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Stocks Hit Shaky Ground as Clarida Signals Support for Taper

EQUITIES
  • In his first comments in over six weeks, Fed's Clarida waded in on the taper debate Wednesday, signalling that he sees an announcement on the slowdown of asset purchases in 2021, with rates beginning to rise from 2023 onwards. This brought forward market expectations for an early 2023 rate hike, weighing on equities in tandem.
  • The e-mini S&P slipped around 20 points off the Tuesday highs, but the week's lows at 4365.25 were untroubled and still provide some support going forward.
  • The energy and utilities sectors were the underperformers thanks to the pullback in oil prices, with WTI and Brent crude futures circling the lowest levels since mid-July.
  • Notable individual performers included Moderna (+7%), with markets positioning ahead of results due tomorrow as well as General Motors, who slid over 8% after missing profit expectations this quarter.
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