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U.S. stock gains fizzle as Intel renews earnings worry - BNN Bloomberg

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Global equity momentum fizzled on Friday, after chipmaker Intel's grim quarterly forecast added to investors' trepidation over company earnings, and a robost set of U.S. economic data raised the possibility of continued rate hikes from the Federal Reserve.

Global equity momentum fizzled on Friday, after chipmaker Intel Corp.'s grim quarterly forecast added to investors' trepidation over company earnings, and a robost set of U.S. economic data raised the possibility of continued rate hikes from the Federal Reserve.

Before the Intel report on Thursday, the S&P 500 index achieved its highest close in more than a month and the Nasdaq 100 rose two per cent to a four-month high. “Stronger data may negate the argument for recession, but then, it means the Fed has to be more hawkish,” Boardman-Weston said. “Markets are in a bit of a Catch-22.”

While the Fed is set to hike interest rates by 25 basis points next week — shifting away from last year's bigger moves — hopes for end-2023 rate cuts are “a step too far” and may end up being frustrated, according to Erick Muller, head of product and investment strategy at Muzinich & Co. Ltd.

 

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