Live Markets: U.S. equity indexes fall as inflation hogs the limelight

Vizio Holding

20/02/2024 15:42

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      U.S. equity indexes red: Nasdaq off most, down >1%
    

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      Tech weakest S&P 500 sector; Staples lead gainers
    

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      Euro STOXX 600 index off ~0.1%
    

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      Dollar, bitcoin dip; crude off ~2%; gold gains
    

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      U.S. 10-Year Treasury yield falls to ~4.25%
    

  
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    U.S. EQUITY INDEXES FALL AS INFLATION HOGS THE LIMELIGHT
    Wall Street's three major indexes started the week in the
red with sticky inflation putting itself center stage in mixed
earnings from two major retailers, while last week's data also
kept concerns about higher-for-longer interest rates on
investors minds.  
    Walmart  WMT.N , up more than 5%, kicked off U.S. retailers'
reporting season with robust fourth quarter results, sending its
shares to record highs, after inflation-squeezed shoppers
flocked to its stores, and the company also announced a plan to
buy smart-TV maker Vizio  VZIO.N  for $2.3 billion.
    But on the other side of the ledger, Home Depot  HD.N  is
down more than 1% after it forecast full-year results below
analysts' estimates, signaling that lackluster demand would
continue to pressure the purveyor of everything from plants to
building materials, as people tighten spending on remodeling due
to sticky inflation.
    And in reviewing higher than expected inflation readings
from recent days, Sam Stovall, chief investment strategist at
CFRA reminded investors, who saw buying opportunities in last
week's equity dip, that "inflation’s recent stickiness will
likely cause the Fed to be slower to lower its key short-term
interest rate."    
    Still others decided to start the week with a more bullish
message. UBS Global Research raised its year-end forecast for
the benchmark S&P 500 index to 5,400, marking the highest
projection among major global brokerages and implying an upside
of about 8% to the index's last close of 5,005.57.
    Walmart is the biggest percentage gainer in consumer staples
 .SPLRCS , which is the biggest advancer among S&P 500 industry
sectors. The S&P's biggest sector loser is information
technology  .SPLRCT  with sharp declines in chip stocks
including artificial intelligence hotshot Nvidia  NVDA.O , which
is due to report results this week. 
    Here is a trading snapshot from 1021 EST:
    
     
    (Sinéad Carew)
     *****   
    
    FOR TUESDAY'S EARLIER LIVE MARKET POSTS:
    
    CHINA'S BYD SET TO SNATCH EV SALES CROWN FROM TESLA - CLICK
HERE
    
    S&P 500 INDEX: WILL A WOBBLE LEAD TO A BIGGER STUMBLE? -
CLICK HERE
    
    UNDERPERFORMING HEDGE FUNDS STILL HELP MITIGATE RISKS - UBS
- CLICK HERE
    
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    EUROPEAN FUTURES EDGE LOWER, BARCLAYS UNVEILS OVERHAUL -
CLICK HERE
    
    WAGES WILL TEST WAGERS ON RATES - CLICK HERE

    
    
  

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