News / Uncategorized
[Platinum Insights] (6.15.23)
[Platinum Insights] (6.15.23)
August 22, 2023
Good morning.
The post-Federal Reserve meeting unwinding could be in the works, with stock futures pointing to a lower opening on Thursday. The strong runup that took the major averages to their multi-month highs could trigger some profit-taking as traders pause for a breather.
“Powell expressed that the committee seemed surprised about the resilience of current inflation even if Tuesday’s CPI print showed a continued slowing in the headline inflation rate,” said Charles Hepworth, investment director at GAM Investments.
Stocks closed Wednesday’s session on a mixed note, as traders digested the Fed’s decision to hold fire and the hawkish message relayed by the “dot plot” graph and Chairman Jerome Powell at the presser. Majority of sectors on the S&P 500 closed on a negative note, with energy and health care stocks recording the biggest losses on Wednesday. However, information technology and consumer staples stocks closing higher during the session.
Investors will watch out for a slew of economic data due later in the day, including the initial jobless claims for the week ended June 10 and retail sales for May.
WTI crude futures steadied above $68 per barrel. Gold fell toward $1,930 an ounce while the yield on the US 10-year Treasury note was above 3.8%, approaching high levels not seen in three months.
Have a great day! This information is provided for educational purposes and is not a recommendation to buy or sell a security.
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