Since hitting a 4-month high on August 16th, the S&P 500 retreated 4.1% as investors fear optimism that the Fed would slow its pace of rate hikes was misplaced.
U.S. stock futures hovered near two-week lows on Wednesday as uncertainty over the rajectory of Federal Reserve policy continued to hobble traders’ risk appetite.
How are stock-index futures trading On Tuesday, the Dow Jones Industrial Average DJIA fell 154 points, or 0.47%, to 32910, the S&P 500 SPX declined 9 points, or 0.22%, to 4129, and the Nasdaq Composite COMP dropped 0.3 points, or 0%, to 12381. The S&P 500 was up 12.6% from its mid-June low but remains down 13.4% for the year to date.
Comments late on Tuesday from Minneapolis Fed President Neel Kashkari reinforced concerns that the central bank was not minded to pivot to a more dovish trajectory anytime soon, despite signs headline inflation may have peaked and amid a rash of downbeat economic data this week. Still, equity derivative analysts at Bank of America reckon that the recent summer rally in stocks and bonds, which saw the S&P 500 SPX climb 17% off its mid-June trough and the 10-year Treasury yield TMUBMUSD10Y fall to 2.5%, has itself encouraged Fed chair Jay Powell and colleagues to be more hawkish.
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