Free Trial

Stocks Sit Lower In Final Session Pre-Fed

EQUITIES
  • Wall Street traded uniformly lower Tuesday, with the S&P500 shedding over 1% and the tech-led NASDAQ underperforming most notably. Sentiment was shaky from the off, with a South African omicron study showing the Pfizer jab's effectiveness waned considerably in the face of the new omicron strain relative to previous variants.
  • Tech names including Adobe, Microsoft and Salesforce fell most sharply, with a downgrade from JPMorgan analysts largely responsible alongside a PPI release that came in considerably higher than expected. This put factory gate price rises at their highest level on record for the index, nearing 10% Y/Y.
  • Financials fared much better, with banks enjoying an uptick in the US yield curve, flattering lending margins and driving the likes of Bank of America, JPMorgan and Citigroup higher by 1% against a falling index.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.