{"id":65583,"date":"2022-05-18T04:12:32","date_gmt":"2022-05-18T00:12:32","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=65583"},"modified":"2022-05-18T04:12:34","modified_gmt":"2022-05-18T00:12:34","slug":"market-drivers-us-session-17-may","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-17-may\/05\/18\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 17 May"},"content":{"rendered":"\n

US stocks rose on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway revealed strong retail sales in April to ease some concerns about slowing US economic growth. Ten of the 11 major S&P sectors advanced, with financials and technology up 2% each.

Economic Data<\/strong>
US retail sales increased 0.9% in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants.

Industrial production accelerated 1.1% last month, higher than estimates of 0.5%, and followed by a 0.9% advance in March.


The latest US economic data is consistent with continued economic growth in the second quarter and not a recession underway. The industrial sector is running too hot and needs to slow for inflation to get under control. The Fed will raise the federal funds target half a percentage point at each of the next two meetings to throw some sand in the economy’s gears.

Other Developments
<\/strong>
After hitting seven-week highs, crude oil prices fell after Fed Chair Jerome Powell warned the US economy could be hurt by attempts to reduce inflation. Crude oil prices also retreated 2% on Tuesday as the United States decided to ease restrictions on Venezuela, the news has raised hopes that the market will receive additional oil supplies.

Microsoft Corp, Apple Inc, Tesla Inc and Nvidia Corp gained between 1.5% and 4.8%, providing the biggest boost to the S&P 500 and the Nasdaq. Banks jumped 3.1%, with Citigroup climbing 7.9%, after Warren Buffett’s Berkshire Hathaway disclosed a nearly $3 billion investment in the US lender.

Also Read
<\/strong>Crude Oil Falls 2% On Powell\u2019s Comments, Prospected Supply<\/a><\/p>\n\n\n\n

Will cryptocurrencies rebound after price crash?<\/a><\/p>\n\n\n\n

Euro, bond yields surged on comments by ECB official<\/a><\/p>\n\n\n\n

US Dollar Further Declines As Sentiment Improves<\/a><\/p>\n\n\n\n

ECB\u2019s Lagarde allows chief central bankers louder voice on policy<\/a><\/p>\n\n\n\n

Gold Price Reacts to Powell\u2019s hawkish comments<\/a><\/p>\n\n\n\n

Risk assets return into positive territories on Powell\u2019s Comments<\/a><\/p>\n\n\n\n

Fed\u2019s Powell: \u2018Keep tightening\u2019 policy until inflation declines<\/a><\/p>\n\n\n\n

Euro Benefits From Risk Appetite Ahead of Powell\u2019s Speech<\/a><\/p>\n\n\n\n

Wells Fargo: US strong production still encouraging<\/a><\/p>\n\n\n\n

US Retail Sales Rise Despite Inflation, Dipping Consumer Confidence<\/a><\/p>\n\n\n\n

USD\/CAD rebounds as the US dollar stabilizes<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

US stocks rose on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway revealed strong retail sales in April to ease some concerns about slowing US economic growth. Ten of the 11 major S&P sectors advanced, with financials and technology up 2% each.Economic DataUS retail sales increased 0.9% in April as consumers …<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,39,36],"tags":[6990,6846,7164,7002,7442,9639],"class_list":["post-65583","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-global-stock-markets","category-market-updates","tag-industrial-production","tag-oil","tag-powell","tag-retail-sales","tag-us-shares","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=65583"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65583\/revisions"}],"predecessor-version":[{"id":65587,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65583\/revisions\/65587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=65583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=65583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=65583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}