MARKETS TODAY Dec 15 (Vica Partners) – The major U.S. stock indexes started the week higher but fell sharply Thursday following the Feds policy meeting yesterday, as it raised its estimates of how high rates may need to go to curb inflation. In addition new retail data out today showed more than expected sales declines in November.
The top performing sector today was Energy, declining 0.81% and the hardest hit was Information Technology, falling 3.77%.
The S&P 500 (^GSPC) declined 2.49%, while the Dow Jones Industrial Average (^DJI) dropped by 2.25%, or 764 points. The technology-heavy Nasdaq Composite (^IXIC) fell sharply by 3.23%.
Key Market Statistics
- S&P 500, Dow and Nasdaq all down today
- Top performing sector today was Energy, declining 0.81%
- The Information Technolgy and Communication Services sectors were the biggest laggards, down 3.77% and 3.37%
- Greed Index today was 51 (neutral)
- 10-year Treasury yield flat at 3.46%, the 2 year Treasury yield flat at 4.246%
- US. Dollar Index (DXY) to $104.59, up 0.79%
- Bitcoin fell to $17,372.50 down 2.43% and Gold fell to $1776.40, down 1.73%
- Oil prices mixed, Brent crude currently at $81.21, -1.80% and US West Texas Intermediate currently at $76.25, +0.18%
The central bank said it will continue hiking rates through 2023 and projected its Fed Funds rate higher than the market expected
Fed President Powell said they will continue hiking rates through 2023 with a higher-than-expected top rate of 5.1%.
Retail sales fell 0.6% in November renewing recessionary fears
Retail sales fell 0.6% in November, a bigger loss than the economist’s estimate of a 0.3% decline.
Vica Momentum Stock Report
Air France-KLM NYSE (AFLYY) (Grade B+ emerging) 20 Day Average +1.47%, 50 Day Average +3.76%, 100 Day Average +6.15
AIR FRANCE-KLM, the company’s core business is passenger transport, cargo transport, and aircraft maintenance services. The Group is the world leader in terms of international passenger traffic; and its cargo activity (not including integrators) and is one of the world’s major maintenance service providers.
Market Outlook
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