Wednesday, June 29, 2022

Dow, Nasdaq climb after rough week on Wall Street

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Wall Street’s major indexes rebounded Tuesday as investors scooped up shares of megacap growth and energy companies hammered last week on worries over a global economic downturn.

The Dow soared 641.47 points, or 2.2%, while the Nasdaq climbed 270.95 points, or 2.5%.

The S&P 500 was up 89 points, or 2.5%. All 11 major S&P 500 sectors gained, as stocks rebounded broadly after the benchmark index last week logged its biggest weekly percentage decline since March 2020.

Investors are trying to assess how far stocks can fall as they weigh risks to the economy with the Federal Reserve taking aggressive measures to try to tamp down surging inflation. The S&P 500 is down over 20% this year after confirming it was in a bear market earlier this month.

“Do I think we have hit bottom? No. I think we are going to see more volatility, I think the bottoming process will likely take some time, ”said Kristina Hooper, chief global market strategist at Invesco. “But I do think it’s a good sign to see investor interest.”

Investors are pivoting to Fed Chair Jerome Powell’s testimony to the Senate Banking Committee on Wednesday.

The energy sector, the top-gaining S&P 500 sector this year, surged over 5% after tumbling last week.

Megacap stocks Apple, Tesla and Microsoft all rose solidly to give the biggest individual boosts to the S&P 500.

The Fed last week approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation.

NYSE traders
The energy sector, the top-gaining S&P 500 sector this year, surged.

Investors are pivoting to Fed Chair Jerome Powell’s testimony to the Senate Banking Committee on Wednesday for clues on future interest rate hikes and his latest views on the economy.

Goldman Sachs now expects a 30% chance of the US economy tipping into recession over the next year, up from its previous forecast of 15%.

In company news, Kellogg shares rose 2% after the breakfast cereal maker said it was splitting into three companies.

Spirit Airlines shares jumped 8% after JetBlue Airways said it sweetened its bid to convince the ultra-low cost carrier to accept its offer over rival Frontier Airlines’ proposal.

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