The stock market is ending February on a decidedly wobbly note, raising doubts about the durability of an early 2023 rally.
Blame stronger-than-expected economic data and hotter-than-expected inflation readings that have forced investors to again rethink their expectations around how high the Federal Reserve will drive interest rates. That view began to shift after the release of a January jobs report on Feb. 3 that showed the U.S. economy added a much larger-than-expected 517,000 jobs and showed a drop in the unemployment rate to 3.4% — its lowest since 1969. Throw in hotter-than-expected January consumer and producer price index readings and Friday’s bounce in the core personal consumption expenditures price index, the Fed’s favored inflation measure, and the market’s outlook on rates looks much different.
It isn’t just that investors are learning to live with the Fed’s expectation for rates, it’s that investors are realizing that bringing down inflation will be a “bumpy” process, said Michael Arone, chief investment strategist for the SPDR business at State Street Global Advisors, in a phone interview. After all, he noted, it took former Fed Chairman Paul Volcker two recessions in the early 1980s to finally crush a bout of runaway inflation.
The energy sector was the sole winner among the S&P 500’s 11 sectors in the past week, while materials and consumer staples outperformed.
What 'investors' is this referring to? Mom & paps like me? Do we really have any say or influence anyway?
US try to create chaos around the world to strengthen it USD with it 31 trillion debts.
Wobbly?! I Don't think wobbly means what you think it means.
We should be heading to 52 week lows. I explained in details on Monday here I have been trading since I was 14 in 1994
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Stock market news today: S&P 500 wraps worst week of 2023US stocks close lower to wrap up losing week as hot inflation data jolts markets
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