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Delayed Nasdaq  -  04:00:00 2023-02-03 pm EST
211.00 USD   -2.81%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Wall Street rallies after Powell eyes slower rate hikes

11/30/2022 | 02:27pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)


Tesla up as sales in China nearly double in November - data


U.S. private payrolls growth slows in November - ADP


S&P 500 +1.71%, Nasdaq +2.87%, Dow +0.93%

Nov 30 (Reuters) - Wall Street jumped on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.

The S&P 500 rallied from an earlier loss and the Nasdaq extended gains after the release of Powell's remarks prepared for delivery at the Brookings Institution think tank in Washington.

Powell also cautioned that the fight against inflation was far from over and that key questions remain unanswered, including how high rates will ultimately need to rise and for how long.

"(The market) has waited with bated breath, looking for that clarification in terms of duration and extent of Fed tightening. And anything that gives hope to the idea the Fed is becoming less hawkish is viewed as a positive for stocks, at least on a short-term basis," said Chuck Carlson, Chief Executive Officer at Horizon Investment Services in Hammond, Indiana.

Bets that the Fed will reduce the size of its rate hikes, as well as recent data pointing to a mild cooling in inflation, have the benchmark S&P 500 index on track for its second straight month of gains.

The CME FedWatch Tool showed futures traders seeing a 75% chance that the Fed will raise interest rates by 50 basis points at its December meeting, up from a 65% chance before Powell's comments were released. The FedWatch tool now shows a 25% chance of a 75 basis point increase.

The S&P 500 remains down about 16% so far in 2022, while the Nasdaq index has lost about 29%.

In afternoon trading, Apple was up 3.4% and Nvidia jumped 5.5%.

Tesla Inc's shares surged 5.4%, after China Merchants Bank International said Tesla's sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y.

Data on the day was mixed as the ADP National Employment report showed private employment increased by 127,000 in November, below expectations of 200,000 jobs, suggesting demand for labor was cooling amid high interest rates.

"The ADP employment number not meeting expectations fits into the narrative that the Fed will have room and start slowing down its rate hikes, and that definitely benefits interest rate sensitive assets," said Keith Buchanan, a portfolio manager at Globalt in Atlanta.

The Labor Department's closely watched nonfarm payrolls data is due on Friday. A report showed U.S. job openings falling to 10.334 million in October, against 10.687 million in the prior month.

Another reading showed the U.S. economy rebounded more strongly than initially thought in the third quarter.

The S&P 500 was up 1.71% at 4,025.14 points.

The Nasdaq gained 2.87% to 11,298.98 points, while the Dow Jones Industrial Average was up 0.93% at 34,166.10 points.

Biogen Inc jumped 4.6% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

Advancing issues outnumbered falling ones within the S&P 500 by a 1.5-to-one ratio.

The S&P 500 posted 6 new highs and 1 new lows; the Nasdaq recorded 61 new highs and 144 new lows. (Reporting by Shreyashi Sanyal, Devik Jain & Bansari Mayur Kamdar in Bengaluru, and by Noel Randewich in Oakland, Calif.; additional reporting by Stephen Culp in New York; Editing by Shounak Dasgupta, Chizu Nomiyama and Diane Craft)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 2.44% 154.5 Delayed Quote.16.08%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -2.19% 0.6917 Delayed Quote.4.91%
BIOGEN INC. -1.35% 283.63 Delayed Quote.5.30%
BRITISH POUND / US DOLLAR (GBP/USD) -1.37% 1.20531 Delayed Quote.2.41%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.57% 0.7461 Delayed Quote.2.05%
CHINA MERCHANTS BANK CO., LTD. -1.82% 39.3 End-of-day quote.5.48%
CME GROUP 0.00% 0.03 End-of-day quote.0.00%
DOW JONES INDUSTRIAL -0.38% 33926.01 Real-time Quote.2.74%
EURO / US DOLLAR (EUR/USD) -1.02% 1.0793 Delayed Quote.2.90%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.50% 0.012132 Delayed Quote.1.21%
NASDAQ COMPOSITE -1.59% 12006.95 Real-time Quote.16.57%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -2.31% 0.63245 Delayed Quote.2.63%
NVIDIA CORPORATION -2.81% 211 Delayed Quote.48.55%
TESLA, INC. 0.91% 189.98 Delayed Quote.52.84%
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Financials (USD)
Sales 2023 26 944 M - -
Net income 2023 4 243 M - -
Net cash 2023 3 937 M - -
P/E ratio 2023 127x
Yield 2023 0,08%
Capitalization 519 B 519 B -
EV / Sales 2023 19,1x
EV / Sales 2024 17,5x
Nbr of Employees 22 473
Free-Float 95,9%
Duration : Period :
NVIDIA Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends NVIDIA CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 44
Last Close Price 211,00 $
Average target price 206,41 $
Spread / Average Target -2,17%
EPS Revisions
Managers and Directors
Jen Hsun Huang President, Chief Executive Officer & Director
Colette M. Kress Chief Financial Officer & Executive Vice President
William James Dally Chief Scientist & Senior Vice President-Research
Tony Tamasi Senior Vice President-Content & Technology
Debora Shoquist Executive Vice President-Operations
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