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Shares churn, close down; yields fall after U.S. inflation data

By Sinéad Carew NEW YORK (Reuters) - Wall Street stocks closed sharply lower and Treasury yields fell in Wednesday's volatile session as oil prices rallied and investors worried...

By Sinéad Carew

NEW YORK (Reuters) - Wall Street stocks closed sharply lower and Treasury yields fell in Wednesday's volatile session as oil prices rallied and investors worried about the potential for an economic slowdown.

U.S. equity had indexes churned higher and lower during the session as investors picked through U.S. inflation data for clues about the Federal Reserve's rate hiking path.

U.S. data showed higher-than-expected core inflation, excluding items such as oil prices. Some investors appeared encouraged by the annual consumer price growth change to 8.3% in April from 8.5% in March even though it was above the 8.1% analyst estimate.

While some investors were encouraged by the year-over-year improvement, others noted inflation was still red hot and that this was highlighted by oil futures rally.

"This is all about concern about a recession. The inflation numbers we got this morning were not good, worse than expectations ... There's high food prices and increasing concern inflation numbers are going to be sticky on the high side," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder.

The strategist also pointed to a flattening yield curve, referring the difference between long-term and short term Treasury yields as an ominous sign.

"We've a very flat yield curve that's been flirting with inversion. That scares traders about the prospects for a recession. There's too many investors out there who believe the Fed can engineer a soft landing. That looks increasingly doubtful."

The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65%, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18%, to 11,364.24.

The S&P closed at its lowest level since March 25 2021 and 18% below its Jan. 3 record finish. Nasdaq lagged its peers sharply as interest rate-sensitive growth sectors, technology and consumer discretionary, underperformed the rest of the market also closing down more than 3%.

MSCI's gauge of stocks across the globe shed 0.88%, registering its lowest close since November 2020.

Earlier, Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis was taking the glass-half-full view pointing out that inflation, while still high, appeared to be starting to moderate.

"At the end of the day we can get all excited about whether it's a little higher or a little lower but clearly the year-on- year inflation rate rolled over and looks like it peaked in March. It seems to have turned the corner," he said.

The U.S. dollar gained ground initially after the inflation news then fell but rose a bit in late trading.

The dollar index, which measures the greenback against a basket of major currencies, was 0.067%, with the euro down 0.13% to $1.0513.

The Japanese yen strengthened 0.35% versus the greenback at 129.97 per dollar, while Sterling was last trading at $1.2245, down 0.62% on the day.

In early trade, benchmark 10-year Treasury yields had fallen to their lowest levels in a week. But after the inflation data, yields marched back up toward the three-year high of 3.203% hit on Monday before falling again.

Benchmark 10-year notes were last rising 20/32 in price to yield 2.9148%, from 2.993% late on Monday. The 30-year bond last rose 57/32 in price to yield 3.026%, from 3.129% while the 2-year note last fell 1/32 in price to yield 2.6371%, from 2.623%. [nL2N2X31QZ]

"The volatility of all the markets is really something, the whiplash aspect of the day," said Lou Brien, market strategist at DRW Trading. "You're seeing a bit of a flight to safety and maybe the idea that even with the CPI today that we're going to re-flatten the curve."

Oil prices rose on Wednesday after flows of Russian gas to Europe fell and Russia sanctioned some European gas companies, adding to uncertainty in world energy markets. [O/R]

U.S. crude oil futures settled at $105.71 per barrel, up $5.95 or 5.96% while Brent crude futures settle at $107.51/barrel up $5.05 or 4.93%.

Spot gold added 0.8% to $1,852.79 an ounce. [nL3N2X32VB]

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18-05-2022 14:14:22 (UTC+7)

EUR/USD

1.0517

-0.0030 (-0.28%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0517

-0.0030 (-0.28%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.2418

-0.0073 (-0.58%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

129.21

-0.18 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.7005

-0.0024 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.2832

+0.0024 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

EUR/JPY

135.88

-0.58 (-0.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/CHF

1.0474

-0.0003 (-0.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,810.51

-8.39 (-0.46%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Silver Futures

21.555

-0.195 (-0.90%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (3)

Copper Futures

4.1960

-0.0363 (-0.86%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Crude Oil WTI Futures

110.52

+0.89 (+0.81%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

Brent Oil Futures

112.49

+0.56 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Natural Gas Futures

8.186

-0.128 (-1.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

US Coffee C Futures

228.63

+3.83 (+1.70%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,739.65

-1.86 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,179.31

-6.63 (-0.05%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (2)

FTSE 100

7,507.60

-10.75 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Hang Seng

20,552.00

-50.52 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,517.79

+42.09 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (0)

BASF SE NA O.N.

50.385

-0.305 (-0.60%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

Bayer AG NA

64.05

-0.07 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

201.53

-0.72 (-0.36%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Adidas AG

182.79

-0.51 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.862

+0.035 (+0.51%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Siemens AG Class N

116.46

-0.04 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Deutsche Bank AG

9.543

+0.005 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (5)

 EUR/USD1.0517Sell
 GBP/USD1.2418↑ Sell
 USD/JPY129.21↑ Sell
 AUD/USD0.7005↑ Sell
 USD/CAD1.2832↑ Buy
 EUR/JPY135.88↑ Sell
 EUR/CHF1.0474Sell
 Gold1,810.51↑ Buy
 Silver21.555Sell
 Copper4.1960↑ Sell
 Crude Oil WTI110.52↑ Sell
 Brent Oil112.49↑ Buy
 Natural Gas8.186↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,739.65Neutral
 S&P 5004,088.85↑ Buy
 DAX14,179.31Buy
 FTSE 1007,507.60↑ Sell
 Hang Seng20,552.00↑ Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,517.79↑ Buy
 BASF50.385↑ Sell
 Bayer64.05↑ Buy
 Allianz201.53↑ Sell
 Adidas182.79↑ Buy
 Lufthansa6.862↑ Buy
 Siemens AG116.46↑ Buy
 Deutsche Bank AG9.543Neutral
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# So hôm qua # Chênh TG
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