© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, USA, March 30, 2022. REUTERS / Brendan McDermid / File photo
By Bansari Mayur Kamdar and Sruti Shankar
(Reuters) – The indicator rose on Monday when Bank of America (NYSE 🙂 ended the gains of major US creditors with better-than-expected quarterly profits, although rising bond yields weighed on growth and technology stocks.
Shares of the second-largest U.S. asset bank rose 3 percent as strong growth in its consumer lending business helped mitigate the impact of the slowdown in deals. Overall, the S&P 500 index of banks rose by 1.5%.
The market response to bank profits has been mixed as JPMorgan Chase & Co (NYSE :), Goldman Sachs Group Inc (NYSE 🙂 and Citigroup Inc (NYSE 🙂 together have set aside $ 3.36 billion in credit loss reserves due to the risks of war in Ukraine and rising inflation.
“Profits will be good, but given the many years of high returns on the stock market, people are no longer looking for good. They’re looking great, “said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey.
“The fact remains that the pressure on the market is not disappearing. The combination of Fed policy, very high energy costs and the problems caused by the war in Ukraine will remain on the markets for the next few weeks, unless there is a resolution. “
Shares of Megacap, including Tesla (NASDAQ 🙂 and Microsoft Corp. (NASDAQ :), fell after the benchmark reached a new high in December 2018 of 2.88% earlier in the session. The last was 2.83%. [US/]
Market-leading technologies and growth stocks have come under pressure recently as expectations of several interest rate hikes this year threaten to undermine the future profits of these companies.
Seven of S&P’s 11 major sectors have advanced. Energy stocks rose 1.6 percent to drive profit margins as crude oil prices rose to more than $ 113 a barrel as disruptions in Libya deepened concerns about limited global supplies. [O/R]
There was little hope of peace in Ukraine, with Russia hitting hundreds of military targets in Ukraine overnight, destroying air-to-missile command posts.
At 09:52 the ET index rose 132.23 points, or 0.38%, to 34,583.46, the S&P 500 rose 6.84 points, or 0.16%, to 4,399.43, and the index decreased by 49.83 points, or 0.37.37%, compared to 0.37%.
Charles Schwab (NYSE 🙂 Corp fell 9.1% after financial services missed quarterly earnings forecasts.
Twitter (NYSE 🙂 fell 1% even as the microblogging platform adopted a “poison pill” on Friday to limit Tesla CEO Elon Musk from raising his stake to more than 15% over a one-year period.
Didi Global Inc fell 16.7 percent after the Chinese shipping giant announced it would hold an extraordinary general meeting on May 23 to vote on plans to remove it from the list in the United States.
Advanced emissions outperformed declining emissions by 1.02 to 1 on the NYSE. Emission reductions outperformed the higher ones by a ratio of 2.05 to 1 on the Nasdaq.
The S&P index recorded 21 new highs in 52 weeks and 17 new lows, while the Nasdaq recorded 35 new highs and 229 new lows.
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