(Tiper Stock Exchange) – Wall Street is negativewith the investor sentiment which remained weak because of hawkish outlook on rates of interest expressed by Federal Reserve Chairman Jerome Powell in his testimony to Congress. Yesterday, Powell in his hearing before the Senate Banking Committee reiterated that the decision to keep interest rates unchanged in June is not a break, but a slowdown in the pace of rate hikes which “allows more time for decisions to be made” yet take. According to Powell, rates are close to peak, but it is necessary to continue “a little longer” before stopping.
Richmond Fed Chairman, Tom Barkin, said he is not convinced that inflation is on a steady downward path, but that would not prejudge what the Fed is expected to do at its July 25-26 meeting. The president of the St. Louis Fed also spoke today James Bullardthe president of the Atlanta Fed Raphael Bostic and the Cleveland Fed chairwoman Loretta Master.
Between headlines affected by news There are Carmaxwhich delivered a better-than-expected quarterly result thanks to cost-cutting, and Virgin Galacticwhich announced it may offer common stock up to $400 million “from time to time” in an “at the market” offering.
Under observation Also Starbucksafter the US company’s union said more than 150 stores and 3,500 workers would go on strike next week after the company banned Pride month decorations at its outlets.
On the front of analyst recommendations, Under Armour suffers the downgrade of Wells Fargo at equal weight from overweight, while wayfair benefits from MoffettNathanson’s upgrade to market perform from underperform.
TO New Yorkmoves below parity the Dow Joneswhich drops to 33,711 points, with a percentage gap of 0.69%: theamerican index thus continuing a negative series, which began last Friday, of five consecutive reductions; along the same lines, widespread sales on theS&P-500which continues the day at 4,351 points.
Down the NASDAQ 100 (-0.83%); along the same lines, in fractional decline theS&P 100 (-0.68%).
Among the data relevant macroeconomics on US markets:
Friday 06/23/2023
3.45pm USA: Manufacturing PMI (exp. 48.3 points; previous 48.4 points)
3.45pm USA: Composite PMI (previously 54.3 points)
3.45pm USA: PMI services (expected 54 points; previous 54.9 points)
Tuesday 06/27/2023
2.30pm USA: Durable goods orders, monthly (previously 1.1%)
3pm USA: S&P Case-Shiller, annual (previously -1.1%).