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Stocks Reverse Early Gains as Markets Weigh Fed's First Move on Rates

EQUITIES
  • Wall Street traded lower into the Wednesday close, reversing initial strength as markets weighed Powell's inclusion of the option of a 50bps rate hike as part of the current tightening cycle. By acknowledging the stark difference between this economic expansion cycle and the last, markets were unsettled by the notion of a sharp beginning to rate rises, helping the e-mini S&P ease back below unchanged and drop around 150 points over the course of Powell's presser.
  • Despite the tighter policy outlook, the NASDAQ managed to outperform its bluechip peers thanks to solid rallies across the likes of Corning, Microsoft and Broadcom post-earnings, while financials - most notably banks - benefited from a rally in short-end rates.
  • Real estate, materials and industrials were the poorest performing sectors.
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