© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.20%
The best performers of the session on the Dow Jones Industrial Average were UnitedHealth Group Incorporated (NYSE:UNH), which rose 2.02% or 10.02 points to trade at 505.66 at the close. Meanwhile, Chevron Corp (NYSE:CVX) added 1.93% or 2.80 points to end at 147.57 and Merck & Company Inc (NYSE:MRK) was up 1.37% or 1.28 points to 94.41 in late trade.
The worst performers of the session were Salesforce.com Inc (NYSE:CRM), which fell 2.48% or 4.61 points to trade at 181.31 at the close. Nike Inc (NYSE:NKE) declined 2.13% or 2.41 points to end at 110.50 and Boeing Co (NYSE:BA) was down 1.99% or 2.81 points to 138.72.
The top performers on the S&P 500 were Valero Energy Corporation (NYSE:VLO) which rose 8.00% to 112.24, Devon Energy Corporation (NYSE:DVN) which was up 7.48% to settle at 57.79 and Hess Corporation (NYSE:HES) which gained 5.18% to close at 106.96.
The worst performers were Etsy Inc (NASDAQ:ETSY) which was down 3.55% to 80.65 in late trade, Electronic Arts Inc (NASDAQ:EA) which lost 3.53% to settle at 125.60 and Autodesk Inc (NASDAQ:ADSK) which was down 3.43% to 185.87 at the close.
The top performers on the NASDAQ Composite were Evofem Biosciences Inc (NASDAQ:EVFM) which rose 187.71% to 1.07, Acutus Medical Inc (NASDAQ:AFIB) which was up 87.59% to settle at 1.01 and Epizyme Inc (NASDAQ:EPZM) which gained 55.14% to close at 1.48.
The worst performers were Powerbridge Technologies Co Ltd (NASDAQ:PBTS) which was down 34.95% to 0.67 in late trade, Borqs Technologies Inc (NASDAQ:BRQS) which lost 24.38% to settle at 2.15 and Enochian Biosciences Inc (NASDAQ:ENOB) which was down 21.92% to 2.60 at the close.
Rising stocks outnumbered declining ones on the New York Stock Exchange by 1738 to 1413 and 116 ended unchanged; on the Nasdaq Stock Exchange, 1948 rose and 1867 declined, while 175 ended unchanged.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 1.03% to 26.95.
Gold Futures for August delivery was down 0.38% or 6.95 to $1,823.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 1.92% or 2.07 to hit $109.69 a barrel, while the September Brent oil contract rose 1.80% or 1.96 to trade at $111.06 a barrel.
EUR/USD was unchanged 0.27% to 1.06, while USD/JPY rose 0.22% to 135.46.
The US Dollar Index Futures was down 0.26% at 103.69.
Morgan Stanley: bear market rally to continue
One of Wall Street’s best-known bears, Michael Wilson, thinks the S&P 500 will rise another 7% before turning down, so the bear market rally will continue for now, writes Market Watch.
After the Dow Jones, S&P 500 and Nasdaq Composite joined their strongest weekly gains since at least May last Friday, Wilson, who is chief strategist and head of U.S. equity markets at Morgan Stanley (NYSE:MS), told clients that there could be another 5% to 7% before the downward trajectory of U.S. stocks resumes during the latest bear market recovery.
Wilson has held a bearish view of the stock market for about 2 years and correctly predicted a sell-off this year.
Wilson explained in a research note sent out to clients on Monday that a pullback in the 38-50% drop in the stock market this year “would not seem like something unnatural, not consistent with the previous bear market rally.”
While growth concerns have triggered a sell-off in commodities and lowered inflation expectations, the fact that the U.S. economy is already slowing and heading toward recession means that any market rally is likely to be short-lived, and U.S. stocks are likely to eventually fall.
Wilson mentioned in the note that the bear market is not over yet, although it may appear otherwise in the next few weeks as the market takes the rate cut as a sign that the Fed can still manage a “soft landing” and prevent a meaningful revision to earnings forecasts.
U.S. stocks rose last week as investors now hope the slowing economy and falling commodity prices may inspire the Fed to raise interest rates less sharply. Federal funds futures, a derivative used by investors to bet on the pace of the Fed’s monetary policy changes, estimate with a high probability that the Fed will be forced to start cutting interest rates again as soon as next summer.
They also consider the lower peak in the federal funds rate: it will peak around 3.5% at the end of 2022 instead of 3.75% just a couple of weeks ago. Wilson also pointed out the drop in Treasury yields: the 10-year Treasury bond yield went from 3.230% to a low of 3.07% on Friday before rebonding again on Monday.
Wilson expects the S&P 500 index to fall to around 3,400 points if the U.S. Federal Reserve manages to get a “soft landing” for the economy — which Fed Chairman Jerome Powell said last week would be “a very difficult thing to do.”
Wilson expects that if the U.S. economy plunges into recession, the S&P 500 index will fall to around 3,000 points. In any case, Wilson believes that U.S. stocks are still highly valued because the risk premium — that is, the measure of compensation that investors receive for the extra risk of owning stocks instead of bonds — remains about 300 basis points higher than the 10-year Treasury bond yield, which is considered a “risk-free rate.”
Easing chip shortages to help Volkswagen in H2 – CEO
© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo
BERLIN (Reuters) – Volkswagen (ETR:VOWG_p) sees a strong second half of 2022 and expects progress in catching up with rival Tesla (NASDAQ:TSLA) as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker’s CEO said on Tuesday.
“We are earning more than ever,” Chief Executive Herbert Diess said at a works meeting, adding Volkswagen is ramping up electric vehicle volumes in its biggest markets in Germany and China thanks to easing semiconductor shortages.
This should allow the carmaker to narrow the Volkswagen-Tesla gap this year and meet its goal of becoming market leader by 2025 if it seizes the moment while the U.S. electric car maker burns cash on large investments, the CEO said.
“Elon (Musk) has to ramp up two highly complex factories in Austin and Gruenheide at the same time – as well as expand production in Shanghai. That’s going to take strength out of him,” Diess said.
Reliance Chairman Mukesh Ambani steps down as director of telecom arm
© Reuters. FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company’s annual general meeting in Mumbai, India July 5, 2018. REUTERS/Francis Mascarenhas
BENGALURU (Reuters) – Reliance Industries Chairman Mukesh Ambani has stepped down as director of Reliance Jio Infocomm Ltd, the conglomerate’s telecom arm said on Tuesday.
Reliance Jio said https://refini.tv/3Nrs773 it has appointed Mukesh’s son and non-executive director Akash Ambani as the chairman of its board. Akash has been involved with the telecom unit since its launch in late 2016, where he started as a director.
India’s telecoms sector had been upended after the entry of Jio, which triggered a price war that forced some rivals out of the market and turned profits into losses.
Jio, which started out offering mobile teleservices, has been aggressively investing in services like internet broadband and forging ties with handset makers to launch low-cost smartphones and providing 5G services.
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