Stocks fell in a choppy session Wednesday as traders weighed the possibility of a recession, and the likelihood of a longer-than-expected hiking cycle from the Federal Reserve. The Dow ended flat. The S&P 500 slipped 0.19%. The Nasdaq fell 0.51%.
The S&P 500 fell for a fifth day as traders weighed the possibility of a recession, and the likelihood of a longer-than-expected hiking cycle from the Federal Reserve.
Next week, the central bank is widely expected to deliver a 50 basis point rate hike. While the move would be a smaller one compared to the previous four rate hikes, concerns are swirling over whether the Fed can engineer a so-called soft landing while successfully tamping down inflation."All told, financial indicators point to a recession on the horizon," wrote Wells Fargo's Azhar Iqbal in a note to clients Wednesday.
Layoffs, or news of workforce reductions, have hit the technology sector in recent weeks, but certain sectors are clearly feeling more pain than others, Jefferies says. Within Jefferies' coverage, a proprietary scrape of data suggests Microsoft's experienced an 85% decline in active job listings since the start of 2022. Listings at Snap, meanwhile, are down 84%.Pending economic data could launch a rally into next year, says Morgan Stanley's Slimmon
Like many investors, Slimmon expects a downturn ahead, given the inverted yield curve, but does not anticipate the "big earnings collapse," or downturn, many people are predicting in the first quarter. The S&P 500 last traded down 0.2%. The Dow Jones Industrial Average traded flat, and Nasdaq Composite shed 0.5%.This year has been a rough one for investors with significant fixed income holdings, but the end result is that bonds may now be more attractive than at any point last decade.
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