Earnings set the tone for stocks, with solid reports from PayPal Holdings Inc. and Moderna Inc. lifting the Nasdaq 100 as much as 2% and the S&P 500 as much as 1.1%. While the tech-heavy index rose to its highest level in three months, the S&P 500 touched a level last seen in June. Recent data alsoof a broader economic slowdown as growth in the US services sector unexpectedly strengthened to a three-month high in July.
“If there is a change in tone by Fed members, it is similar to a parent that is finally telling the kids that you’ve had enough candy, no more,” wrote Peter Boockvar, chief investment officer at Bleakley Financial Group. “For decades the Fed always gave the markets more candy, especially when the kids cried out for it. Now, the kids are going to have to do without as long as inflation is at the very unsatisfactory levels that it’s pacing at, even with an expected fall.
“There’s a little bit of complacency in there and markets are not fully taking into account the risks,” Bell said in an interview with Bloomberg TV.
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