![]() Fed districts reported robust travel and tourist activity. "Retail spending was relatively flat, reflecting lower discretionary spending, and auto dealers noted sustained sluggishness in sales stemming from limited inventories, high vehicle prices, and rising interest rates," the report said. The report noted that the pace of economic growth was uneven across the country, with areas reporting that higher interest rates, inflation and supply chain disruptions held back activity. Inflation continued to be "elevated," though there were some signs of cooling, according to the central bank's "Beige Book" report, which surveys activity across the Fed's 12 districts, with a focus on the labor market and inflation. economy "expanded modestly" over the past six weeks as consumer spending tailed off and rental prices rose, according to the Federal Reserve's latest economic summary. There is a small sample size, and a wide range of returns for the following year ranging from -29.7% to up 44.1%. He added that investors should treat this data with caution. "The good news from this data is that the year following on from one with such few up days tends to see well above average returns, with an average and median return of 12% and 17% respectively," Smith wrote. ![]() That weak day-to-day performance does not necessarily mean stocks are in for a long bear market. The percentage of up days this year is the lowest the index has seen since 1974, when the market ended the year down nearly 30%, Smith wrote. "Years with such low percentages of up days unsurprisingly normally do end underwater, with only 1982 managing a positive return after so few up days," analyst George Smith wrote in a Wednesday note. Lea la cobertura del mercado de hoy en español aquí.Īmid a year of intense volatility, the S&P 500 has seen a positive daily return only 43.5% of the time year to date, according to an analysis from LPL Financial. United Airlines climbed nearly 5% after its quarter also beat estimates on the top and bottom lines. The declines for the broader market came even as Netflix shares rallied more than 13% after the streaming giant posted earnings and revenue that beat estimates as well as strong subscriber growth for the third quarter. Among the biggest losers in the Nasdaq were Chinese tech stocks JD.com, falling more than 7%, and Baidu, sinking 8.8%. The rate move also weighed on more speculative tech stocks. The impact of higher rates is being shown sharply in the housing market, where housing starts fell faster than expected in September, the Census Bureau said on Wednesday. "The market is overall hanging in there somewhat, I don't want to say well, but not as bad as it could be given that 4% is a demarcation line that has really pressured equities," Lerner added. that is going to cause choppy markets across the board," Keith Lerner, co-CIO and chief market strategist at Truist Advisory Services, said of the bond market volatility. "If you keep things simple and say the 10-year Treasury is the risk-free rate that basically the majority of other asset classes in the world are priced off of. The 10-year Treasury yield traded as high as 4.136%, the highest level since July 23, 2008. Earnings season is off to a solid start, but Treasury yields remained elevated on Wednesday, suggesting that recession fears are still intact.
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