Fed is "strongly committed" to bringing down inflation that is running at a 40-year high while policymakers are not trying to cause a recession in the process.

Investors had a "slight sigh of relief that Chairman Powell didn’t come out any more hawkish than was already established," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management in Dallas.

Investors are trying to assess how far stocks can fall as they weigh risks to the economy with the Fed hiking rates to tamp down surging inflation. The S&P 500 earlier this month fell over 20% from its January all-time high, confirming the common definition of a bear market, with the benchmark index last week logging its biggest weekly percentage drop since March 2020.

“Market sentiment is very negative, so from a contrarian basis that ... makes it harder to knock the market down another level when the level of pessimism is so high," Ma said. “There’s some element where a good chunk appears to be priced in until the next round of data comes out.”

The Dow Jones Industrial Average rose 98.35 points, or 0.32%, to 30,628.6, the S&P 500 gained 17.42 points, or 0.46%, to 3,782.21 and the Nasdaq Composite added 67.06 points, or 0.61%, to 11,136.36.

Defensive areas real estate, healthcare and utilities led among S&P 500 sectors. Real estate rose 2.5%, healthcare gained 1.9% and utilities added 1.3%.

The energy sector, which has been a strong performer this year, fell 3.5% as oil prices dropped sharply.

Rate-sensitive growth shares outperformed, with the S&P 500 growth index up 0.8%, as the yield on the benchmark 10-year Treasury note moved lower.

"The meaningful move lower in oil has dampened some of the rampant inflation fears ... with the rates moving lower, that's prompted a significant short covering move in technology names across the board," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

In company news, Moderna (NASDAQ:MRNA) Inc shares rose 6.1% after the company said an updated version of its COVID-19 vaccine generated a strong immune response against fast-spreading Omicron subvariants.

Dow Inc shares slid 5.2% after Credit Suisse downgraded the chemicals maker's stock to "underperform".

Advancing issues outnumbered declining ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored advancers.

The S&P 500 posted 1 new 52-week highs and 38 new lows; the Nasdaq Composite recorded 9 new highs and 168 new lows.

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30-06-2022 04:49:28 (UTC+7)

EUR/USD

1.0441

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (9)

EUR/USD

1.0441

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (9)

GBP/USD

1.2122

-0.0003 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (3)

USD/JPY

136.55

-0.03 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

AUD/USD

0.6879

-0.0003 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.2894

+0.0003 (+0.02%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

142.57

-0.01 (-0.01%)

Summary

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Sell (9)

EUR/CHF

0.9970

-0.0001 (-0.01%)

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Gold Futures

1,819.20

-2.00 (-0.11%)

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Silver Futures

20.733

-0.139 (-0.67%)

Summary

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Copper Futures

3.7717

-0.0083 (-0.22%)

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Crude Oil WTI Futures

109.63

-2.13 (-1.91%)

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Brent Oil Futures

112.30

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Natural Gas Futures

6.416

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US Coffee C Futures

228.05

+10.30 (+4.73%)

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Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

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Neutral

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S&P 500

3,818.83

-2.72 (-0.07%)

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DAX

13,003.35

-228.47 (-1.73%)

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FTSE 100

7,312.32

-11.09 (-0.15%)

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Sell

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Sell (4)

Hang Seng

21,996.89

-422.08 (-1.88%)

Summary

Neutral

Moving Avg:

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Indicators:

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Sell (4)

US Small Cap 2000

1,713.32

-25.52 (-1.47%)

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Neutral

Moving Avg:

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IBEX 35

8,188.00

-129.50 (-1.56%)

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BASF SE NA O.N.

41.580

-1.445 (-3.36%)

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Sell (8)

Bayer AG NA

57.62

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Neutral

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Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

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Buy

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Adidas AG

170.02

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Deutsche Lufthansa AG

5.813

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Siemens AG Class N

101.40

-2.74 (-2.63%)

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Deutsche Bank AG

8.571

-0.292 (-3.29%)

Summary

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Moving Avg:

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Sell (3)

 EUR/USD1.0441↑ Sell
 GBP/USD1.2122↑ Buy
 USD/JPY136.55↑ Sell
 AUD/USD0.6879↑ Sell
 USD/CAD1.2894↑ Buy
 EUR/JPY142.57↑ Sell
 EUR/CHF0.9970↑ Sell
 Gold1,819.20↑ Sell
 Silver20.733↑ Sell
 Copper3.7717↑ Buy
 Crude Oil WTI109.63↑ Buy
 Brent Oil112.30↑ Buy
 Natural Gas6.416Neutral
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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$1,818.00-0.5-0.03%
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RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$108.29+2.272.05%
Brent$111.91+1.731.52%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
JPY166,01175,75
KRW15,4718,85
Cập nhật lúc 18:53:49 29/06/2022
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