Stocks close mostly lower
Stocks closed mostly lower Wednesday, with the S&P 500 slipping 0.19% to shut at 3,933.92.
The Dow Jones Industrial Average closed flat, or 1.58 points higher, to complete the session at 33,597.92. The Nasdaq Composite fell 0.51% to finish at 10,958.55.
— Samantha Subin
Pending economic data could launch a rally into next yr, says Morgan Stanley’s Slimmon
Do not be surprised if economic data coming out over the subsequent week kicks off a rally into the top of the yr and potentially 2023, in line with Andrew Slimmon, Morgan Stanley Investment Management’s senior portfolio manager.
The important thing period of information releases begins Friday with the producer price index, followed by November’s consumer price index and one other likely rate hike from the Federal Reserve next week.
“The last time those were released all of them led to rallies within the stock market because we had higher inflation prints,” he said.
Like many investors, Slimmon expects a downturn ahead, given the inverted yield curve, but doesn’t anticipate the “big earnings collapse,” or downturn, many persons are predicting in the primary quarter.
That is partially because of the undeniable fact that many consumers have beefed up savings lately given the proximity of essentially the most recent recession.
“The message of this yr is that the economy has proven much more resilient than many individuals expect and I do not think next quarter goes to be the top of that,” he said.
— Samantha Subin
