News

US markets (S&P 500 Index -2.9%) gave back yesterday’s rally to close lower on Thursday at a new 2022 low. All sectors ended in the red, led by Consumer Discretionary (-3.4%). Apple’s (-4.9%) woes continued for another day after being excluded from yesterday’s rally. Weighing on Apple today was news that the company let go its Procurement Chief, Tony Blevin, after he made an off-colour joke in a TikTok video. 

US markets (S&P 500 Index +2.0%) mounted a broad-based comeback on Wednesday, recovering from their 2022 low. Biogen (39.9%) shares soared following upbeat trial results of its new Alzheimer’s drug which is now projected to be a ‘blockbuster’. Home Depot (+5.0%), Boeing (+4.7%), and Walt Disney (+3.7%) were also stand out performers on the day. 

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.