JUNE 21 — Wall Street’s main indexes were set to open higher today as financials and energy stocks rebounded after hawkish comments from the Federal Reserve last week led the blue-chip Dow and the benchmark S&P 500 to their biggest weekly fall in months.
However, the Fed’s hawkish signals on monetary policy last week sparked a round of profit taking that wiped out value stocks’ lead over growth this month. “There is some conflicting news coming out of the Fed. Not all the presidents seem to be on the same page as the Fed chairman,” said Drew Horter, chief investment officer of Tactical Fund Advisors, in Cincinnati, Ohio.
“There’s going to be churning, there’s going to be consolidation. The market is historically at very frothy valuations as we head into lower volume months of the summer,” Horter said.
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