{"id":20561,"date":"2023-06-09T14:04:02","date_gmt":"2023-06-09T18:04:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-pare-gains-sp-500-trades-about-flat-after-bear-market-exit\/"},"modified":"2023-06-09T14:04:04","modified_gmt":"2023-06-09T18:04:04","slug":"u-s-stocks-pare-gains-sp-500-trades-about-flat-after-bear-market-exit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20561","title":{"rendered":"U.S. stocks pare gains, S&#038;P 500 trades about flat after bear-market exit"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002157613\" role=\"document\">\n<p>U.S. stocks were up slightly Friday afternoon, with the S&amp;P 500 clinging to a tiny gain after technically exiting bear-market territory a day earlier. Meanwhile, traders were looking ahead to the Federal Reserve\u2019s policy meeting next week.<\/p>\n<h2>How stocks are trading <\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.16%<\/bg-quote><br \/>\n       was up less than a point, trading flat at 33,834.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.31%<\/bg-quote><br \/>\n       edged up 6 points, or 0.2%, to 4,300. <\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.54%<\/bg-quote><br \/>\n       rose almost 33 points, or 0.3%, to 13,271.<\/p>\n<\/li>\n<\/ul>\n<p>For the week, the Dow was on pace to rise 0.2%, the S&amp;P 500 was heading for a 0.4% gain and the Nasdaq was on track to advance 0.2%, according to FactSet data, at last check.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>U.S. stocks were trading higher on Friday afternoon, with the S&amp;P 500 paring earlier gains but remaining on track to finish the week modestly higher.<\/p>\n<p>The S&amp;P 500 exited bear market territory on Thursday by closing 20% above last year\u2019s trough in October. Although Wall Street cheered the milestone after a long, painful bear market, some are cautious about the technical exit.<\/p>\n<p>\u201cWe advise investors against assuming that the recent upswing in equities can gain momentum,\u201d said Solita Marcelli, chief investment officer for the Americas, at UBS Global Wealth Management, in a note Friday. \u201cUntil markets reach a new all-time high, it\u2019s impossible to know whether the bear market trough\u2014the ultimate low of the market cycle\u2014is behind us.\u201d<\/p>\n<p>James Demmert, CIO at Main Street Research, was also cautious.<\/p>\n<p>\u201cEven though the S&amp;P 500 is up just over 20% from the October 2022 low, that does not mean the bear market is over yet,\u201d  Demmert said in  emailed commentary  Friday. \u201cThe bear markets of 2000 and 2008 both saw rallies in excess of 20%, which did not constitute the end of the bear market, as the market experienced further downside after those rallies.\u201d<\/p>\n<p><strong>Read:<\/strong> \u2018Too soon to price in a recovery\u2019: Here\u2019s Citi Global Wealth\u2019s investing strategy for a bear market that it says is not over yet<\/p>\n<p>Friday was relatively quiet, with little economic data, as investors look ahead to next week when May inflation data and policy decisions from the Federal Reserve and  European Central Bank are due.  <\/p>\n<p>Fed-funds futures on Friday were pointing to a 72.4% probability that the central bank will announce at the conclusion of its two-day policy meeting on June 14 that it\u2019s pausing its interest-rate increases, according to the CME FedWatch Tool, at last check. Traders saw a 27.6% chance of a quarter-point rate hike by the Fed.<\/p>\n<p>The Fed has been raising rates to combat high inflation.<\/p>\n<p><strong>See<\/strong>: Fed might hike interest rates again in June instead of a \u2018skip,\u2019 some economists think<\/p>\n<p><strong>Also read:<\/strong> Odds of U.S. \u2018hard landing\u2019 rising after Fed\u2019s refusal to pause rate hikes earlier this year, warns Cam Harvey<\/p>\n<p>Most of the S&amp;P 500\u2019s 11 sectors were trading lower Friday afternoon, with losses led by shares of materials companies. The strongest performing sectors were consumer discretionary and information technology, each with modest gains.<\/p>\n<p>The Cboe Volatility Index<br \/>\n        VIX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598281\/delayed\" class=\"positive\">+0.66%<\/bg-quote><span>,<\/span><br \/>\n       known as the Vix, was trading around 14 on Friday afternoon, below its long-run average of about 20. Some have interpreted the relatively low Vix as a sign that investors might be getting too complacent. <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Tesla Inc. <\/strong><br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"positive\">+5.09%<\/bg-quote><br \/>\n       and <strong>General Motors Co.<\/strong><br \/>\n        GM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205226835\/composite\" class=\"positive\">+1.30%<\/bg-quote><br \/>\n       shares rose after the automakers said owners of GM\u2019s electric vehicles will have access to Tesla\u2019s fast-charging network in North America starting next year.  Tesla shares are on track to log an 11th-straight gain as the maker of electric cars saw its shares as one of the best performers on the S&amp;P 500. <\/p>\n<\/li>\n<li>\n       <strong>DocuSign Inc.<\/strong> shares<br \/>\n        DOCU,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205992027\/composite\" class=\"negative\">-2.73%<\/bg-quote><br \/>\n       dropped, after executives warned of smaller deal sizes and expansion rates as the e-signature company\u2019s quarter and outlook surpassed Wall Street expectations. <\/p>\n<\/li>\n<li>\n       <strong>Planet Labs PBC<\/strong><br \/>\n        PL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/226320389\/composite\" class=\"negative\">-27.13%<\/bg-quote><br \/>\n       plunged after the Earth-imaging company reported a narrower quarterly loss, but called for lower-than-expected revenue for its fiscal 2024.   <\/p>\n<\/li>\n<li>\n      <strong>Salesforce Inc.<\/strong><br \/>\n        CRM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200515854\/composite\" class=\"positive\">+2.58%<\/bg-quote><br \/>\n       shares advanced, with sharp gains that placed the software-as-a-service pioneer among the best performers on the S&amp;P 500 on Friday afternoon. <\/p>\n<\/li>\n<\/ul>\n<p><em>Jamie Chisholm contributed to this article.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/stock-futures-dip-after-s-p-500-moves-into-bull-market-7aa915dd?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks were up slightly Friday afternoon, with the S&amp;P 500 clinging to a tiny gain after technically exiting bear-market territory a day earlier. Meanwhile, traders were looking ahead to the Federal Reserve\u2019s policy meeting next week. How stocks are trading The Dow Jones Industrial Average DJIA, +0.16% was up less than a point, trading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-20561","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks pare gains, S&amp;P 500 trades about flat after bear-market exit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks were up slightly Friday afternoon, with the S&amp;P 500 clinging to a tiny gain after technically exiting bear-market territory a day earlier.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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