Premarket: Apple is red

apple premarket red 9-23-22From MarketWatch's "Dow futures slide nearly 200 points and dollar steamrolls rivals on Fed tightening view" posted early Friday:

U.S. stock futures fell on Friday and the U.S. dollar continues to wreck all its competitors, as the market continues to price in further Federal Reserve interest-rate tightening as it fights inflation...

The Federal Reserve's decision on Wednesday to hike rates by three-quarters of a point for the third straight time, and post an aggressive dot plot of future increases, continued to weigh on stocks. On Thursday, other central banks also lifted rates.

Steve Englander, head of global G10 currency research at Standard Chartered, had expected the labor market to show signs of slowing by now. The bank now forecasts a 75 basis point hike from the Fed in November and a further 50 basis point increase in December.

"Since activity has not yet responded much to tightening, the Fed does not have a particularly good estimate of how high rates need to be to achieve the desired inflation outcome. Once unemployment starts moving up, such estimates will become more feasible, but until then it is hard to produce a reliable estimate of how high rates need to be," he said.

Charts: Yahoo!Finance sees a bullish Williams %R pattern. Max pain stays at $155 with the same call mountain at $160 and put peak at $150.

apple premarket red 9-23-22

One Comment

Leave a Reply