Stocks close slightly after the previous week’s selloff

  • US Treasury yields fall after rally
  • Siegen rises on Pfizer-buyout report
  • Union Pacific steps down as CEO
  • The Dow was up 0.22%, the S&P 500 was up 0.31%, and the Nasdaq was up 0.63%.

NEW YORK, Feb 27 (Reuters) – U.S. stocks saw modest gains on Monday as investors hunted for some bargains after last week’s losses, the biggest percentage decline in 2023 for Wall Street’s key benchmarks. To control stubbornly high inflation.

All three major stock indexes rose more than 1% shortly after the opening bell, in part on easing Treasury yields, and all three closed well off their session highs.

Stocks gave steady gains throughout the session as US Treasury yields moved off the day’s lows.

“In the worst week of the year, the S&P’s first three weeks of losses since December, a little green is a welcome change, but the reality is that market participants are trying to get the Fed’s circle right. Rates will be higher and a 50-basis-point hike at the next meeting,” he said in Omaha, Nebraska. said Ryan Dedrick, chief market strategist at The Carson Group.

Latest Updates

See 2 more stories

“It’s led to a good deal of uncertainty, and we’ve seen that when there’s uncertainty there’s selling and volatility.”

The Dow Jones Industrial Average (.DJI) rose 72.17 points, or 0.22%, to 32,889.09, the S&P 500 (.SPX) added 12.2 points, or 0.31%, to 3,982.24, and the Nasdaq, or Composite 4, added 0.63%, to 11,466.98.

Last week, the Dow Industrials fell its biggest weekly percentage since September, and the S&P 500 and Nasdaq posted their biggest weekly percentage drops since December, as economic data and comments from U.S. Federal Reserve officials raised expectations that the central bank will become more hawkish. Raises interest rates.

See also  2023 NBA Draft Guide - Date, Time, How to Watch, Top Prospects

Economists at UK-based banks Barclays and NatWest believe the central bank could increase the pace of its rate hikes in March by a half-point hike. Morgan Stanley said it doesn’t see a Fed rate cut this year and expects a slower pace of 25 basis points when the Fed starts cutting rates.

Traders work on the trading floor of the New York Stock Exchange (NYSE) on January 27, 2023 in New York City, USA. REUTERS/Andrew Kelly

Fed funds futures show traders are pricing in a third 25 bps hike this year, with rates rising to 5.4% by September.

Fed Governor Philip Jefferson said he had “no illusions” that inflation would soon reach the target and was committed to keeping monetary policy tight as long as necessary.

Data showed new orders for key U.S.-made capital goods rose more than expected in January, while exports of key goods rebounded, boosting business spending on equipment.

Easier yields helped growth shares ( .RLG ) recover 0.63%, while Tesla ( TSLA.O ) rose 5.46% after its plant in Brandenburg, near Berlin, said it was producing 4,000 cars a week, three weeks ahead of the latest output. The plan was reviewed by Reuters.

Seagen Inc ( SGEN.O ) jumped 10.40% after the Wall Street Journal reported that Pfizer ( PFE.N ) is in early talks to acquire the biotech company. Shares of Pfizer fell 2.32%.

U.S. railroad operator Union Pacific ( UNP.N ) rose 10.09% after Chief Executive Lance Fritz said he would step down. Hedge fund Soroban Capital Partners called for his ouster.

Advancing issues outnumber declining issues on the NYSE by a 1.69-to-1 ratio; On the Nasdaq, the ratio was 1.41-to-1 in favor of the advancers.

S&P 500 hits 4 new 52-week highs and 8 new lows; The Nasdaq Composite posted 71 new highs and 102 new lows.

See also  Pakistan Election 2024 Results Live: Imran Khan and Nawaz Sharif claim UK victory, US urges probe

Volume in US equities was 9.89 billion shares, compared to the full session’s average of 10.72 billion over the past 20 trading days.

Report by Chuck Mikolajczak; Editing by David Gregorio

Our Standards: Thomson Reuters Trust Principles.

Leave a Reply

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