March 21, 2023

Great Indian Mutiny

Complete IndianNews World

The shares closed slightly higher after the previous week’s sell-off

  • US Treasury yields fell after rising
  • Seagen rises in Pfizer buyout report
  • Union Pacific jumps in as CEO to step down

NEW YORK (Reuters) – U.S. stocks posted slight gains on Monday as investors engaged in some bargain hunting after last week’s losses, the biggest percentage drop in 2023 for Wall Street’s major indexes, as concerns persisted about upcoming interest rate hikes. To tame stubbornly high inflation.

The three major stock indices rose more than 1% shortly after the opening bell, due in part to lower Treasury yields, and all three indices closed off their session highs.

Stocks steadily gave up gains during the session as US Treasury yields moved away from today’s lows.

“Following the worst week of the year, the first three weeks of losing streak for the S&P since December, a little green is a welcome change, but again, the reality is that market participants are trying to get the circle right with exactly how long the Fed takes,” Ryan said. “You’re going to leave interest rates high, and a 50 basis point increase is really on the table at the next meeting,” Dietrick, chief market strategist at Carson Group in Omaha, Nebraska, said.

“It has created a lot of uncertainty, and we’ve seen that where there is uncertainty there can be selling and volatility.”

According to preliminary data, the S&P 500 Index (.SPX) rose 12.19 points, or 0.31%, to close at 3,982.23 points, while the Nasdaq Composite Index (.IXIC) rose 72.14 points, or 0.63%, to 11,467.08 points. The Dow Jones Industrial Average rose 72.46 points, or 0.22%, to 32,889.38 points.

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Last week, the Dow Jones Industrial Average fell by the most weekly percentage since September, and the S&P 500 and Nasdaq experienced the largest weekly percentage decline since December, as economic data and comments from US Federal Reserve officials heightened expectations that the central bank would become bolder in the increase. interest rates.

Economists at UK-based banks Barclays and NatWest believe that the Fed may increase the pace of interest rate hikes in March by raising half a point. Morgan Stanley said it no longer sees a Fed cut this year and expects a 25 basis point slower pace when the central bank actually starts cutting interest rates.

Fed fund futures show traders are seeking a third 25 basis point hike this year and see rates peaking at 5.4% by September.

Fed Governor Philip Jefferson said he has “no illusion” that inflation will quickly fall back to the target and that he is committed to keeping monetary policy tightening in place for as long as necessary.

Data showed new orders for major US capital goods increased more than expected in January while shipments of basic goods rebounded, indicating that business spending on equipment has rebounded.

Diluted yields helped stock growth (.RLG) rebound while Tesla (TSLA.O) jumped after the electric carmaker said its Brandenburg plant near Berlin was producing 4,000 vehicles a week, three weeks ahead of schedule according to plan. Recent reviewed by Reuters. .

Seagen Inc (SGEN.O) rose after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech company. Pfizer shares fell.

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US rail operator Union Pacific (UNP.N) has stepped up as CEO Lance Fritz said he was stepping down. Hedge fund Soroban Capital Partners has called for his ouster.

(Reporting by Chuck Mikolajczak) Editing by David Gregorio

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