US indices experienced a very volatile session, opening with a bang on the upside only to taper off as the session wore on, eventually closing less than 1% higher. The reaction in bonds prompted aggressive early buying in equities on the expectation that the US Federal Reserve is close to being done on rates, although the momentum of that view lost some steam as the day progressed.
- We believe US stocks have bottomed for 2022 and Technology stocks should start to outperform, in the short term at least.
MM remains mildly bullish on US stocks into Christmas
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