Premarket: Apple was green, turned red

From the Wall Street Journal’s "Stock Futures Edge Up, Bonds Extend Selloff" posted early Friday:

Stocks have swung and bonds have sold off this week as investors’ concerns about aggressive Federal Reserve policy weighed on markets. Minutes showed that policy makers had considered raising interest rates and unwinding its balance sheet faster.

Federal Reserve Bank of St. Louis President James Bullard said Thursday that the central bank is behind on its mission to tame inflation and will likely have to act fairly forcefully to get price pressures under control.

“The Fed has been the number one story and that continues,” said James Athey, an investment manager at Abrdn. “The effect of the sort of tightening that has been discussed, that has a history of being very destabilizing.”

The S&P 500 reversed direction on Thursday after two days of losses, but is still on track for the worst weekly performance in a month. It is down 1% so far.

“There’s more headwinds for the equity market yet it continues to grind out gains. After a couple of days of weakness, buying the dip is a learned behavior,” Mr. Athey added.

Charts: Yahoo!Finance sees a bearish fast stochastic pattern. Max pain stays at $172.50 with a call mountain at $180.


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