The S&P 500 dropped to the lowest level since early November as sentiment worsened on concern that the end of China’s zero-COVID policy could lead to a rise in cases around the world. Trading volumes stayed at about 20 per cent below the 30-day average at this time of day. The 10-year yield pushed to 3.88 per cent and oil slumped. Tech shares remained under pressure in the U.S., even as Tesla Inc. sought to halt a seven-day rout prompted by concerns about ebbing demand.
“We think investors have become way too pessimistic given where we are in the rate hiking cycle,” wrote Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments. Following one of the fastest rate-hiking regimes in history, “we expect the economy to slow materially or enter recession at some point in 2023. To be sure a severe recession would be bearish for stocks, yet given the resilience of the U.S.
“Now that we’re almost a year into this bear market, at its low I think we were almost off 30 per cent, we’ve seen enough to let us know that OK, we want to be on-guard for additional opportunities in that new year,” said Wells Fargo Investment Institute’s Sameer Samana on Bloomberg TV.
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