“But it seems the market is starting to discount that we’re getting into the eighth or ninth inning of these rate hikes even though the Fed is saying ongoing rate hikes would be necessary,” Villere said.
On Wall Street, the Nasdaq regained earlier losses from better-than-expected revenue at chipmaker Nvidia Corp. The results drove the company’s shares up 14 percent, along with shares of other semiconductor manufacturers. “When you see strong numbers at certain companies, it could be market moving and that’s what we’re seeing today – a bit of a relief rally,” Villere added.
Brent crude futures settled up 2 percent to $82.21 a barrel, while West Texas Intermediate crude futures advanced 2 percent to $75.39 after six sessions of losses.U.S. Treasury yields edged lower in choppy trading, with those on the 10-year pulling back from three-month highs, as investors have priced in strong economic data.