AIRLINK 60.84 Increased By ▲ 1.14 (1.91%)
BOP 6.32 Increased By ▲ 0.06 (0.96%)
CNERGY 4.32 Increased By ▲ 0.05 (1.17%)
DFML 15.91 Increased By ▲ 0.21 (1.34%)
DGKC 69.12 Decreased By ▼ -0.08 (-0.12%)
FCCL 18.11 Decreased By ▼ -0.24 (-1.31%)
FFBL 26.37 Decreased By ▼ -0.38 (-1.42%)
FFL 9.18 Decreased By ▼ -0.10 (-1.08%)
GGL 10.21 Decreased By ▼ -0.09 (-0.87%)
HBL 117.06 Increased By ▲ 1.16 (1%)
HUBC 114.31 Decreased By ▼ -0.09 (-0.08%)
HUMNL 6.87 Increased By ▲ 0.07 (1.03%)
KEL 4.87 Decreased By ▼ -0.02 (-0.41%)
KOSM 5.36 Increased By ▲ 0.71 (15.27%)
MLCF 38.50 Increased By ▲ 0.11 (0.29%)
OGDC 123.33 Decreased By ▼ -1.97 (-1.57%)
PAEL 21.78 Increased By ▲ 0.22 (1.02%)
PIAA 11.80 Increased By ▲ 0.93 (8.56%)
PIBTL 6.08 Increased By ▲ 0.06 (1%)
PPL 113.07 Decreased By ▼ -1.03 (-0.9%)
PRL 28.22 Increased By ▲ 0.32 (1.15%)
PTC 11.39 Increased By ▲ 0.49 (4.5%)
SEARL 51.91 Increased By ▲ 0.21 (0.41%)
SNGP 67.35 Decreased By ▼ -0.91 (-1.33%)
SSGC 11.29 Decreased By ▼ -0.13 (-1.14%)
TELE 7.78 Decreased By ▼ -0.02 (-0.26%)
TPLP 11.54 Decreased By ▼ -0.06 (-0.52%)
TRG 71.72 Decreased By ▼ -1.15 (-1.58%)
UNITY 23.04 Decreased By ▼ -0.51 (-2.17%)
WTL 1.29 Decreased By ▼ -0.01 (-0.77%)
BR100 6,717 Increased By 68.3 (1.03%)
BR30 22,517 Decreased By -52.7 (-0.23%)
KSE100 65,326 Increased By 747.2 (1.16%)
KSE30 22,146 Increased By 256.6 (1.17%)

NEW YORK: US stock indexes edged lower on Monday with Tyson Foods falling on disappointing quarterly results, while investors reassessed their predictions on when the US Federal Reserve would start cutting rates.

The non-farm payrolls report on Friday that showed the US economy added jobs at a rapid pace spooked investors. “Markets are looking ahead to a slower start today is a bit of a rethink on when the Fed might have to cut rates,” Art Hogan, chief market strategist at B. Riley Financial said.

“The consensus had been firmly in the camp of the fourth quarter of this year, but with the red hot jobs number there is a bit of a second guessing.” Traders will scrutinize speeches by Fed officials this week, including Chair Jerome Powell, for any change in the central bank’s dovish rhetoric after data last week showed services activity were strong in January.

Yield on the 10-year US Treasury note extended gains to more than a month’s high. Money market participants see the Fed’s terminal rate to settle above 5% by May followed by rate cuts in September.

After being bruised in 2022, US equities have recovered strongly in 2023, led by megacap growth stocks amid hopes that the Fed will temper its aggressive rate hikes, which in turn could alleviate some pressure on equity valuations.

Tyson Foods Inc slipped 5.8% on missing analysts’ estimates for quarterly revenue and profit. More than 69% of the S&P 500 firms have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.8%.

Meanwhile, Tesla Inc bucked the overall trend with a 1.3% gain after a US jury on Friday found Chief Executive Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had “funding secured” to take the electric-vehicle maker private.

At 10:24 a.m. ET, the Dow Jones Industrial Average was down 179.60 points, or 0.53%, at 33,746.41, the S&P 500 was down 33.71 points, or 0.81%, at 4,102.77, and the Nasdaq Composite was down 125.32 points, or 1.04%, at 11,881.64.

All of the 11 major S&P 500 indexes were in the red with the real-estate sector slumping 1.5%. Miner Newmont Corp slid 4.5% on its $16.9 billion offer for Australian peer Newcrest Mining Ltd to build a global gold behemoth. The materials sector dropped 1.4%.

US-listed Chinese stocks such as Pinduoduo Inc and Baidu Inc slid 4.9% and 3.0%, respectively, on geopolitical concerns after a US military fighter jet shot down a suspected Chinese spy balloon off the coast of South Carolina on Saturday. Traders will await earnings reports from Walt Disney Co , PepsiCo Inc and Abbvie Inc this week.

Declining issues outnumbered advancers for a 4.53-to-1 ratio on the NYSE and a 2.03-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 43 new highs and 12 new lows.

Comments

Comments are closed.