News

US markets (S&P 500 Index -0.2%) closed lower for a sixth straight day on Tuesday, setting a new low for 2022. Only the Energy (+1.2%) sector ended in the green to any significant degree. Financials (-0.3%) closed lower just as news broke that 16 Wall Street firms (including the major banks) had settled with the SEC, for approximately $2 billion, for failures in their record keeping.

US markets (S&P 500 Index -0.8%) fell on Monday to reach their lowest close this year. The S&P 500 is now approximately 24% off its 2022 peak. Rate hikes, bond yields, inflation, and now a strengthening USD (+0.9%) is contributing to the rout in stocks, as US multinationals become less competitive in the global market. 

US markets (S&P 500 Index -0.8%) fell for a second session following the US Federal Reserves’ rate hike. A fear persists that the Fed’s actions will push the US economy into recession. Stocks dependent on a strong economy took the hardest hit on Thursday, with consumer discretionary (-2.2%) and Financials (-1.7%) the worst-performing sectors. 

US markets (S&P 500 Index -1.7%) gave up early gains on Wednesday after the US Federal Reserve raised rates by 75-basis-points to the 3%-3.25% range during its September meeting. All sectors closed the day in the red, led by Consumer Discretionary (-2.4%) and Communication Services (-2.3%). 

US markets (S&P 500 Index -1.1%) fell as Treasury yields rose ahead of the US Federal Reserve rate decision, due on Thursday (NZDT). Markets are now perhaps content with a third consecutive 75-basis-points hike from the Fed. Thus, markets are preparing for projections that the central bank will deliver this week concerning its future rate rises, inflation, and economic growth. 

US markets (S&P 500 Index +0.7%) overcame an immediate low opening to close the day positive. Even so, investors are on edge for the Fed rate rise that arrives on Thursday (NZDT). A 100-basis-points hike will likely unnerve Wall Street. In other news, US President Joe Biden announced that the Covid-19 pandemic was over in the US in an interview with 60 minutes that aired Sunday night. As such, Consumer discretionary (+1.4%) stocks moved higher on the day.

US markets (S&P 500 Index -0.7%) extended losses on Friday, selling off for the third week in a row. Looking back over the last four weeks, the summer rally which peaked in mid-August, looks like a bear market bounce. European markets (Stoxx 600 Index, -1.6%) slipped on Friday with all major sectors in the red as rate hikes, growth fears, and continuing volatility in energy prices weighed on stocks.  

US markets (S&P 500 Index -1.1%) dropped in choppy trading on Thursday. The market is still trying to find its footing after a surprise increase in August’s CPI report sparked the worst day of trading in 2 years on Tuesday.  Microsoft (-2.7%), Apple (-1.9%), and Adobe (-16.8%) were the biggest drags on the US markets, with Adobe experiencing its worst trading day in more than a decade.  

US markets (S&P 500 Index +0.3%) ended Wednesday in the green after a choppy session, perhaps exhausting the extreme sell-off sentiment from the previous day. The unexpected result from the US inflation report released on Tuesday had prompted speculation that stocks could start to head back to their June lows in reaction to a more aggressive Federal Reserve. Top performers of the day include Moderna (+6.2%), Starbucks (+5.5%), and Royal Caribbean Cruises (+5.4%).