"This has been an especially worrying pullback, combining all of the things you really don't want to see," said Brad McMillan, chief investment officer for Commonwealth Financial Network, in a research note."It has been the largest pullback since the start of the pandemic."
He added,"But the depth, the speed, and the duration all combine to suggest that as long as the fundamentals are sound , we are likely getting close to the bottom." The market is pricing in the Fed's likelihood of aggressively raising interest rates later this year, as well as a cooling economy, said analyst Adam Crisafulli of Vital Knowledge Media, in a research note. The labor market is also"coming off a boil" as some companies scale back on hiring plans. Yet other economic measures remain strong, he added.
Consumer spending"is holding in well," said Crisafulli, who partly views the market's current downward trajectory as a natural response to the Fed's recent actions. Meanwhile, the health care sector enjoyed gains on Friday. Pfizer rose 3.6%. The tech sector has been particularly choppy and prompted many of the big swings in the market throughout the week. Apple was down 0.3% in after-hours trading. China's surprise rate cut
Newborn dai to sweep covid social justice quests
Most of the economy is about employment income, and employment is up.
I miss the times of peace and prosperity under President Trump!
Some good news. That every illegal the Biden Admin is allowing to cross our boarder right now, except for the terror cells, drug cartel and gang members; nearly every single one of them is pro-life and Christian.
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