US indices hardly moved overnight as they await a speech from Fed Chair Jerome Powell, energy stocks rallied in line with the crude oil price while Apple Inc (AAPL US) helped drag the tech stocks lower. One standout in the relatively quiet session was US-listed Chinese stocks rallying after officials vowed to speed up Covid shots for the elderly and avoid excessive restrictions. One concerning indicator was delivered by the global yield curve which inverted for the first time in around 20 years – signalling a recession.
- We believe US stocks have bottomed for 2022 and the Tech Sector should eventually help the S&P500 rally another 5-10%.
MM remains mildly bullish on US stocks into Christmas
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