Slip.
Robert R. Fragnito
Chief Operating Officer | Financial Advisor | Portfolio Manager at MCF Capital Management, LLC
U.S. stocks fluctuated heading into the final hour of trade on Wednesday as uncertainty over the future path of interest rates continued to weigh.
?? MARKET OVERVIEW ?
Daily Market Commentary is coming in early and brief this afternoon.?
Stocks?opened higher Wednesday morning but began selling off in afternoon trade, while long-term?U.S. Treasury yields?retreated.?
Of the three major stock indexes, the?Dow Jones Industrial Average?was trading in the green heading into the final hour of New York trade but is struggling to stay in positive territory. The tech-heavy?Nasdaq?is trading lower as chip stocks weighed following?corporate earnings?reports.?
The economic calendar was relatively light on Wednesday, leaving traders across markets to digest?Fed Chair Jerome Powell's?comments. Powell on Tuesday said that hotter-than-expected inflation data may keep interest rates higher for longer.???
On Wednesday afternoon, the Federal Reserve released its?Beige Book, an anecdotal survey of economic conditions. The report showed respondents expect inflation to hold steady at a slow pace ahead, as they are finding it difficult to pass on higher costs to consumers.
Oil?futures,?the?U.S. dollar,?and?gold prices?fell on Wednesday.
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Looking Ahead
Bottom line: investors have a lot on their minds! Uncertainty over corporate earnings, monetary policy, and geopolitical developments continue to weigh, providing downward pressure on dip buyers--hence the swings we've been seeing.?
While we remain?positive?on markets in the long term, we believe a?market correction?is now underway. In recent weeks, we at MCF have felt compelled to?hedge?certain market sectors that have seen a rise in speculative activity in our model portfolio.?
Stay Tuned!
OUR FIRM
MCF Capital Management, LLC is an independent, family-run, financial advisory firm that manages investment portfolios for individuals and businesses through Quantitative Market Data Analysis.
THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INVESTMENT ADVICE.?
???SOURCES:?LSEG Workspace, Dow Jones NewsPlus, MarketWatch, Wall Street Journal, Barron’s, FinancialJuice, Investing .com, CNBC, Reuters, Wells Fargo Investment Institute, TradingView, Zacks
Sounds like a volatile day in the markets! The uncertainty surrounding interest rates can certainly create fluctuations in stock prices, which can be nerve-wracking for investors. As digital marketers focused on startups and B2B businesses, staying informed about market trends and economic indicators is crucial for guiding our clients through uncertain times. Let's keep a close eye on developments and adapt our strategies accordingly to navigate these fluctuations successfully.