AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)

NEW YORK: The S&P 500 and the Nasdaq reversed early gains on Thursday as bond yields hit fresh multi-year highs ahead of a speech by Federal Reserve Chair Jerome Powell, with investors worried about aggressive interest rate hikes this year.

All the three major indexes opened higher, boosted by strong results from heavyweight Tesla and airline operators, but gave up gains by afternoon trading.

Powell is set to speak at 1:00 p.m. ET at an International Monetary Fund debate. Investors will look for fresh clues on monetary policy tightening, with many expecting the US central bank to raise interest rates by 50 basis points to control soaring inflation.

US Treasury yields rose, with two-year yields, the most sensitive to interest changes, hitting their highest in three years.

“Some of the members of the Fed have definitely gone out there and said 75 basis points, or certainly 50, if not 75 is warranted at the next meeting. I certainly want to hear where he stands on that,” said Josh Wein, Portfolio Manager at Hennessy Funds.

Data showed the number of Americans filing new claims for unemployment benefits fell moderately last week, suggesting that April was another month of strong job growth.

Megacap growth stocks such as Alphabet Inc and Amazon.com Inc fell more than 1% each.

Tesla, the world’s most valuable automaker, jumped 6.1% after its results beat Wall Street expectations as higher prices helped it overcome supply-chain chaos and rising costs.

“In a world that’s desperately looking for growth, Tesla is a reminder that there are some very strong growth stories and also stories that defy the new norm,” Wein said.

United Airlines Holdings Inc and American Airlines Group Inc climbed 11.4% and 4.6%, respectively, after they predicted a return to profit in the current quarter due to booming travel demand.

Overall, analysts expect S&P 500 earnings growth of 6.5% in the first quarter as of Wednesday, compared with the 32.1% rise in the fourth quarter, according to Refinitiv data.

At 12:19 a.m. ET, the Dow Jones Industrial Average was up 51.09 points, or 0.15%, at 35,211.88, the S&P 500 was down 3.72 points, or 0.08%, at 4,455.73, and the Nasdaq Composite was down 51.37 points, or 0.38%, at 13,401.69.

Neflix fell 3.4%, adding to 35% plunge in the previous session, as billionaire investor William Ackman liquidated a $1.1 billion bet on the streaming giant.

Declining issues outnumbered advancers for a 1.68-to-1 ratio on the NYSE and a 1.97-to-1 ratio on the Nasdaq.

The S&P index recorded 76 new 52-week highs and 12 new lows, while the Nasdaq recorded 62 new highs and 226 new lows.

Comments

Comments are closed.