S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
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* Nio falls on temporary production suspension
* L Brands eyes 3-year high after earnings forecast boost
* Nasdaq set to drop as tech stocks weaken
* Futures: Dow up 0.42%, S&P rises 0.21%, Nasdaq down 0.29%
(Adds comment; updates prices)
By Devik Jain and Medha Singh
March 26 (Reuters) - The S&P 500 and the Dow were set to
open higher on Friday as investors bought undervalued energy and
bank stocks betting on what is expected to be the fastest
economic growth since 1984.
The three major U.S. indexes have swung between gains and
losses this week as an end-of-quarter rebalancing of investment
portfolios led to alternating boost from stocks that stand to
benefit from a re-opening economy, and beaten-down technology
shares.
The S&P 500 value index .IVX which includes energy, banks
and industrial stocks, has gained more than 9% this year, easily
outperforming growth .IGX shares, which are down 0.4%.
"Investors are thinking about an economic recovery over the
balance of the year and are taking a step back to evaluate
valuations, fundamentals and some of the macro economic
drivers," said Brian Vendig, managing executive at MJP Wealth
Advisors in Westport, Connecticut.
"You have people trying to get back to work, you have checks
in hand to consumers and you have other policy measures that are
coming to support the economic reopening."
L Brands LB.N jumped about 6% after the Victoria's Secret
owner raised its current-quarter profit forecast for the second
time this month as it benefits from consumers spending their
stimulus checks and relaxation of COVID-19 restrictions.
Wall Street's main indexes rebounded in late-day rally on
Thursday as weekly jobless claims hit their lowest level since
the COVID-19 pandemic began and President Joe Biden highlighted
the brightening economic outlook.
Big banks including JPMorgan Chase & Co JPM.N , Bank of
America BAC.N and Citigroup C.N were up between 1.3% and
1.9% as the U.S. Federal Reserve said it would lift income-based
restrictions on bank dividends and share buybacks for "most
firms" in June after its next round of stress tests.
Oil firms Chevron CVX.N , Exxon Mobil XOM.N , Marathon Oil
MRO.N , Occidental Petroleum OXY.N and Devon Energy DVN.N
rose between 1.5% and 2.8% as crude prices gained 2%. O/R
At 8:36 a.m. ET, Dow E-minis 1YMcv1 were up 135 points, or
0.42%, S&P 500 E-minis EScv1 were up 8.25 points, or 0.21% and
Nasdaq 100 E-minis NQcv1 were down 37.5 points, or 0.29%.
Nio Inc NIO.N slumped about 8% as the Chinese electric
vehicle maker said it would halt production for five working
days at its Hefei plant due to a shortage in semiconductor
chips. Latest data showed consumer spending fell more than expected
in February as a cold snap gripped many parts of the country and
the boost from a second round of stimulus checks faded, though
the decline is likely to be temporary.