Apr 16 | Daily Finance News

Post Views: 459

U.S. STOCK PICKS

Closing: 4:00 PM EST

The S&P 500 slipped on Tuesday after Federal Reserve Chair Jerome Powell said interest rates may need to stay elevated.
The broad index lost 0.21% to finish at 5,051.41, while the Nasdaq Composite shed 0.12% to 15,865.25. The Dow Jones Industrial Average rose 63.86 points, or 0.17%, to 37,798.97, lifted by UnitedHealth shares. The 30-stock blue-chip index snapped a six-day run of losses.
Stocks were choppy in afternoon trading after Powell said that the current state of economic policy should remain in place amid sticky prices.
“More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal,” the central bank chief said during a panel discussion.
At the same time, CNN’s Fear and Greed Index has tipped into “fear” territory this week. The market mood tracker sat in the “neutral” zone one week prior, but was comfortably in the “greed” range both a month and a year prior.
Meanwhile, earnings reports flooded in before the bell. UnitedHealth (UNH) shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack.
Apple stock down as Needham cuts estimates on lower iPhone sales.

The Dow Jones Industrial Average edged higher on Tuesday, as the blue-chip average attempted to snap a six-day losing streak.
Traders will monitor remarks from Federal Reserve Chair Jerome Powell, who is set to speak at the Washington Forum on the Canadian Economy in the afternoon. Investors will watch for any insights into the path of monetary policy.
UnitedHealth shares rallied more than 6% on the back of better-than-expected revenue for the first quarter. But Johnson & Johnson, another Dow member, posted mixed quarterly results, sending shares down almost 2%.
Morgan Stanley advanced more than 2% after beating analyst consensus forecasts on both lines.
Bank of America also topped expectations for the quarter, but shares slipped around 3%.
America’s largest companies have given Wall Street reason for optimism in the early innings of the new corporate earnings season. Of the less than 10% of S&P 500-listed firms that have reported financials, nearly four of of every five have exceeded Wall Street consensus estimates, according to FactSet.
But higher rates continued to weigh on investors. The 10-year U.S. Treasury yield continued trading above the key 4.6% level on Tuesday, marking its highest point going back to November.
AMD rolls out its latest chips for AI PCs as competition with Nvidia and Intel heats up.
Tesla job cuts heighten Wall Street concerns that EV maker faces a demand problem.

Housing starts down seven per cent in March from February: CMHC
Canada's inflation rate ticks up to 2.9% in March amid higher gas prices, boosting June rate-cut bets

*All information sourced from news portals such as CNBC, Yahoo Finance, Reuters, etc.