November 7, 2022
Stocks Retrace Prior Gains
U.S. stocks ended lower last week after the S&P 500 and Nasdaq Composite previously registered back-to-back weekly gains. The major market news last week was the widely expected 0.75% Fed rate hike to new range of 3.75% - 4.0%. While investors interpreted the Fed Statement as dovish, Fed Chairman Jerome Powell’s press conference comments were decidedly hawkish, including no pause on rate hikes foreseen anytime soon. Market expectations for higher rates steepened towards peak rates of over 5.25% by May 2023.
For more insights, download our full recap.
Want more insights like this, sent straight to your inbox?
Subscribe to email updates from Cetera and be well informed about what’s happening within the market and the financial services industry overall.