Thursday, July 14, 2022

US Market Wrap 07/14/2022

- Stocks pared losses as comments from Federal Reserve officials provided some solace to investors concerned that a faster pace of rate hikes might plunge the country into recession.

- The S&P 500 almost reversed a 2% drop after Fed's Waller and Fed's James Bullard said they would support a 75-basis-point rise in July following a strong inflation print. The tech-heavy NASDAQ 100 rose on increases in behemoths such as Apple and Intel

- Treasury 2 Yr yields fell as traders switched their bets away from the Fed raising interest rates by a full percentage point this month. Waller believes that markets got a little ahead of themselves in betting on such a large move.

- On Thursday, investors received a reality check from the corporate side, with JPMorgan temporarily halting buybacks due to earnings falling short of projections, and Morgan Stanley reporting a drop in investment-banking revenues. Despite this, the CEOs of both banks indicated they are not directing their companies to seek shelter, despite the fact that global events are weighing on the economy.

Written July 14, 2022 by Charbel Constantine

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