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May 23, 2022, 4:44 p.m. EDT

Dow scores best day in almost three weeks, S&P 500 pulls away from bear-market territory

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By Vivien Lou Chen and William Watts

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Read: The S&P 500 narrowly averts a bear market. How long do they last once they arrive? Significant skepticism remains toward the idea stocks have put in a lasting bottom. Researchers at New York-based BlackRock, the world’s largest asset manager, turned neutral on developed-market stocks like those of the U.S. and said they see no catalyst for a sustained rebound in assets perceived as risky right now.At Jefferies, Sean Darby, global equity strategy, and others wrote in a note on Monday that their analysis suggests “that, despite investor sentiment surveys being quite bearish, there has not been the cathartic selling that would accompany a market bottom.”

“If we are correct, then the final part of the earnings momentum cycle is a combination of both earnings cuts and a slice in target prices. Investors should be conservatively positioned,” the team at Jefferies wrote.

Appetite for risk weighed on the dollar. The ICE Dollar Index /zigman2/quotes/210598269/delayed DXY -0.03% , which measures the greenback against a basket of major currencies, dropped 1%. Oil futures flipped between gains and losses to end virtually unchanged, with the U.S. benchmark /zigman2/quotes/211629951/delayed CL.1 +0.15% ending a penny higher at $110.29 a barrel. Gold prices /zigman2/quotes/210034565/delayed GC00 -0.19% eked out a 0.3% gain , settling at $1,847.80 an ounce.

There is no U.S. economic data on the calendar for Monday, but investors will keep an eye on the World Economic Forum in Davos, Switzerland, which is back after a two-year absence.

Also read: Davos’ post-COVID return laden with climate, economic woes and a war in Europe

What companies were in focus?

  • Shares of VMware Inc. /zigman2/quotes/209864107/composite VMW +0.21% finished 24.8% higher after reports chip maker Broadcom Inc. /zigman2/quotes/200646538/composite AVGO -0.25% was in talks to buy the enterprise cloud-computing company. Broadcom shares closed down by 3.1%.

  • Shares of JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM +3.03% ended 6.2% higher to lead Dow gainers after the banking giant raised its net interest income outlook. In addition, JPMorgan’s forecast that it may hit its goal of a 17% return on tangible equity this year was one of the most bullish developments coming out of its Investor Day meeting Monday, according to Wells Fargo analyst Mike Mayo.

  • Shares of fellow Dow component Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS +0.84% finished up by 3.2%. Shares of other banks also got a lift. Bank of America Corp. /zigman2/quotes/200894270/composite BAC +1.68% and Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC +2.31% shares closed up by 5.9% and 5.2%, respectively.

How did other assets fare?

  • The yield on the 10-year /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +5.45% note rose 7.2 basis points at 2.857%, the largest one-day gain in almost a week.

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD +0.22% was down 2% near $29,324.

  • In European equities, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.76% finished up by 1.3%, while the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.11% gained 1.7%.

  • In Asia, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.19% finished flat, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.75% fell 1.2%. Japan’s Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +0.29% rose 1%.

—- Barbara Kollmeyer contributed to this article.

/zigman2/quotes/210598269/delayed
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106.59
-0.03 -0.03%
Volume: 0.00
Aug. 8, 2022 12:29a
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Aug. 8, 2022 12:29a
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US : U.S.: Nymex
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US : U.S.: NYSE
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N/A
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2.97%
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US : U.S.: NYSE
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Dividend Yield
3.46%
Market Cap
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/zigman2/quotes/209237603/composite
US : U.S.: NYSE
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2.99%
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US : U.S.: NYSE
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Dividend Yield
2.59%
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$273.61 billion
Rev. per Employee
$481,207
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 43.76
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P/E Ratio
10.49
Dividend Yield
2.74%
Market Cap
$165.98 billion
Rev. per Employee
$344,663
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.82
+0.15 +5.45%
Volume: 0.00
Aug. 8, 2022 12:39a
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US : CoinDesk
23,322.46
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Volume: 0.00
Aug. 8, 2022 12:38a
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XX : STOXX
435.72
-3.34 -0.76%
Volume: 0.00
Aug. 5, 2022 11:03p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,439.74
-8.32 -0.11%
Volume: 571,755
Aug. 5, 2022 4:50p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,233.07
+6.05 +0.19%
Volume: 15.66B
Aug. 8, 2022 12:24p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,050.15
-151.79 -0.75%
Volume: 629,281
Aug. 8, 2022 12:05p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
28,258.12
+82.25 +0.29%
Volume: 0.00
Aug. 8, 2022 1:19p
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