Our call of the day from Kevin Muir of the Macro Tourist blog takes us through what markets did after final Fed hikes, with some surprising stock winners.
Stock futures are pointing to a mixed start as investors ponder the 10th straight, and perhaps final, Federal Reserve interest-hike. A European Central Bank meeting, data, earnings from Apple and others, and more bank stress make up a frenetic Thursday.
Elsewhere, JonesTrading’s chief market strategist Mike O’Rourke said he’s “stunned” that Powell has now “hiked twice in the face of sizable bank failures. While we would agree these challenges are far less severe than 2008, we also believe discretion is still the better part of valor,” he told clients.
But on the fourth day, markets stop falling and two weeks later stocks are up, meaning investors just take a few days to digest the rate hike and start to move on.The big takeaway here, says Muir, is that investors should not rush out to buy right away, but hold their fire for a couple of weeks, if things go to script. He also looked at bonds and found things bullish across the boards with falling yields, but only on week 3 and 4 after the last hike.
The markets U.S. stock futures ES00 YM00 NQ00 are bouncing around after Wednesday’s post-Fed decision decline, and Treasury yields TMUBMUSD02Y continue to tumble, with the 10-year note TMUBMUSD10Y at 3.36%. Crude-oil futures CL.1 are higher, just below $70 per barrel. The dollar DXY is flat and gold GC00 and silver SI00 are higher.
The buzz PacWest PACW shares are down 38%. The lender issued a statement saying deposits are rising and confirmed it’s in talks with potential investors or partners. A late plunge in shares came Wednesday on a Bloomberg News report of a possible sale. Western Alliance Bancorp WAL and Zions Bancorp ZION are down 17% and 9%, respectively.
Bud Light problem? Anheuser Busch BUD ABI reported a jump in profits. Moderna MRNA , Peloton PTON , Cardinal Health, Stanley Black & Decker SWK also report results. Then it’s a huge after-hours lineup, with Apple AAPL , DoorDash DASH , Lyft LYFT , Shopify SHOP , Coinbase COIN , DraftKings DKNG , AIG AIG , Bumble BMBL , GoDaddy GDDY and Fortinet FTNT to name a few.Lemonade stock LMND is up 12% after upbeat results from the online insurance group.
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