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S&P 500 snaps losing streak with tax hikes, inflation data on horizon

By Stephen Culp NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming...
S&P 500 snaps losing streak with tax hikes, inflation data on horizon © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 27, 2021. REUTERS/Brendan McDermid/File photo

By Stephen Culp

NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.

The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.

Investors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.

"There are probably not a lot of positive surprises coming this month," said Liz Young, head of investment strategy at SoFi in New York. "We're having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year."

Market participants are focused on the likely passage of U.S. President Joe Biden's $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.

Goldman Sachs (NYSE:GS) analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&P 500 earnings by 5% in 2022.

The Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.

"I don't see inflation settling back down under 2% where it was pre-pandemic," Young added. "Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before."

Other key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.

The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.

Of the 11 major sectors in the S&P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.

Shares of vaccine makers Moderna (NASDAQ:MRNA) and Pfizer Inc (NYSE:PFE) sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.

Coinbase (NASDAQ:COIN) Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.

Salesforce.com Inc (NYSE:CRM) dipped 1.2% as rival Freshworks Inc's regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.

Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.

The S&P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.

Volume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.

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24-09-2021 17:08:42 (UTC+7)

EUR/USD

1.1731

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/USD

1.1731

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

GBP/USD

1.3701

-0.0015 (-0.11%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

USD/JPY

110.40

+0.10 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (1)

AUD/USD

0.7265

-0.0031 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.2686

+0.0031 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

129.52

+0.07 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

EUR/CHF

1.0829

-0.0015 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (3)

Gold Futures

1,754.25

+4.45 (+0.25%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

22.648

-0.031 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

Copper Futures

4.2260

-0.0050 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (6)

Crude Oil WTI Futures

73.33

+0.03 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (9)

Brent Oil Futures

77.40

+0.15 (+0.19%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

5.059

+0.083 (+1.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

US Coffee C Futures

193.08

+2.48 (+1.30%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (5)

Euro Stoxx 50

4,156.63

-38.29 (-0.91%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (2)

S&P 500

4,448.98

+53.34 (+1.21%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

DAX

15,525.95

-118.02 (-0.75%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

FTSE 100

7,056.45

-21.90 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Hang Seng

24,192.16

-318.82 (-1.30%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

2,259.80

+41.24 (+1.86%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

IBEX 35

8,872.50

-4.40 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

BASF SE NA O.N.

63.750

-0.170 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Bayer AG NA

46.44

-0.04 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

Allianz SE VNA O.N.

192.45

+0.93 (+0.49%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (4)

Adidas AG

280.98

-8.00 (-2.77%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Lufthansa AG

6.196

-0.005 (-0.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Siemens AG Class N

148.76

-1.46 (-0.97%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

10.766

+0.111 (+1.04%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.1731↑ Sell
 GBP/USD1.3701↑ Sell
 USD/JPY110.40↑ Buy
 AUD/USD0.7265↑ Sell
 USD/CAD1.2686↑ Buy
 EUR/JPY129.52↑ Sell
 EUR/CHF1.0829↑ Sell
 Gold1,754.25↑ Sell
 Silver22.648↑ Sell
 Copper4.2260↑ Sell
 Crude Oil WTI73.33↑ Sell
 Brent Oil77.40↑ Sell
 Natural Gas5.059↑ Sell
 US Coffee C193.08Neutral
 Euro Stoxx 504,156.63Neutral
 S&P 5004,448.98↑ Sell
 DAX15,525.95Sell
 FTSE 1007,056.45↑ Sell
 Hang Seng24,192.16↑ Buy
 Small Cap 20002,259.80↑ Sell
 IBEX 358,872.50↑ Buy
 BASF63.750↑ Sell
 Bayer46.44↑ Sell
 Allianz192.45Sell
 Adidas280.98↑ Sell
 Lufthansa6.196↑ Sell
 Siemens AG148.76↑ Sell
 Deutsche Bank AG10.766↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,655/ 5,705
(-20/ -20) # 875
SJC HCM5,640/ 5,705
(-30/ -30) # 875
SJC Hanoi5,640/ 5,707
(-30/ -30) # 877
SJC Danang5,640/ 5,707
(-30/ -30) # 877
SJC Nhatrang5,640/ 5,707
(-30/ -30) # 877
SJC Cantho5,640/ 5,707
(-30/ -30) # 877
Cập nhật 24-09-2021 17:08:44
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ↀ Giá vàng thế giới
$1,754.52+8.710.50%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI$73.37-0.61-0.83%
Brent$77.43-0.9-1.16%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR26.044,7927.400,28
GBP30.430,7031.702,11
JPY200,85212,47
KRW16,7620,40
Cập nhật lúc 17:03:07 24/09/2021
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