Fed Hawkish – Policy to be “kept significantly tighter” through 2024 than previously expected. Dow Jones dropped 279 points after the announcement. NASDAQ down 1.53%. S&P 500 down 0.94%. Bond yields rose – 10 year bond yield rose 3bp and the two-year bond yield +7.5bp on the night.
Dow Jones down 77 points (0.2%) closing near the low. It was up 259 at best and down 83 at worst. S&P 500 down 0.9% the NASDAQ down 1.5% as interest rate sensitive tech gets hit hardest of all sectors. Intel, Alphabet and Nvidia the biggest losers down 4.5%, 3.1% and 2.9% respectively. ASX to…
The Fed was more hawkish as feared and the Futures are down another 20 this morning.
ASX 200 down 41 points – The Fed have killed the mood, bond yields are heading up, we’re mostly in cash and have little reason not to be.
The ASX 200 closed down 98 points to 7065 (-1.4%). Falling for a fourth consecutive session and hitting a 10-week low, tracking Wall Street overnight after a hawkish pause from the Fed. All sectors finished in negative territory today in a broad market sell-off with financials and energy stocks the worst performers. Oil prices slid for a third…
SPI Futures down 16 as Wall St waits for the Fed Meeting tonight. Canadian inflation numbers spook bonds.
Canadian inflation spanner. Powell – Surely no surprises. RBA on message. Nothing new. Bond market refusing to give inflation the benefit of the doubt. Some sell signals on Tech ahead of Fed. Travel folding up. “Revenge Travel ends”.
The ASX 200 is down 38 points to 7158 (-0.5%) and on track to log its third consecutive day of losses (the ASX 200 was down 49 on Monday and 34 yesterday). FOMC meeting tonight – there are concerns about the Fed getting even more hawkish against the backdrop of a rising oil price. We have cleaned out our IDEAS PORTFOLIO today to avoid the Fed risk tonight. Miners and financials weigh. Iron ore giants BHP, RIO and FMG are all down over 1% on weaker iron ore prices and evaporating Chinese economic optimism. The big four banks are mixed. NAB and ANZ are fractionally higher, while CBA and WBC are down 0.4% and 0.6%. Energy stocks are down as WTI edges lower. WDS down 1.9%, and STO off 1.0%. Tech also lower, with SQ2 down another 2.7% after the CEO exit announcement yesterday – it fell 4.5% yesterday. Consumer discretionary is the only sector in the green, buoyed by ALL up 3.9% following its analyst briefing yesterday including reiterated guidance. On the corporate front, SGM up 0.5% completed the sale of its 50% stake in LMS Energy, KMD down 3.9% on results and TCL down 0.8% after its CEO brought forward his departure date.
ASX 200 closed down 33 to 7163 (0.5%). Falling for a third consecutive session. The ASX 200 is down 116 points this week, erasing almost all of last week’s gains (122 points +1.71%). All eyes now turn to the Fed tonight. Markets have priced in a 99% likelihood they will hold rates, with hopes Powell’s press conference will provide clues to the interest…
