June 28, 2022

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U.S. stocks, Fed minutes waiting for mixed indices, technology stocks fell

(Reuters) – Major Wall Street indices are waiting for the minutes of the December Federal Reserve meeting as investors sell technical stocks to buy cycles to take advantage of the high interest rate environment.

At 17.05am Italian time, the Dow Jones was up 56.22 points or 0.14% at 36,853.75, the S&P 500 was down 3.92 points or 0.08% at 4,789.57 and the Nasdaq was down 120.40 points or 4,50.40%.

The S&P sectors include energy, finance and materials.

Technology giants such as Apple, Alphabet, Amazon.com, Meta Platforms and Microsoft have overtaken the S&P 500 and Nasdaq, losing between 0.6% and 2%.

Growth stocks, sensitive to interest rates, are under pressure, fined by the recent rise in US Treasury revenues and triggered by expectations that the Fed will raise interest rates to control inflation.

The US Federal Reserve said in December that it would suspend epidemic bond purchases by 2022, indicating at least three interest rate hikes a year. The minutes of the meeting will be released at 20.00 Italian time.

Salesforce.com fell 4.9% after UBS downgraded its US stock rating from “Buy” to “Neutral”.

ADP data shows that the number of private sector employees rose to 807,000 in December, more than double the expectations of economists interviewed by Reuters.

AT&T rose 3.3% after announcing an increase of 880,000 monthly subscribers in the fourth quarter.

Beyond Meat rose 2.9% after KFC, a subsidiary of Yum Brands, announced that it would be selling vegetable fried “frugality” made by vegetarian meat maker in the US for a limited time.

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(Translated by Enrico Ciacovelli in Kitansk, in Sabina Susie, Milan)