A renewed surge in Treasury yields took the wind out of the stock market, with geopolitical tensions and dire forecasts from bellwethers Walmart and Home Depot also souring investors’ mood.
A renewed surge in Treasury yields took the wind out of the stock market, with geopolitical tensions and dire forecasts from bellwethers Walmart Inc. and Home Depot Inc. also souring investors’ mood.
While recent economic data suggest the U.S. might be able to dodge a recession, a hawkish Fed and elevated earnings projections make the risk-reward for equities look “very poor,” said Morgan Stanley’s Michael Wilson. That doesn’t bode well for the market after a sharp rally that has left stocks at their most expensive levels since 2007 by the measure of equity risk premium.
“A tight labor market and resilient consumer demand could goad the Federal Reserve to maintain its rate hiking campaign into the summertime,” said Jeffrey Roach, chief economist for LPL Financial. “Investors should expect volatility until markets and central bankers come to agreement on the expected path for interest rates.
Schleif also notes that Wednesday’s Fed minutes will be particularly relevant given the recently released inflation and jobs numbers, which are still elevated and illustrative of a hot economy. The Fed’s preferred inflation gauge later this week — along with a groundswell of consumer spending — are seen fomenting debate among central bankers on the need to adjust the pace of rate increases.
The company is set to report fourth-quarter results Wednesday at a tumultuous time for the chipmaker. Though the personal-computer industry continues to struggle, the firm’s prospects in data centers and artificial intelligence have bolstered the shares in 2023. In the run-up to its report, the shares extended a four-day rout to about 10 per cent.
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