US stocks rebound on Fed's economic assessment

Benchmark US indices reclaimed grounds on Wednesday, September 22, after a steep selloff in the previous two sessions, boosted by the Federal Reserve’s positive economic assessment.

The S&P 500 was up 0.95% to 4,395.64. The Dow Jones rose 1.00% to 34,258.32. The NASDAQ Composite Index rose 1.02% to 14,896.85, and the small-cap Russell 2000 was up 1.48% to 2,218.56.

The central bank on Wednesday indicated that it will start withdrawing its asset-buying program and raise the interest rates as early as next year. The comments come after its two-day monthly summit.

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US stocks had retreated in the previous two sessions after the Chinese real estate giant Evergrande Group’s debt crisis intensified, which ballooned to US$300 billion.

Energy, financial, and technology stocks were the top movers on S&P 500 Wednesday. Materials and communication stocks were the bottom movers. Six of the 11 index segments stayed in the green.

Stocks of FedEx Corporation (FDX) fell 8.96% a day after reporting its quarterly results. The company missed the analysts' earnings forecast and reduced its guidance due to supply chain limitations.

Adobe Inc. (ADBE) stock fell 3.16%, despite reporting strong quarterly results on the previous day. Its revenue surged 22% YoY to US$3.93 billion in Q3, FY21. The net income was US$1.21 billion.

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Shares of Chinese education company Gaotu Techedu Inc. (GOTU) soared 25% after reporting quarterly results on Wednesday. Its net revenue surged 35.3% YoY to RMB2.23 billion.

In the energy sector, Exxon Mobil Corporation (XOM) surged 3.04%, Chevron Corporation (CVX) gained 2.98%, and ConocoPhillips (COP) rose 5.17%. Kinder Morgan, Inc. (KMI) and Williams Companies, Inc. (WMB) advanced 2.12% and 1.30%, respectively.

In financial stocks, JPMorgan Chase & Co. (JPM) rose 2.03%, Bank of America Corporation (BAC) rose 2.67%, and Wells Fargo & Company (WFC) gained 2.89%.

Morgan Stanley (MS) and Citigroup, Inc. (C) ticked up 2.61% and 2.02%, respectively.

In the technology sector, Apple Inc. (AAPL) soared 1.69%, Microsoft Corp. (MSFT) gained 1.28%, and NVIDIA Corporation (NVDA) gained 3.27%. Intel Corporation (INTC) and Accenture PLC (ACN) advanced 1.19% and 1.06%, respectively.

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Top Gainers

Top performers on S&P 500 included APA Corp (US) (7.19%), Devon Energy Corp (6.84%), MGM Resorts International (6.09%), Diamondback Energy Inc (5.42%). On NASDAQ, top performers were Marin Software Inc (61.86%), Aethlon Medical Inc (33.16%), Aterian Inc (28.62%), Onconova Therapeutics Inc (28.57%). On Dow Jones, Boeing Co (4.06%), Chevron Corp (2.94%), American Express Co (2.58%), Goldman Sachs Group Inc (2.56%) were the leaders.

Top Losers

Top laggards on S&P 500 included FedEx Corp (-9.12%), Incyte Corp (-8.51%), Facebook Inc (-3.99%), Adobe Inc (-3.07%). On NASDAQ, Inotiv Inc (-31.68%), Rewalk Robotics Ltd (-30.89%), TMC the metals company Inc (-24.92%), InnovAge Holding Corp (-24.89%). On Dow Jones, UnitedHealth Group Inc (-0.88%), Amgen Inc (-0.80%), Johnson & Johnson (-0.36%), Walmart Inc (-0.23%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (17.90M), Ford Motor Co (13.61M), Facebook Inc (11.55M), Bank of America Corp (11.37M), Marin Software Inc (18.42M), Lucid Group Inc (12.11M), Aterian Inc (11.88M), Aethlon Medical Inc (11.02M), Zynga Inc (9.17M), WiMi Hologram Cloud Inc (9.15M).

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Futures & Commodities

Gold futures were down 0.55% to US$1,768.45 per ounce. Silver increased by 0.33% to US$22.685 per ounce, while copper rose 2.37% to US$4.2237.

Brent oil futures increased by 2.10% to US$75.94 per barrel and WTI crude was up 2.11% to US$71.98.

Bond Market

The 30-year Treasury bond yields was down 2.57% to 1.809, while the 10-year bond yields fell 1.64% to 1.302.

US Dollar Futures Index increased by 0.30% to US$93.477.

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