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Wall Street rises on upbeat results and dovish rate hike comments

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News Tech: Wall Street’s three major benchmarks hit highs in more than a month on Tuesday, with the Nasdaq down 2.2%. Johnson & Johnson is up 3.1%, marking his second earnings run in three trades. That’s because the company’s quarterly profit beat market expectations and its dividend payout increased. Of the 49 companies in the S&P 500 Index that reported first quarterly results, 79.6% beat expectations, according to Refinitiv data. Typically 66% beat estimate.

“Each earnings season, especially after March 2020, feels more important than the next, but especially our position in the economic cycle, the Fed rate hikes,” said Equity Derivatives’ Max Grinakov. Given the cyclical, inflationary backdrop,” he said. Strategist at BNP Paribas. International Business Machines Corp gained 2.4% and a further 1.8% after its latest earnings report after the close. Meanwhile, Netflix Inc reported its first decline in subscribers in a decade after rising 3.2% after his bell plunged 24%.

However, bond yields continue their recent upward trend. 30-year yields topped 3% for the first time since April 2019, while 10-year Inflation-Indexed Securities (TIPS) yields turned positive for the first time since the coronavirus pandemic began in March 2020. “We normally assume that higher yields are positive for banks, but the correlation has broken down somewhat, with defensive sectors most negatively correlated with higher rates,” Grinakov told BNP. “It really went up,” he said.

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