Wednesday September 21, 2022: $153.72 -($3.18) -(2.03%)
Sept 21, 2022 0:59:41 GMT -8
artman1033 and 4aapl like this
Post by Dave on Sept 21, 2022 0:59:41 GMT -8
Good morning. This morning’s pre-market is red at -0.14% at this moment. What will today’s roller coaster ride be like today?
Stock futures flat ahead of the Federal Reserve’s expected interest rate hike
Stock futures flat ahead of the Federal Reserve’s expected interest rate hike
Investors expect that on Wednesday, the central bank will deliver its third consecutive 0.75 percentage point rate hike to tame high inflation. A higher-than-expected consumer price index reading in August and hawkish comments on rate hikes from Fed leaders have weighed on stocks, with more pressure likely ahead as the central bank continues to fight inflation.
“We’ll never truly know whether the equity market lows are in for the year without successfully testing the June lows,” said John Lynch, chief investment officer at Comerica Wealth Management in a Tuesday note. “To be sure, the recent technical weakness in stock prices must now contend with the resolve of monetary policy makers in their fight against inflation.”
He added that third-quarter earnings season may also add headwinds for stock prices if they show further margin erosion for U.S. companies.
Investors will also be watching for earnings from Lennar, KB Homes, General Mills and Steelcase Wednesday. Existing home sales will also be released Wednesday morning.
Oil prices rise after Putin announces partial military mobilization
Russian President Vladimir Putin on Wednesday announced a partial military mobilization in Russia, putting the country’s people and economy on a wartime footing as Moscow’s invasion of Ukraine continues.
In a rare pre-recorded televised announcement, Putin said the West “wants to destroy our country” and claimed the West had tried to “turn Ukraine’s people into cannon fodder,” in comments translated by Reuters.
Putin said “mobilization events” would begin Wednesday without providing many further details, aside from saying that he had ordered an increase in funding to boost Russia’s weapons production.
“We’ll never truly know whether the equity market lows are in for the year without successfully testing the June lows,” said John Lynch, chief investment officer at Comerica Wealth Management in a Tuesday note. “To be sure, the recent technical weakness in stock prices must now contend with the resolve of monetary policy makers in their fight against inflation.”
He added that third-quarter earnings season may also add headwinds for stock prices if they show further margin erosion for U.S. companies.
Investors will also be watching for earnings from Lennar, KB Homes, General Mills and Steelcase Wednesday. Existing home sales will also be released Wednesday morning.
Oil prices rise after Putin announces partial military mobilization
Russian President Vladimir Putin on Wednesday announced a partial military mobilization in Russia, putting the country’s people and economy on a wartime footing as Moscow’s invasion of Ukraine continues.
In a rare pre-recorded televised announcement, Putin said the West “wants to destroy our country” and claimed the West had tried to “turn Ukraine’s people into cannon fodder,” in comments translated by Reuters.
Putin said “mobilization events” would begin Wednesday without providing many further details, aside from saying that he had ordered an increase in funding to boost Russia’s weapons production.