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June 22, 2021, 4:51 p.m. EDT

U.S. stocks end higher, extending rebound as Fed’s Powell testified

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By Christine Idzelis and William Watts

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Investors heard from other Fed officials earlier Tuesday also. Cleveland Fed President Loretta Mester said she didn’t want to adjust the central bank’s easy monetary policy stance until the labor market made more progress over the summer. San Francisco Fed President Mary Daly also pointed to the fall, saying the economy was getting to the “substantial further progress” benchmark more quickly than she had thought at the start of the year.

The market is digesting “a lot of crosstalk from the Fed governors,” said Steve Sosnick, chief strategist at Interactive Brokers, in an interview Tuesday. He pointed to the challenge the Fed faces in making adjustments to its dovish policy. “Investors are addicted to Fed liquidity ,” Sosnick said. “I think the Fed realizes that unwinding their accommodation will take a lot more finesse than it did to implement it.”

Meanwhile, another busy week of initial public offerings on U.S. exchanges is under way this week, with 17 deals on tap , including at least two expected to raise more than $1 billion.

In U.S. economic data, May existing-home sales fell 0.9% to a seasonally adjusted annual rate of 5.8 million , the National Association of Realtors reported. Compared with May 2020, home sales were up nearly 45%, though the year-over-year comparisons are skewed by the onset of the COVID-19 pandemic last year. Economists polled by MarketWatch had projected existing-home sales to come in at 5.73 million.

On the infrastructure front, President Joe Biden is “ encouraged by the ongoing talks and discussions that are continuing with Democrats and Republicans,” White House press secretary Jen Psaki told reporters Tuesday. “There’s a budget reconciliation process that’s just getting underway, which we expect to be a vehicle to move a number of the president’s bold ideas forward.”

Which companies were in focus?

  • GameStop Corp. /zigman2/quotes/203755179/composite GME +0.58% said Tuesday it has completed an at-the-market equity offering after issuing 5 million shares to raise about $1.126 billion. The videogame retailer and leading meme stock said it would use the proceeds for the catchall general corporate purposes and for growth initiatives. GameStop shares closed 10% higher Tuesday.

  • The European Commission said it opened a formal antitrust investigation to assess whether Alphabet Inc.’s   /zigman2/quotes/205453964/composite GOOG +0.63% /zigman2/quotes/202490156/composite GOOGL +0.66% Google has violated European Union competition rules by favoring its own online display advertising technology services. Shares rose 0.4%.

  • Blackstone Real Estate Income Trust Inc., a real-estate investing platform managed by a unit of private-equity firm Blackstone Group Inc.   /zigman2/quotes/203156858/composite BX +1.01% announced Tuesday that it would acquire Home Partners of America in a deal valuing the company at $6 billion . Blackstone shares edged up 0.1%.

  • Delta Air Lines Inc. /zigman2/quotes/200327741/composite DAL +2.40% plans to hire more than 1,000 pilots by next summer, according to multiple news reports. Citing an internal memo, Reuters and Bloomberg News separately reported that the airline looks to increase the number of pilots by about 8%, anticipating a recovery in air travel over the next year as international travel restrictions ease. Shares declined 0.9%.

  • Shares of Sanderson Farms Inc. /zigman2/quotes/201978364/composite SAFM -0.44% rose 10.3% Tuesday, after The Wall Street Journal reported the third-largest U.S. chicken producer has tapped Centerview Partners for advice on a potential sale and has attracted interest from suitors, including agricultural investment firm Continental Grain Co.

  • Korn Ferry /zigman2/quotes/209856151/composite KFY +2.09% shares rose 9.7% after the consulting firm swung to a record fiscal fourth-quarter profit that exceeded expectations, and provided an upbeat outlook for the current quarter.

  • Shares of Plug Power Inc. /zigman2/quotes/205453512/composite PLUG +3.16% rose 14% after the hydrogen fuel cell company reported a wider-than-expected first-quarter loss but revenue that rose above expectations as product revenue more than doubled.

How did other markets fare?

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -7.05% broke below the $30,000 threshold for the first time since January on Tuesday, adding to a price drop that has wiped out more than $1.3 trillion in market value for the broader crypto complex since a peak in May. Bitcoin was trading around $32,400 late afternoon Tuesday.

  • The yield on the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.53% slipped one basis point to settle Tuesday at 1.471%, down in three of the past four trading days. Yields and debt prices move inversely to each other.

  • The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY -0.15% , a measure of the currency against a basket of six major rivals, declined 0.2%.

  • U.S. oil futures fell after global benchmark Brent crude briefly traded above the $75-a-barrel threshold for the first time in two years. West Texas Intermediate crude for August delivery /zigman2/quotes/209723049/delayed CL00 -0.12% settled 0.4% lower at $72.85 a barrel.

  • Gold futures /zigman2/quotes/210034565/delayed GC00 +0.15% edged lower, settling 0.3% lower at $1,777.40 an ounce.

  • In European equity trading, the pan-Continental Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.84% closed 0.3% higher and London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.17% gained 0.4%.

  • In Asia, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.80% rose 0.8%, the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.30% fell 0.6% in Hong Kong, and Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +2.06% jumped more than 3%.

/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 191.24
+1.10 +0.58%
Volume: 1.68M
Sept. 23, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$14.54 billion
Rev. per Employee
$424,150
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/zigman2/quotes/205453964/composite
US : U.S.: Nasdaq
$ 2,836.53
+17.76 +0.63%
Volume: 863,805
Sept. 23, 2021 4:00p
P/E Ratio
30.75
Dividend Yield
N/A
Market Cap
$1874.89 billion
Rev. per Employee
$1.35M
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 2,824.32
+18.65 +0.66%
Volume: 1.05M
Sept. 23, 2021 4:00p
P/E Ratio
30.62
Dividend Yield
N/A
Market Cap
$1874.89 billion
Rev. per Employee
$1.35M
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/zigman2/quotes/203156858/composite
US : U.S.: NYSE
$ 127.09
+1.27 +1.01%
Volume: 3.65M
Sept. 23, 2021 4:00p
P/E Ratio
19.62
Dividend Yield
2.38%
Market Cap
$151.31 billion
Rev. per Employee
$2.05M
loading...
/zigman2/quotes/200327741/composite
US : U.S.: NYSE
$ 42.59
+1.00 +2.40%
Volume: 12.65M
Sept. 23, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$26.61 billion
Rev. per Employee
$231,014
loading...
/zigman2/quotes/201978364/composite
US : U.S.: Nasdaq
$ 189.65
-0.84 -0.44%
Volume: 110,253
Sept. 23, 2021 4:00p
P/E Ratio
14.17
Dividend Yield
0.93%
Market Cap
$4.25 billion
Rev. per Employee
$204,315
loading...
/zigman2/quotes/209856151/composite
US : U.S.: NYSE
$ 74.60
+1.53 +2.09%
Volume: 274,845
Sept. 23, 2021 4:00p
P/E Ratio
18.51
Dividend Yield
0.64%
Market Cap
$3.98 billion
Rev. per Employee
$230,694
loading...
/zigman2/quotes/205453512/composite
US : U.S.: Nasdaq
$ 27.77
+0.85 +3.16%
Volume: 21.57M
Sept. 23, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$15.46 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
41,526.76
-3,152 -7.05%
Volume: 0.00
Sept. 24, 2021 7:53a
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.43
-0.0076 -0.53%
Volume: 0.00
Sept. 24, 2021 7:54a
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
93.32
-0.14 -0.15%
Volume: 0.00
Sept. 24, 2021 7:44a
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 73.21
-0.09 -0.12%
Volume: 77,661
Sept. 24, 2021 7:44a
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,752.50
+2.70 +0.15%
Volume: 56,563
Sept. 24, 2021 7:44a
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
463.55
-3.95 -0.84%
Volume: 0.00
Sept. 24, 2021 1:39p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,066.43
-11.92 -0.17%
Volume: 205,969
Sept. 24, 2021 12:39p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,613.07
-29.15 -0.80%
Volume: 50.73B
Sept. 24, 2021 3:01p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,192.16
-318.82 -1.30%
Volume: 2.01M
Sept. 24, 2021 4:09p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
30,248.81
+609.41 +2.06%
Volume: 0.00
Sept. 24, 2021 3:15p
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