Skip to content
europatentbox

europatentbox

The Profession

Primary Menu europatentbox

europatentbox

  • Business & Finance
  • Business News
  • eCommerce
  • Business Education
  • Finance
  • Marketing
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Business News

Stock futures rise to extend gains after Powell comments

Amy B. Taylor May 18, 2022

[ad_1]

U.S. stock futures opened higher Tuesday afternoon after rallying during the regular trading day, as investors took in reassurances from Federal Reserve Chair Jerome Powell that the central bank was set on using its policies to bring down inflation still running at multi-decade highs.

Contracts on the S&P 500 edged higher. The blue-chip index ended Tuesday’s regular trading day higher by 2% to settle at at 4,088.85. Technology and growth stocks that had been beaten down over the past month recovered some losses, sending the Nasdaq higher by 2.8%. And the cyclical small-cap Russell 2000 also shook off some recent losses, climbing 3.2%.

The market moves Tuesday came following a couple of solid reports on U.S. economic activity, showing both consumer spending and manufacturing production were holding up strongly. U.S. retail sales grew at a 0.9% rate in April after a sharply upwardly revised 1.4% monthly rise in March, suggesting consumers were continuing to spend even as consumer prices have climbed at the fastest rate since the 1980s. The latest print on U.S. industrial production also exceeded estimates with a jump of 1.1% last month, or more than double the expected rise.

The reports reflected ongoing resilience in some of the key components of domestic activity and helped at least temporarily assuage concerns that the U.S. economy might be imminently tumbling into a downturn. And a still-strong economic backdrop has given the Federal Reserve more room to raise interest rates and otherwise tighten monetary policy to bring down inflation without fear of deeply disrupting growth in other areas like the labor market. Fed Chair Powell acknowledged on Tuesday that while “there could be some pain involved in restoring price stability,” he believed the Fed will be able to “sustain a strong labor market.” Powell also said that there remained “broad support” for two more 50 basis point interest rate hikes at the Fed’s next policy-setting meetings, reiterating his view from the Fed’s last meeting earlier this month.

“I don’t think he said anything that caught us off guard … but let’s not forget where we are,” Ryan Detrick, LPL Financial Chief Market Strategist, told Yahoo Finance Live on Tuesday, noting that the S&P 500 has fallen for six consecutive weeks heading into this week. “It hasn’t been down seven weeks in a row for 20 years, so we’re awfully oversold here. Then you come in today and you’ve got industrial production pretty solid, you’ve got retail sales pretty solid. Things aren’t perfect, but we just think so much of the negativity that is priced in … it’s just a little overboard for us, and we think this could very well be an opportunity for some of the longer-term investors here.”

Still, however, concerns over elevated prices, geopolitical concerns in Ukraine and virus-related disruptions in China remain risks to equities. And though consumers have still been spending amid rising inflation, that’s come as many companies have been absorbing increasing labor, raw materials and transportation costs. Walmart (WMT) on Tuesday reported weaker-than-expected quarterly earnings and slashed its profit outlook for the year, citing higher wages and ongoing costs related to supply chain disruptions.

Companies including Lowe’s (LOW), Target (TGT) and Cisco (CSCO) are poised to report quarterly results on Wednesday.

—

6:10 p.m. ET Tuesday: Stock futures resume declines

Here’s where markets were trading Tuesday evening:

  • S&P 500 futures (ES=F): +9.5 points (+0.23%) to 4,094.25

  • Dow futures (YM=F): +67 points (+0.21%) to 32,648.00

  • Nasdaq futures (NQ=F): +27 points (+0.21%) to 12,587.25

NEW YORK, NEW YORK - MAY 12: Traders work on the floor of the New York Stock Exchange (NYSE) on May 12, 2022 in New York City. The Dow Jones Industrial Average fell in morning trading as investors continue to worry about inflation and other global issues.  (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MAY 12: Traders work on the floor of the New York Stock Exchange (NYSE) on May 12, 2022 in New York City. The Dow Jones Industrial Average fell in morning trading as investors continue to worry about inflation and other global issues. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn



[ad_2]

Source link

Tags: Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Business Search, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login, Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login

Continue Reading

Previous Maria Fontana Consulting Debuts “4 Week Business Growth Program” Focused On Empowering Solo & Small Business Owners
Next Is a Mutual Fund Conversion to ETFs Right for Your Business?

More Stories

man in a wheelchair holding a computer tablet
  • Business News

Client Onboarding Checklist for Agencies

Amy B. Taylor September 20, 2023 0
How do you hire an SEO manager
  • Business News

How do you hire an SEO manager?

Amy B. Taylor September 14, 2023 0
  • Business News

Why do you need an auditor in Guatemala?

Amy B. Taylor September 10, 2023 0
September 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930  
« Aug    

Archives

Recent Posts

  • Corporate Vigilantism vs Russia? | The Business Ethics Blog
  • What Is Google Business Profile and How to Optimize Your Profile in Google with Ben Fisher
  • You can now filter the 10,000+ martech landscape by revenue, size, age and G2 ratings
  • Want to Increase Sales? You Need Video!
  • Shell’s bid to conduct offshore seismic surveys hits another legal obstacle

BL

Tags

Amazon Business Login Amazon Business Prime Att Business Login Bank Of America Business Account Best Business Schools Business Business Attorney Near Me Business Bank Account Business Card Holder Business Card Maker Business Cards Near Me Business Card Template Business Casual Attire Business Casual Shoes Business Casual Woman Business Plan Examples Ca Business Search Capital One Business Credit Card Ca Sos Business Search Chase Business Checking Chase Business Credit Cards Chase Business Customer Service Chase Business Login Chase Business Phone Number Cheap Business Cards Citizens Business Bank Cox Business Login Digital Business Card Facebook Business Suite Finance In Business Free Business Cards Google Business Login Harvard Business School Lands End Business Massage Parlor Business Near Me Michigan Business Entity Search Mind Your Business Mind Your Own Business Ohio Business Search Risky Business Costume Skype For Business Small Business Loan Small Business Saturday 2021 Starting A Business Texas Business Entity Search

Related Article

Corporate Vigilantism vs Russia? | The Business Ethics Blog
  • Education

Corporate Vigilantism vs Russia? | The Business Ethics Blog

Amy B. Taylor September 28, 2023 0
What Is Google Business Profile and How to Optimize Your Profile in Google with Ben Fisher
  • Education

What Is Google Business Profile and How to Optimize Your Profile in Google with Ben Fisher

Amy B. Taylor September 28, 2023 0
Martech Landscape Filters
  • Mental Health Related

You can now filter the 10,000+ martech landscape by revenue, size, age and G2 ratings

Amy B. Taylor September 27, 2023 0
Want to Increase Sales? You Need Video!
  • Mental Health Related

Want to Increase Sales? You Need Video!

Amy B. Taylor September 26, 2023 0
  • Business & Finance

Shell’s bid to conduct offshore seismic surveys hits another legal obstacle

Amy B. Taylor September 25, 2023 0
europatentbox.com | CoverNews by AF themes.

WhatsApp us