Overnight we saw US stocks relinquish their gains from Wednesday night’s trading session with the S&P500 posting fresh 2022 lows in the process although the decent recovery from the intra-day low provided at least a modicum of encouragement for the bulls like ourselves. The broad US market actually hit fresh 22-month lows on further hawkish rhetoric from Fed officials who feel determined to suppress any optimism by equities e.g. St. Louis Fed President James Bullard said investors now understand that they can’t escape additional rate hikes over the coming months. Losses were led by heavyweight Apple Inc (AAPL US) who received a rare analyst downgrade which saw the behemoth close down almost 5%. AAPL now has 2 analysts with a sell on the stock, 10 have a hold and 37 have a buy!
- We still believe US stocks are “looking for a low” but it’s likely to remain a challenging choppy environment into October.
MM remains bullish US equities into Christmas
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