US STOCKS-S&P, Dow gain as energy, financials recoup recent losses

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

 (Updates to market open)
    * Apple extends losses after lukewarm reception for new
iPhone
    * U.S.-listed Chinese stocks dip on fears of debt crisis
    * S&P 500 rises from over 3-week low 
    * Indexes: Dow up 0.32%, S&P up 0.24%, Nasdaq down 0.08% 

 (For a live blog on the U.S. stock market, click  LIVE/  or
type LIVE/ in a news window.)
    By Ambar Warrick
    Sept 15 (Reuters) - The S&P 500 and the Dow Jones indexes
rose on Wednesday, with sectors such as energy and financials
recovering some of their losses in recent sessions, although a
slowing economic recovery and uncertainty over higher taxes kept
sentiment subdued.
    The S&P 500  .SPX  rose from a more than three-week low,
while the Dow  .DJI  came off a near two-month trough.  
    Economically sensitive sectors such as energy  .SPNY  were
the best performers in early trade, rising 3.4% as oil prices
gained on data showing a larger-than-expected drawdown in U.S.
crude inventories.  O/R  
    Financial stocks  .SPSY , particularly big banks, also rose
0.6% after widely underperforming their peers on Tuesday. 
    The Nasdaq  .IXIC  lagged its peers on losses in major
technology stocks. But the index has fared relatively better
than its peers this month, with investors switching to reliable
tech heavyweights amid seasonally weak trends for stocks. 
    Wall Street indexes had fallen on Tuesday as investors
fretted over the potential impact of a tax hike on corporate
profits.
    While signs of cooling inflation have made early tapering by
the Federal Reserve seem unlikely, they have also raised the
question of when exactly the central bank would begin scaling
back its massive pandemic-induced stimulus plan. 
    "It's just a softening of economic activity, not just in the
U.S. but globally ... we still have the COVID Delta variant
that's causing problems in a lot of areas," said Randy
Frederick, managing director of trading and derivatives for the
Schwab Center for Financial Research.
    "We were at all-time highs just a week-and-a-half ago, the
market tends to be sensitive to any kind of news, any kind of
bad economic data when it's at all-time highs."
    At 09:59 am ET, the Dow Jones Industrial Average  .DJI  rose
110.21 points, or 0.32% , to 34,687.78, the S&P 500  .SPX 
gained 10.83 points, or 0.24 %, to 4,453.88 and the Nasdaq
Composite  .IXIC  lost 12.01 points, or 0.08 %, to 15,025.75. 
    U.S.-listed Chinese stocks extended recent losses, as weak
retail sales data pointed to a possible economic slowdown in the
mainland.
    A growing debt crisis in the country's No. 2 property
developer, China Evergrande Group  3333.HK , has raised fears of
 a possible impact to major lenders.
    "The Asian banks will get hit hard if there's a default, but
then there will be a 10-year recovery process. The market's
getting a hang of it. The way they've managed the news flow
seems quite clever. They haven't let a swathe of bad news at
once," said Keith Temperton, sales trader at Forte Securities.
    Concerns over Evergrande's default have further dented
appetite for Chinese stocks after a series of regulatory moves
by Beijing against major technology firms wiped out billions in
market value this year.
    Apple Inc  AAPL.O  fell 0.6% after tumbling 1% in the last
session on a somewhat lukewarm response to the unveiling of its
Phone 13 and a new iPad mini.  urn:newsml:reuters.com:*:nL1N2QG1WA
    Among other movers, lending platform GreenSky Inc  GSKY.O 
shot up more than 50% after Goldman Sachs Group Inc  GS.N  said
it will buy the firm in an all-stock deal valued at $2.24
billion.  urn:newsml:reuters.com:*:nL4N2QH2XJ
    Goldman Sachs shares fell 1%, lagging their banking peers.
    Advancing issues outnumbered decliners by a 1.6-to-1 ratio
on the NYSE and by a about a 1.2-to-1 ratio on the Nasdaq. 
    The S&P 500 posted no new 52-week highs and two new lows,
while the Nasdaq recorded 27 new highs and 64 new lows.

 (Reporting by Ambar Warrick and Sruthi Shankar in Bengaluru;
Editing by Arun Koyyur and Maju Samuel)
 ((Ambar.Warrick@thomsonreuters.com; +91-80-6182-2837; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net;
Twitter: @AmbarWarrick))

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.