S&P 500 stable as Tesla offsets losses in banks and energy stocks

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 21, 2022. REUTERS/Brendan McDermid

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  • Tesla rides on stock split plans
  • Apple to cut iPhone and AirPods release – Nikkei
  • Oil prices fall on fears of weaker Chinese demand
  • Indices: Dow down 0.3%, S&P stable, Nasdaq up 0.2%

March 28 (Reuters) – The S&P 500 traded largely flat on Monday as Tesla’s gains were offset by declines in banking and energy stocks, ahead of the first face-to-face peace talks between Ukraine and Russia for more than two weeks.

The electric car maker (TSLA.O) jumped 5.3% after saying it would seek investor approval to increase its number of shares to allow for a stock split. Read more

Oil majors Exxon (XOM.N) and Chevron (CVX.N) fell 2.8% and 1.8%, respectively, after crude prices fell more than 7% on fears of a lower fuel demand in China having increased amid an upsurge in COVID-19 infections.

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Seven of the 11 major S&P sectors fell.

Strong economic data and gains from battered growth stocks have fueled major Wall Street indexes in recent days, despite the Russia-Ukraine dispute and hawkish comments from Federal Reserve policymakers.

“Both factors – the change in the Fed’s policy outlook and the war in Ukraine – have been priced into the market and some level of certainty has been produced, particularly by the Fed meeting which has led to quite a rally. significant,” said Jay Hatfield, Chief Investment Officer. at Infrastructure Capital Management in New York.

“It’s also important to note that we’re heading into earnings season. And normally the market is weak when we’re out of earnings season, and strong when we come in.”

Banks (.SPXBK) were down 1.8% after a recent surge in expectations that the Fed could push harder and faster to tame inflation to its highest level in four decades, pushing the yield from reference to 10 years at more than 2.5%.

A measure of the U.S. bond yield curve – the spread between five- and 30-year Treasury yields – has inverted for the first time since 2006, signaling growing worries about economic growth. Read more

As of 10:24 a.m. ET, the Dow Jones Industrial Average (.DJI) was down 109.93 points, or 0.32%, at 34,751.31, the S&P 500 (.SPX) was down 1.47 point, or 0.03%, to 4,541.59, and the Nasdaq Composite (.IXIC) rose 29.92 points, or 0.21%, to 14,199.22.

Meanwhile, Ukraine and Russia have said their delegations will arrive in Turkey for peace talks due to take place on Tuesday. Read more

Apple Inc (AAPL.O) fell 0.3% after a report that the company planned to cut production of iPhones and AirPods as rising inflation began to weigh on demand for electronics General public. Read more

Poly (POLY.N) climbed 50.1% after HP Inc (HPQ.N) said it would buy the audio and video maker for $1.7 billion in cash. Shares of HP fell 5.4%. Read more

Falling issues outnumbered advances by a 1.49-to-1 ratio on the NYSE and a 1.58-to-1 ratio on the Nasdaq.

The S&P index recorded 20 new 52-week highs and four new lows, while the Nasdaq recorded 26 new highs and 43 new lows.

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Reporting by Bansari Mayur Kamdar and Amruta Khandekar in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur

Our standards: The Thomson Reuters Trust Principles.

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