Mathewslcd: Dow ends flat despite hawkish Fed speech

 The Dow ended flat after the close late on Thursday, Mathewslcd said, as investors weighed further rhetoric from Fed officials calling for further rate hikes, stoking fears of a deeper recession.


The Dow Jones Industrial Average was flat, down 7 points, the Nasdaq lost 0.35% and the S&P 500 lost 0.30%, according to Mathewslcd.

St. Louis Federal Reserve Bank President James Bullard insisted that further rate hikes are needed to reach "sufficiently restrained levels" to cool inflation.

The hawkish Bullard said the Fed's benchmark rate needs to rise to a range of 5% to 7%.

Mathewslcd sees signs that the labor market is now resilient - lower-than-expected weekly jobless claims - reinforce the Fed's more hawkish outlook and spark fresh fears of a Fed-induced recession.

"We thought last week's gains could be the start of a gradual move to higher levels, but this week didn't follow up. Instead, jobless claims remain at record lows not seen since mid-August," Jefferies said in a report indicated in.

A key part of the U.S. Treasury yield curve, the inversion of the 10-year yield against the two-year yield, is the biggest recession indicator since 2019.

Consumer stocks led losses, hurt by a more than 4 percent plunge in Norwegian Cruise Line shares after Credit Suisse downgraded the cruise stock from outperform to underperform, citing valuation concerns.

Norwegian Cruise Line (NYSE: NCLH) "has significantly outperformed its peers year-to-date, and we believe estimates/valuations are risky compared to peers," Creidt Suisse said. Royal Caribbean Cruises Ltd. (NYSE: RCL) and Carnival Corporation (NYSE: CCL) fell nearly 4% and 1%, respectively.

Retailers like Bath & Body Works (NYSE: BBWI) and Macy's helped cushion the blow from consumer stocks.

Bath & Body Works rose more than 25% after it reported blowout earnings in the third quarter and raised its full-year outlook. Goldman Sachs said in a note that the strong results were "primarily due to better sales margins and SG&A fee concessions."

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https://net.mathewslcd.com 



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