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Bob Carey
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  US Stock Markets Ended Sept. 9, 2022
Posted Under: Weekly Market Commentary
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Equities finished last week in the green as S&P 500 index returned 3.68%. Continued strength in the U.S. consumer and a dovish posture from some Fed members fueled risk on appetites in equities. Federal Reserve Vice Chair Lael Brainard released comments warning about the risks of the Fed over tightening. These overtightening warnings were viewed as a more dovish posture by market participants even though the content Brainard put forward was about as hawkish as other statements from the Fed. No matter, risk on names rallied on optimism that the U.S. economy can remain stronger than previously thought. Bank of America released consumer spending data showing total payments were up 13% and credit/debit card payments were 11% higher year over year in August. This was welcomed news to equities, as the odds of a recession keep getting pushed out as long as consumer spending trends and employment remain strong. ADT Inc., one of U.S.’s largest home security companies, announced that State Farm Insurance is planning on making a $1.2b equity investment to leverage their technology, and its relationship with Google, to advance home security product and technology innovation. ADT shares rallied over 16.36% last week fueled by their investor news. Regeneron Pharmaceuticals rallied 24.75% last week after announcing Aflibercept, a drug designed to treat both diabetic and age-related macular eye degeneration, had shown very positive data in two phase III trials. To put some perspective on the value of these results, Regeneron added $15.4b in market cap last week. Looking ahead to next week all eyes will be focused on inflation data as CPI is expected to be released Tuesday and PPI expected on Wednesday. According to Bloomberg’s economists survey, expectations are 8.0% year over year growth in CPI and 8.8% year over year growth in PPI, these are important data points for future Fed rate hikes and are likely going to move equity markets as a result.

Posted on Monday, September 12, 2022 @ 8:20 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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