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By Staff Reporters
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Stocks Ended Noticeably Higher Amid Wall Street Journal Report
U.S. equities rose sharply in a choppy trading session as investors sifted through a host of earnings releases, and reassessed the outlook for future Fed rate hikes. This follows the release of a Wall Street Journal (WSJ) report that said some Fed officials are concerned about over-tightening monetary policy. Investors also eyed events overseas, particularly the abrupt resignation of U.K. Prime Minister Liz Truss, as today’s domestic economic calendar was void of any major releases. Q3 earnings season continued in earnest, as Dow member American Express eclipsed analysts’ expectations but an increase in reserves for potential defaults seemed to hamper conviction.
Fellow Dow component Verizon Communications beat forecasts, Tenet Healthcare’s disappointing guidance overshadowed its earnings beat, and social media company Snap was able to post an adjusted profit, but warned of lower ad revenues in the future. Pfizer was among the standout companies after revealing plans to start charging more for Covid vaccines.
Treasury yields were mixed in the wake of the Wall Street Journal reporting, while the Fed is likely to go for another big rate hike in November, it’ll probably start slowing down thereafter.
The U.S. dollar dropped amid a rally in the British pound and the Euro, while crude oil and gold prices increased.
Stocks in Europe ended the day mostly lower, with the political chaos surrounding the U.K. in focus, while markets in Asia were mixed, as economic uncertainty continues to weigh on sentiment.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Investing | Tagged: Domestic markets, markets, world markets |
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