Stocks Rise Ahead of Tech Earnings

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VMware and Dell Technologies to post results on Thursday

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Shares have jumped this week, fluctuating between gains and losses as investors contemplate the Federal Reserve’s next monetary tightening to tackle inflation and how much they could weigh on growth and markets. Minutes released by the Fed on Wednesday showed policymakers had agreed to a half-percentage hike in June and July, in line with previous communications.

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“To some extent, markets have been reassured that the Fed is not going to tighten more aggressively than expected,” said Luke Phillips, head of investment at SYZ Private Banking.

The yield on the benchmark 10-year US Treasury note stood at 2.742%, down slightly from 2.746% on Wednesday.

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The second reading of US GDP in the first quarter was worse than the first, with a contraction at an annualized rate of 1.5%.

“Economic data has recently come in weaker than expected, we see tightening in the economy. Shaniel Ramji, a multiasset fund manager at Pickett Asset Management, said that the market is still thinking about how severe the growth slowdown is.

Jobless claims stood at 210,000, a decrease from the previous week and lower than economists expected, presenting a mixed economic picture.

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A lot of stagnant companies are reporting lower guidance,” Mr. Ramji said. “Even the tech sector is not untouched by margin pressure, especially from input costs like wages.”

Among individual stocks, Nvidia shares rose 0.7% after the company posted record revenue, though its sales outlook for the current quarter fell below Wall Street’s estimates. Retailer Williams-Sonoma jumped 13% after posting gains that beat analysts’ expectations. Macy’s also rose 13% after raising its full-year earnings guidance.

Shares of VMware rose 1.2% after Broadcom confirmed it would acquire the cloud computing firm for $61 billion in cash and stock. Shares of Broadcom rose 2.3%.

Overseas, the pan-continental stokes Europe 600 was up 0.6%. In Asia, key benchmarks were mixed. The Shanghai Composite Index rose 0.5% while Hong Kong’s Hang Seng fell 0.3%. Japan’s Nikkei 225 also fell 0.3%.

South Korea’s central bank on Thursday raised a key policy rate to 1.75% and indicated it would further tighten policy to continue the fight against high inflation.

Among commodities, global oil benchmark Brent crude was trading 1.4% higher at $115.62 a barrel.

—Karen Langley contributed to this article.

Write to Anna Hirtenstein at [email protected]

Credit: www.Businesshala.com /

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