Wall Street Today | Bruising Stock Reversal Shows How Fed's Pivot May Come Too Late
MACRO
Bruising Stock Reversal Shows How Fed's Pivot May Come Too Late
The S&P 500 edged lower Wednesday, extending losses in every session since Nov. 30, when signals from Fed Chair Jerome Powell about a slowing in the pace of interest-rate hikes sparked a 3% rally.
Jason Trennert, chief investment strategist at Strategas Securities LLP, suggested investors betting on a dovish Fed should reconsider their positions. After studying the monetary cycle and stock performance since the 1970s, his team found that a true pivot to accommodative monetary policy often portended pain for equity bulls.
SECTORS
US Mortgage Rates Fall a Fourth Week, Longest Stretch Since 2019
US mortgage rates fell for a fourth week in a row, the longest such stretch of declines since May 2019. The contract rate on a 30-year fixed mortgage eased 8 basis points to 6.41% in the week ended Dec. 2, still the lowest since mid-September, according to Mortgage Bankers Association data released Wednesday.
Bond Market Shows Fed Making 'Serious Mistake,' Cathie Wood Says
Ark Investment Management's Cathie Wood said the bond market appears to show that the Federal Reserve is making a "serious mistake" with its monetary policy.
Deflation is a much bigger risk than inflation, Wood said in a series of Tweets, adding that commodity prices and "massive retail discounts" were underscoring her view.
>>Read more
>>Read more
Oil Tumbles to Erase 2022 Gains on Easing Demand for Fuels
Both benchmarks of oil have now erased all their gains for 2022. Prices on Wednesday headed for a fourth straight loss, with West Texas Intermediate trading near $72 a barrel and Brent dropping to the lowest in about a year. The market took another turn lower on signs of easing constraints for US fuel supplies and as risk-off sentiment gained momentum.
COMPANY
GameStop Reports Decline in Revenue and Sharp Decrease in Cash
In the third fiscal quarter, $GameStop (GME.US)$'s total sales were roughly $1.2 billion, down from $1.3 billion in the same period last year. The company's cash and cash equivalents fell to nearly $804 million from approximately $1.4 billion a year earlier.
Shares of the company rose nearly 3% in off-hours trading Wednesday, after declining 4.8% during the regular session.
Coinbase CEO Expects Revenue to Plunge over 50% on Battered Crypto Prices
$Coinbase (COIN.US)$'s revenue is set to reduce by half this year, the cryptocurrency exchange tweeted on Wednesday, as digital assets reel from a sector-wide rout worsened by a string of high-profile collapses that shattered investor confidence.
Google, Oracle, Amazon, and Microsoft Awarded $9 Billion Pentagon Cloud Deals
The Pentagon said Wednesday that $Amazon (AMZN.US)$, $Alphabet-A (GOOGL.US)$, $Microsoft (MSFT.US)$ and $Oracle (ORCL.US)$ each received a cloud-computing contract that can reach as high as $9 billion each through 2028.
>>Read more
>>Read more
Apple Plans New Encryption System to Ward Off Hackers and Protect iCloud Data
$Apple (AAPL.US)$ is planning to significantly expand its data-encryption practices, a step that is likely to create tensions with law enforcement and governments around the world as the company continues to build new privacy protections for millions of iPhone users.
>>Read more
>>Read more
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
39KFollowers
26Following
46KVisitors
Follow
Giovanni Ayala :
Always Hungryy : but that rally yesterday totally excluded the airlines and China stock who went in reverse... no explanation why.
Mario j Bentley : this is King Mario Jerome Bentley Sr and Joseph Biden Beatriz Gonzalez Melissa Nelson don't have nothing to do with my money and my name Mario Jerome Bentley my unlimited and no limit accounts either she is not my legal guardian or anything else Gail Yolanda Bentley either so stop lying for them and playing with my name for him cause I am home working and black with other countries and I am still paying my own personal money and y'all think just because it's My personal money all can steal it and try and kill the court systems over here and tell them to stop bringing people around with my tattoos on them copying and pasting AIDS and HIV around with them guys that raped you they ain't nothing but rapeies Joe Biden too