The S&P 500 and the tech-heavy Nasdaq 100 declined. Shares of Tesla Inc. gained in anticipation of Elon Musk stepping back from Twitter Inc., the social-media company that distracted him from running the electric-car maker for months. Twitter usersin favor of Musk stepping back from the leadership role. Treasuries dropped, with the policy-sensitive two-year yield around 4.22%.
Investors are still on the edge after recent remarks from the Fed and other hawkish central banks across the globe. But some may be looking past fears of an economic recession triggered by higher interest rates, and betting instead that inflation might be peaking, allowing the Fed and its peers some leeway in their tightening policy.
“I’m kind of more in the camp of they hike in February, and I do think they’ll hike again in March, but that’s probably it,” Matt Brill, head of US investment grade and senior portfolio manager at Invesco, said on Bloomberg Television. “We’re 90%-95% of the way done here. I think the floor has sort of been set and the worst is certainly behind us.”
But to Dennis DeBusschere, founder of 22V Research, the Fed restating their hawkish rhetoric complicates the near-term backdrop for the S&P 500. “There is no near-term catalyst to reverse the market trend, but the downside to 3,800 is limited unless a negative catalyst appears,” he said.from China’s top leaders to boost the economy next year by reviving consumption and supporting the private sector. While news of a Covid surge across China capped Asian market gains, Beijing’s pledge lifted energy and metals prices, with those sectors leading gains on Europe’s Stoxx 600 index.
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