The S&P 500 rebounded after a slide that reached 1% earlier in the session. Gains in defensive shares led the move from session lows, while the Nasdaq 100 underperformed. Treasuries slumped across the curve, taking the 10-year yield above 3.3%. The dollar advanced.US shares have wiped out about half of a rally from their June lows after the Federal Reserve signaled it will stay hawkish as it confronts the hottest inflation in four decades.
To Matt Maley at Miller Tabak + Co., any gains at this point should be seen as a short-term relief rally after a rough couple of weeks. He says traders should use those bounces as an opportunity to get more defensive. Morgan Stanley strategist Mike Wilson cut his expectations for earnings-per-share growth, saying that a slowing economy is now likely to be a bigger concern for stocks. In 2023, he expects profits to fall 3% even in the absence of a recession.
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