U.S. stocks are off to a rocky start in 2022. Under the surface, things are even more volatile.
“The ‘Fed put’ is dead in 2022,” said Justin White, portfolio manager of T. Rowe Price’s All-Cap Opportunities Fund, referring to the Fed’sSHARE YOUR THOUGHTS
Do you think we could see a bear market in the near future? Why or why not? Join the conversation below. Mr. White said he has been buying shares of financials and energy companies, which he thinks will benefit from rising interest rates. The trade has worked so far: The energy and financials sectors have gained 16% and 4.5%, respectively, in January, making them the best-performing groups in the S&P 500. The S&P 500’s tech sector, down around 4.8%, has been one of the biggest laggards.
In some cases, investors have soured on companies that flourished in 2021, expecting profit growth to slow after blockbuster returns over the past year. Analysts expect S&P 500 companies’ profits to, much lower than in the past few quarters, when results were being compared with big losses during the pandemic. Tech stocks are expected to record lower profit growth than the broader index.
Some of last week’s earnings reports showed that corporations’ results are cooling or have been dented by
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