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Artemis Investment Limited – Wall St Staggers to Higher Close as Fed Rate Hike Looms
Wall Street ended a directionless session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday's sell-off and investors pressed the "pause" button.
But it still has a long way to go before it approaches the Federal Reserve's average annual 2% inflation target, and while financial markets have fully priced in an interest rate hike of at least 75 basis points at the conclusion of the FOMC's policy meeting next week, they see a 22% likelihood of a super-sized, 100 basis-point increase, according to CME's FedWatch tool.
Two-year U.S. Treasury yields, which reflect interest rate expectations, extended Tuesday's rise.
The size and duration of further interest rate hikes going forward have many market observers concerned over the lagging effects of the Fed's tightening phase, with some viewing recession as unavoidable.
The Dow Jones Industrial Average (.DJI) rose 30.12 points, or 0.1%, to 31,135.09, the S&P 500 (.SPX) gained 13.32 points, or 0.34%, to 3,946.01 and the Nasdaq Composite (.IXIC) added 86.10 points, or 0.74%, to 11,719.68.
Six of the 11 major sectors of the S&P 500 advanced, with energy stocks (.SPNY) leading the gainers with an assist from rising crude prices due to supply concerns.
Tesla Inc (TSLA.O) bounced back from Tuesday's drop, advancing 3.6% on the same day President Joe Biden announced $900 million in funding for electric vehicle charging stations.
About Artemis Investment Limited:
Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.
Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.
We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.
To find out more, or to sign up to the Artemis newsletter, visit https://www.artemis-