20210319 CNBC 뉴스 - 다우 2주 연속 상승을 깨고, 은행 매도에 따라 200 포인트 이상 하락

 

 

다우 2주 연속 상승을 깨고, 은행 매도에 따라 200 포인트 이상 하락
게시일 THU, MAR 18 2021 PM 6:03 EDT
업데이트 : 2021 년 3 월 19 일 금요일 오후 4:22 EDT

다우 존스 산업 평균 지수는 연방 준비 은행이 대유행 시대의 은행 자본 휴식을 연장하지 않기로 결정한 후 채권 수익률이 상승하고 금융주가 매각되면서 하락했습니다.

우량 칩 Dow는 Visa와 JPMorgan의 압력으로 234.33 포인트 (0.7 %) 하락한 32,627.97을 기록했습니다. S & P 500은 0.1 % 하락한 3,913.10으로 0.7 % 하락한 당일 최저치를 마감했습니다. 나스닥 종합 지수는 투자자들이 기술주 하락을 매수하면서 0.8 % 상승한 13,215.24를 기록했습니다. Facebook은 4 %, Amazon과 Netflix는 각각 약 1.5 % 증가했습니다.

 

금요일 중앙 은행은 대유행 기간 동안 은행의 추가 레버리지 비율을 완화하는 월말 만료되는 규칙을 연장하는 것을 거부했습니다. 금융 위기 동안 채권 시장을 진정시키고 은행의 대출을 장려하기 위해 은행이 재무부 및 기타 보유 자산에 대해 적은 자본을 보유하도록 허용하는 규칙이 시행되었습니다.

이에 대응하여 은행이 재무부 보유 자산의 일부를 매각하는 경우 거래자들은이 결정이 부정적인 영향을 미칠 수 있다고 경고했습니다. 그것은 금리의 급격한 상승이 이미 투자자들을 괴롭히는시기에 수익률을 더 높일 수 있습니다.

Rockefeller Global Family Office의 최고 투자 책임자 인 Jimmy Chang은 "연준이이를 연장하지 않기로 결정한 것은 투자자들에게 실망스러운 일입니다."라고 말했습니다. "적어도 몇 주 전에는 연준이 미 국채 발행을 너무 많이 흡수 할 필요가 있다는 점을 감안할 때 대형 은행을 위해 SLR을 완화하기 위해 연장 할 것이라는 많은 기대가있었습니다."

연준의 결정에 따라 은행 주식은 일제히 매도되었습니다. JPMorgan과 Goldman Sachs는 모두 1 % 이상 하락한 반면 Wells Fargo는 2.9 % 하락했습니다. 뱅크 오브 아메리카도 1 % 하락했다. 이 이름은 금주 상승으로 인해 이번 주 초에 상승했으며 올해 모두 두 자리 수를 기록했습니다.

한편 채권 수익률은 발표 후 저점에서 반등했습니다. 10 년 만기 국채 수익률은 상승 반전 한 후 1.73 %로 평평 해져 14 개월 최고치에 근접했습니다. 벤치 마크 비율은 1 % 미만으로 2021 년에 시작되었습니다. (1 베이시스 포인트는 0.01 %와 같습니다).

Chang은 "이 수준에 도달 한 속도는 너무 빨라서 편안함을 느끼지 못했습니다."라고 말했습니다. "수익률이 상승함에 따라 상승 된 밸류에이션을 정당화하기가 더 어렵습니다."

경제 회복에 대한 확신을 나타낼 수있는 채권 수익률 상승은 미래 현금 흐름의 가치를 감소시켜 고성장 주식이 투자자에게 덜 매력적으로 보이게 만들 수 있습니다.

다우 지수와 S & P 500은 이번 주 각각 0.5 %와 0.8 %를 잃어 2 주 연속 연승 기록을 깨고있다. 기술 중심의 나스닥도 이번 주 0.8 % 하락하여 5 주 만에 네 번째 마이너스 주를 기록했습니다.

Onada의 수석 시장 분석가 인 Edward Moya는 "큰 두려움은 일부 은행이 더 많은 자본을 제쳐두는 데 어려움을 겪을 수 있기 때문에 대출에 저항 할 수 있다는 것"이라고 말했습니다. "월스트리트는 다가오는 재무부 경매를 밀접하게 따를 것이며 은행이자가 낮 으면 채권 시장 매도는 심화 될 수 있습니다."

FedEx의 주가는 지난 금요일 배달 회사가 회계 연도 3 분기 매출 및 이익 기대치를 상회 한 후 6 % 상승했습니다.

Nike의 주가는 3 분기 매출이 예상보다 약한 이후 거의 4 % 하락했습니다. Visa 주가는 법무부가 직불 카드 사업과 가능한 반 경쟁 관행에 대한 조사를 시작했다고보고 한 후 6.2 % 하락했습니다.

금요일 중앙은행은 팬데믹 기간 동안 월말 만료되는 은행의 추가 레버리지 비율 완화 규칙을 연장하는 것을 거부했습니다. 금융 위기 동안 채권 시장을 진정시키고 은행의 대출을 장려하기 위해 은행이 재무부 및 기타 보유 자산에 대해 적은 자본을 보유하도록 허용하는 규칙이 시행되었습니다.

이에 대응하여 은행이 재무부 보유 자산의 일부를 매각하는 경우 거래자들은 이 결정이 부정적인 영향을 미칠 수 있다고 경고했습니다. 그것은 금리의 급격한 상승이 이미 투자자들을 괴롭히는 시기에 수익률을 더 높일 수 있습니다.

Rockefeller Global Family Office의 최고 투자 책임자 인 Jimmy Chang은 "연준이 이를 연장하지 않기로 결정한 것은 투자자들에게 실망스러운 일입니다."라고 말했습니다. "적어도 몇 주 전에는 연준이 미 국채 발행을 너무 많이 흡수할 필요가 있다는 점을 감안할 때 대형 은행을 위해 SLR을 완화하기 위해 연장할 것이라는 많은 기대가 있었습니다."

연준의 결정에 따라 은행 주식은 일제히 매도되었습니다. JPMorgan과 Goldman Sachs는 모두 1 % 이상 하락한 반면 Wells Fargo는 2.9 % 하락했습니다. 뱅크 오브 아메리카도 1 % 하락했다. 이 이름은 금주 상승으로 인해 이번 주 초에 상승했으며 올해 모두 두 자릿수를 기록했습니다.

한편 채권 수익률은 발표 후 저점에서 반등했습니다. 10 년 만기 국채 수익률은 상승 반전한 후 1.73 %로 평평 해져 14 개월 최고치에 근접했습니다. 벤치 마크 비율은 1 % 미만으로 2021 년에 시작되었습니다. (1 베이시스 포인트는 0.01 %와 같습니다).

Chang은 "이 수준에 도달 한 속도는 너무 빨라서 편안함을 느끼지 못했습니다."라고 말했습니다. "수익률이 상승함에 따라 상승된 밸류에이션을 정당화하기가 더 어렵습니다."

경제 회복에 대한 확신을 나타낼 수 있는 채권 수익률 상승은 미래 현금 흐름의 가치를 감소시켜 고성장 주식이 투자자에게 덜 매력적으로 보이게 만들 수 있습니다.

다우 지수와 S & P 500은 이번 주 각각 0.5 %와 0.8 %를 잃어 2 주 연속 연승 기록을 깨고 있다. 기술 중심의 나스닥도 이번 주 0.8 % 하락하여 5 주 만에 네 번째 마이너스 주를 기록했습니다.

Onada의 수석 시장 분석가 인 Edward Moya는 "큰 두려움은 일부 은행이 더 많은 자본을 제쳐두는 데 어려움을 겪을 수 있기 때문에 대출에 저항할 수 있다는 것"이라고 말했습니다. "월스트리트는 다가오는 재무부 경매를 밀접하게 따를 것이며 은행이자가 낮으면 채권 시장 매도는 심화될 수 있습니다."

FedEx의 주가는 지난 금요일 배달 회사가 회계 연도 3 분기 매출 및 이익 기대치를 상회한 후 6 % 상승했습니다.

Nike의 주가는 3 분기 매출이 예상보다 약한 이후 거의 4 % 하락했습니다. Visa 주가는 법무부가 직불 카드 사업과 가능한 반 경쟁 관행에 대한 조사를 시작했다고 보고 한 후 6.2 % 하락했습니다.

 

Dow closes more than 200 points lower as banks sell off, breaks a two-week win streak
PUBLISHED THU, MAR 18 2021 6:03 PM EDT
UPDATED FRI, MAR 19 2021 4:22 PM EDT
Yun Li
@YUNLI626
Jesse Pound
@JESSERPOUND
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The Dow Jones Industrial Average fell on Friday after the Federal Reserve's decision to not extend a pandemic-era capital break for banks stoked a rise in bond yields and a sell-off in financial stocks.

The blue-chip Dow slid 234.33 points, or 0.7%, to 32,627.97, pressured by Visa and JPMorgan. The S&P 500 dipped 0.1% to 3,913.10, closing off its lowest level of the day when it fell 0.7%. The Nasdaq Composite gained 0.8% to 13,215.24 as investors bought the dip in tech shares. Facebook gained 4%, while Amazon and Netflix rose about 1.5% each.


The central bank on Friday declined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.

The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.

"This is a disappointment to investors that the Fed decided not to extend it," said Jimmy Chang, chief investment officer at Rockefeller Global Family Office. "There was a lot of expectation, at least a few weeks ago, that the Fed would extend to relieve SLR for the big banks given the need to absorb so much Treasury issuance."

Bank stocks sold off in unison following the Fed's decision. JPMorgan and Goldman Sachs both slid more than 1%, while Wells Fargo fell 2.9%. Bank of America also slipped 1%. These names got a lift earlier this week from rising rates and have all rallied double digits this year.

Meanwhile, bond yields bounced off their lows after the announcement. The 10-year Treasury yield reversed higher before turning flat at 1.73%, hovering near its 14-month high. The benchmark rate started 2021 below 1%. (1 basis point equals 0.01%).

"The speed at which it came up to this level has been too rapid for comfort," Chang said. "As yields move higher, it's harder to justify the elevated valuation."

Rising bond yields, which can signal confidence about the economic recovery, can also make high-growth stocks look less attractive to investors by diminishing the value of their future cash flows.

The Dow and the S&P 500 lost 0.5% and 0.8%, respectively, this week, breaking their two-week win streak. The tech-heavy Nasdaq also declined 0.8% for the week, posting its fourth negative week in five.

"The big fear is that some banks might resist lending because they might struggle putting more capital aside," said Edward Moya, senior market analyst at Onada. "Wall Street is closely going to follow the upcoming Treasury auctions and if bank interest is low, the bond market selloff could intensify."

Shares of FedEx jumped 6% Friday after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.

Nike's stock slipped by nearly 4% after third-quarter revenues were weaker than anticipated. Visa shares dropped 6.2% after a report said the Justice Department has opened an investigation into its debit card business and possible anticompetitive practices.

 

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