From the desks of Stanley Katz & Lauren Madera
STAY SAFE & HEALTHY!
All three major US stock market indices gave ground this past week (i.e., DJIA: -1.39%, S&P 500: -3.34%, Nasdaq: -5.65%). As expected, the Federal Reserve made their mark with a 75-basis-point rate hike to the Fed Funds rate. Chairman Powell’s post-meeting comments sent the US stock market in a tizzy indicating there may be more hikes to come! That being the case, market volatility probably will remain elevated alongside this week’s midterm election. No doubt, this is the pain we will have to live with in the near term. Northern Trust’s musings in “The Fed Pivots Away From A Pivot” offer some insight on what’s to come.
You may have noticed that we haven’t heard much about the FAANG stocks recently. Layoffs in the tech sector and other fast growing, pandemic-induced companies are starting to surface. Surely, it could have been predicted, right? The rise in US indices had been driven by only a handful of stocks. Now the story could be evolving into more broad-based leadership. Click the Capital Group’s “New reality for investors: 5 big trends changing markets” for a possible glimpse into the future.
Below are links to a number of third-party research reports that we have read and analyzed over the past week. We hope you will find the information interesting, useful, and worthwhile.
J.P. Morgan Asset Management:
Stanley Katz & Lauren Madera, Financial Advisors
ClientFirst Financial Strategies, Inc.
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