SPX weekly
It was a tough one for US equities this week and it ended on a soft note after a back-and-forth session. Today's hot PPI number and better UMich sentiment raised some questions about whether Fed hikes are working enough to cool inflation and whether Powell could take a hawkish stand next week. I think he's instead going to push the idea that the Fed will hold rates high for longer rather than the U-turn that's priced into Fed funds.
In any case, expect some even bigger moves next week.
On the day:
- S&P 500 -0.75%
- Nasdaq -0.7%
- Russell 2000 -1.0%
On the week:
- S&P 500 -3.4%
- Nasdaq -4.0%
- Russell 2000 -4.9%
