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2023-03-07

S&P 500 Barely Gains Ahead of Powell Testimony, Jobs Report

* Apple rises as Goldman begins coverage with 'buy'* Silvergate shares tumble after it suspends paym

S&P 500 Barely Gains Ahead of Powell Testimony, Jobs Report

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The biggest boost had come from iPhone maker Apple Inc after Goldman Sachs initiated coverage with a &#34;buy&#34; rating.But equities gave up earlier gains as yields on U.S. 10-year Treasury notes and the 2-year Treasuries yield came back from early declines after data showed new orders for U.S.-manufactured goods fell less than expected in January.Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows.&#34;The market is in a holding pattern because this week will be key to shedding light on what&#39;s going on with the U.S. economy,&#34; said Irene Tunkel, chief U.S. equity strategist for BCA Research in New York, who plans to keep a close watch on February&#39;s U.S. non-farm payrolls report, due out Friday.&#34;People are worried about the jobs number and the economic data because they&#39;re worried about what the Fed will do. Ultimately all roads lead to the Fed.&#34;And with potential Fed rate hikes their key concern, Monday&#39;s data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago.&#34;The market pullback was because there is still a lot of work to do on inflation,&#34; said Cruz. &#34;We&#39;re not seeing the type of demand slowdown we need to see. The whole point of the Fed hiking rates is to slow down the economy.&#34;The Dow Jones Industrial Average rose 40.47 points, or 0.12%, to 33,431.44; the S&amp;P 500 gained 2.78 points, or 0.07%, at 4,048.42; and the Nasdaq Composite dropped 13.27 points, or 0.11%, to 11,675.74.Among the S&amp;P&#39;s 11 major industry sectors, six ended the day higher. The commodity-linked materials sector was the biggest decliner, falling 1.7%, after China set a lower-than-expected target for economic growth this year at around 5%.The technology sector was the top gainer, with the biggest lift from Apple, which closed up 1.9%. Other strong boosts came from Microsoft Corp, which added 0.6%, and Google parent Alphabet Inc, which rose 1.6%.The three main U.S. stock indexes had rallied on Friday and notched weekly gains after comments from Fed policymakers calmed jitters around aggressive rate hikes.But San Francisco Federal Reserve Bank President Mary Daly said on Saturday that if inflation and labor market data continue to come in hotter than expected, interest rates would need to go higher and stay there longer than Fed policymakers had projected in December.Investors will look for clues about the Fed&#39;s future rate hiking path when Powell testifies before Congress on Tuesday and Wednesday. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer.Traders expect at least three more 25-basis-point hikes this year and see interest rates peaking at 5.44% by September from 4.67% now.Shares of cryptocurrency-related companies were volatile after <a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a> Corp pulled the plug on its crypto payments network and raised doubts about the company&#39;s ability to stay in business. Silvergate shares closed down 6.2% while crypto bank peer <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a> fell 2.5%.Declining issues outnumbered advancers on the NYSE by a 1.69-to-1 ratio; on Nasdaq, a 1.94-to-1 ratio favored decliners.The S&amp;P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 85 new highs and 92 new lows.On U.S. exchanges 10.57 billion shares changed hands compared with the 10.98 billion moving average for the last 20 sessions.</body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 Barely Gains Ahead of Powell Testimony, Jobs Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 Barely Gains Ahead of Powell Testimony, Jobs Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nReuters \n2023-03-07 06:42\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body>* Apple rises as Goldman begins coverage with &#39;buy&#39;* Silvergate shares tumble after it suspends payments network* Factory orders fall in January* Indexes: Dow up 0.12%, S&amp;P up 0.07%, Nasdaq down 0.11%<img src=\"https://static.tigerbbs.com/2a454718febcbb5a7afac62d9fd055e1\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/>March 6 (Reuters) - The S&amp;P 500 closed barely higher on Monday, giving up most of its earlier gains as investors were cautious ahead of this week&#39;s testimony from Federal Reserve Chair Jerome Powell and the closely watched U.S. jobs report.Earlier in the session the indexes looked much stronger with the Nasdaq gaining more than 1% before closing lower. The biggest boost had come from iPhone maker Apple Inc after Goldman Sachs initiated coverage with a &#34;buy&#34; rating.But equities gave up earlier gains as yields on U.S. 10-year Treasury notes and the 2-year Treasuries yield came back from early declines after data showed new orders for U.S.-manufactured goods fell less than expected in January.Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows.&#34;The market is in a holding pattern because this week will be key to shedding light on what&#39;s going on with the U.S. economy,&#34; said Irene Tunkel, chief U.S. equity strategist for BCA Research in New York, who plans to keep a close watch on February&#39;s U.S. non-farm payrolls report, due out Friday.&#34;People are worried about the jobs number and the economic data because they&#39;re worried about what the Fed will do. Ultimately all roads lead to the Fed.&#34;And with potential Fed rate hikes their key concern, Monday&#39;s data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago.&#34;The market pullback was because there is still a lot of work to do on inflation,&#34; said Cruz. &#34;We&#39;re not seeing the type of demand slowdown we need to see. The whole point of the Fed hiking rates is to slow down the economy.&#34;The Dow Jones Industrial Average rose 40.47 points, or 0.12%, to 33,431.44; the S&amp;P 500 gained 2.78 points, or 0.07%, at 4,048.42; and the Nasdaq Composite dropped 13.27 points, or 0.11%, to 11,675.74.Among the S&amp;P&#39;s 11 major industry sectors, six ended the day higher. The commodity-linked materials sector was the biggest decliner, falling 1.7%, after China set a lower-than-expected target for economic growth this year at around 5%.The technology sector was the top gainer, with the biggest lift from Apple, which closed up 1.9%. Other strong boosts came from Microsoft Corp, which added 0.6%, and Google parent Alphabet Inc, which rose 1.6%.The three main U.S. stock indexes had rallied on Friday and notched weekly gains after comments from Fed policymakers calmed jitters around aggressive rate hikes.But San Francisco Federal Reserve Bank President Mary Daly said on Saturday that if inflation and labor market data continue to come in hotter than expected, interest rates would need to go higher and stay there longer than Fed policymakers had projected in December.Investors will look for clues about the Fed&#39;s future rate hiking path when Powell testifies before Congress on Tuesday and Wednesday. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer.Traders expect at least three more 25-basis-point hikes this year and see interest rates peaking at 5.44% by September from 4.67% now.Shares of cryptocurrency-related companies were volatile after <a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a> Corp pulled the plug on its crypto payments network and raised doubts about the company&#39;s ability to stay in business. Silvergate shares closed down 6.2% while crypto bank peer <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a> fell 2.5%.Declining issues outnumbered advancers on the NYSE by a 1.69-to-1 ratio; on Nasdaq, a 1.94-to-1 ratio favored decliners.The S&amp;P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 85 new highs and 92 new lows.On U.S. exchanges 10.57 billion shares changed hands compared with the 10.98 billion moving average for the last 20 sessions.</body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1 Acc SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","SPY":"标普500ETF","QQQ":"纳指100ETF","AAPL":"苹果","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","BK4501":"段永平概念","BK4579":"人工智能","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0072462426.USD":"贝莱德全球配置 A2","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4096":"电气部件与设备","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0109392836.USD":"富兰克林科技股A","BK4170":"电脑硬件、储存设备及电脑周边","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC",".DJI":"道琼斯","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC",".IXIC":"NASDAQ Composite","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","BK4554":"元宇宙及AR概念","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4553":"喜马拉雅资本持仓","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4585":"ETF&股票定投概念","LU0444971666.USD":"天利全球科技基金","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4576":"AR"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2317620488","content_text":"* Apple rises as Goldman begins coverage with 'buy'* Silvergate shares tumble after it suspends payments network* Factory orders fall in January* Indexes: Dow up 0.12%, S&P up 0.07%, Nasdaq down 0.11%March 6 (Reuters) - The S&P 500 closed barely higher on Monday, giving up most of its earlier gains as investors were cautious ahead of this week's testimony from Federal Reserve Chair Jerome Powell and the closely watched U.S. jobs report.Earlier in the session the indexes looked much stronger with the Nasdaq gaining more than 1% before closing lower. The biggest boost had come from iPhone maker Apple Inc after Goldman Sachs initiated coverage with a \"buy\" rating.But equities gave up earlier gains as yields on U.S. 10-year Treasury notes and the 2-year Treasuries yield came back from early declines after data showed new orders for U.S.-manufactured goods fell less than expected in January.Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows.\"The market is in a holding pattern because this week will be key to shedding light on what's going on with the U.S. economy,\" said Irene Tunkel, chief U.S. equity strategist for BCA Research in New York, who plans to keep a close watch on February's U.S. non-farm payrolls report, due out Friday.\"People are worried about the jobs number and the economic data because they're worried about what the Fed will do. Ultimately all roads lead to the Fed.\"And with potential Fed rate hikes their key concern, Monday's data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago.\"The market pullback was because there is still a lot of work to do on inflation,\" said Cruz. \"We're not seeing the type of demand slowdown we need to see. The whole point of the Fed hiking rates is to slow down the economy.\"The Dow Jones Industrial Average rose 40.47 points, or 0.12%, to 33,431.44; the S&P 500 gained 2.78 points, or 0.07%, at 4,048.42; and the Nasdaq Composite dropped 13.27 points, or 0.11%, to 11,675.74.Among the S&P's 11 major industry sectors, six ended the day higher. The commodity-linked materials sector was the biggest decliner, falling 1.7%, after China set a lower-than-expected target for economic growth this year at around 5%.The technology sector was the top gainer, with the biggest lift from Apple, which closed up 1.9%. Other strong boosts came from Microsoft Corp, which added 0.6%, and Google parent Alphabet Inc, which rose 1.6%.The three main U.S. stock indexes had rallied on Friday and notched weekly gains after comments from Fed policymakers calmed jitters around aggressive rate hikes.But San Francisco Federal Reserve Bank President Mary Daly said on Saturday that if inflation and labor market data continue to come in hotter than expected, interest rates would need to go higher and stay there longer than Fed policymakers had projected in December.Investors will look for clues about the Fed's future rate hiking path when Powell testifies before Congress on Tuesday and Wednesday. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer.Traders expect at least three more 25-basis-point hikes this year and see interest rates peaking at 5.44% by September from 4.67% now.Shares of cryptocurrency-related companies were volatile after Silvergate Capital Corp pulled the plug on its crypto payments network and raised doubts about the company's ability to stay in business. Silvergate shares closed down 6.2% while crypto bank peer Signature Bank fell 2.5%.Declining issues outnumbered advancers on the NYSE by a 1.69-to-1 ratio; on Nasdaq, a 1.94-to-1 ratio favored decliners.The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 85 new highs and 92 new lows.On U.S. exchanges 10.57 billion shares changed hands compared with the 10.98 billion moving average for the last 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":434,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}