US indices extended the previous days falls illustrating markets’ nervousness towards any strong economic data which could threaten higher yields. Losses were led by the heavyweight tech names in a clear illustration that the nervousness was very bond/Fed-focused, the Energy stocks experienced the largest declines while the Utilities were the only sector to close up.
- We believe US stocks have bottomed for 2022 but the recovery is already maturing fast.
MM remains mildly bullish on US stocks into Christmas
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