周二美股上涨,交易员们度过了企业财报季最繁忙的一周之一,并密切关注着利率的最新动向。
道琼斯工业指数上涨499.51点,收于34911.20点,涨幅1.45%。标准普尔500指数上涨1.61%,至4,462.21点;纳斯达克综合指数上涨2.15%,至13,619.66点。
股市近期承压,标准普尔500指数连续两周下跌,但投资者周二增持风险资产。大中型股罗素2000指数上涨2.1%。
能源市场周二可能提振了交易员的情绪,石油和天然气价格双双大幅下跌,可能为担心通胀的投资者提供了「一些缓解」。
「在我们看来,市场人气和仓位目前都过于悲观。虽然我们略微减少了创纪录的股票配置,」摩根大通的Marko Kolanovic在给客户的报告中称:"我们仍看好股市,认为近期可能会出现反弹,特别是小盘股和高beta市场。"
随着利率走高,银行公布财报,银行股表现强于大盘。周二上午,Citizens Financial公布第一季度营收和净利润均超过预期,该公司股价上涨6.8%。摩根大通股价上涨逾2%。
科技和媒体行业的一些重量级股周二也上涨。迪士尼和Netflix的股价上涨了3.2%。微软和Alphabet分别上涨1.7%和1.8%。旅行股也表现良好。美国航空(American Airlines)股价上涨逾5%,联合航空(United Airlines)股价上涨4.5%。
Delos Capital Advisors的首席投资策略师史密斯(Andrew Smith)说,尽管利率进一步攀升,但股市还是上涨,这可能是一个迹象,表明投资者不应该相信周二的反弹。
「我认为这很大程度上与那些防守股的出色表现有关,市场只是出现了轮换。但科技股今日上涨如此之多,实际收益率走高得更多,这不是正常现象," Smith说。
收益报告推动了周二个股的波动。强生公布的季度业绩喜忧参半,每股收益超过预期,营收低于分析师预期。不过,它的股价上涨了3%,提振了道指。洛克希德马丁公司股价下跌1.6%,此前该公司公布的业绩喜忧参半。
数据方面, 3月房屋开工和建筑许可高于预期。这似乎提振了住宅建筑商类股,D.R. Horton上涨3.9%。Edward Jones投资策略师Angelo Kourkafas表示,"到目前为止,经济数据表现相当不错,因此尽管衰退忧虑升温,且经济成长放缓的声音越来越大,但仍有一些潜在的动能。"
交易员还密切关注债券市场,10年期美国国债收益率达到2.94%,为2018年以来的最高水平。近几个月来,对美联储加息的预期大幅上升,不过美联储曾表示,在决定全年加息的方式时,将视数据而定。
对美联储下一步举措的担忧也引发了债市的剧烈波动,这似乎在近几周令股市承压。圣路易斯联邦储备银行总裁布拉德最近表示,美联储的行动"已经反映了相当多的因素"。
U. S. stocks rose on Tuesday as traders spent one of the busiest weeks of the corporate earnings season, keeping a close eye on the latest movements in interest rates.
The Dow Jones industrial average rose 499.51 points, or 1.45 per cent, to 34911.20. The s & p 500 rose 1.61% to 4462.21, while the Nasdaq composite index rose 2.15% to 13619.66.
Stocks have been under pressure recently, with the S & P 500 falling for two weeks in a row, but investors increased their holdings of risky assets on Tuesday. The Russell 2000 index of large and medium-sized stocks rose 2.1 per cent.
The energy market may have boosted traders on Tuesday, with oil and gas prices both falling sharply, possibly providing "some relief" for investors worried about inflation.
In our view, market sentiment and positions are too pessimistic at the moment. Although we have slightly reduced our record equity allocation, "JPMorgan Chase & Co's Marko Kolanovic said in a note to clients:" We are still bullish on the stock market and believe that there may be a rebound in the near future, especially in small cap stocks and high beta markets. "
As interest rates rose and banks reported results, bank stocks outperformed the market. On Tuesday morning, Citizens Financial reported better-than-expected first-quarter revenue and net profit, and its shares rose 6.8 per cent. JPMorgan Chase & Co's share price rose more than 2 per cent.
Some heavyweights in the technology and media industries also rose on Tuesday. Shares of Walt Disney Company and Netflix are up 3.2 per cent. Microsoft Corp and Alphabet rose 1.7 per cent and 1.8 per cent respectively. Travel stocks also performed well. Shares in American Airlines rose more than 5 per cent and United Airlines rose 4.5 per cent.
Andrew Smith, chief investment strategist at Delos Capital Advisors, said the stock market rose despite further interest rates, which could be a sign that investors should not believe Tuesday's rebound.
"I think it has a lot to do with the excellent performance of those defensive stocks, there is just a rotation in the market. But technology stocks are up so much today, and real yields are much higher, which is not normal, "Smith said.
The earnings report contributed to the volatility of stocks on Tuesday. Johnson & Johnson reported mixed quarterly results, with earnings per share exceeding expectations and revenue below analysts' expectations. However, its share price rose 3%, boosting the Dow. Lockheed Martin Corp shares fell 1.6% after the company reported mixed results.
On the data side, housing starts and construction permits were higher than expected in March. That appears to have boosted homebuilders, with D.R. Horton up 3.9%. "so far, the economic data have performed quite well, so despite rising recession fears and growing voices of slowing growth, there is still some potential momentum," said Angelo Kourkafas, an investment strategist at Edward Jones.
Traders also keep a close eye on the bond market, with 10-year treasury bonds yielding 2.94 per cent, the highest level since 2018. Expectations for the Fed to raise interest rates have risen sharply in recent months, although the Fed has said it will depend on the data when deciding how to raise rates for the full year.
Concerns about the Fed's next move have also triggered wild swings in the bond market, which seems to have put pressure on stocks in recent weeks. Brad, president of the Federal Reserve Bank of St. Louis, said recently that the Fed's actions "have reflected a considerable number of factors."