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Futures are down one day after Federal Reserve Chair Jerome Powell’s hawkish comments about a potential interest rate hike sparked an afternoon sell-off — and more in Friday’s stock market recap.
During an International Monetary Fund panel discussion Thursday, Powell said “there’s something in the idea of front-loading” aggressive rate hikes as the Fed grapples with inflation, and that a “50-basis (point hike) will be on the table for the May meeting.”
Friday’s market action is being driven for the most part by Fed remarks and geopolitical events as the Russia-Ukraine war continues.
Despite the chop this week, we’ve closed a total of five winners across our services, including almost 26%* on Church & Dwight Co. in our Microburst Profit Signals strategy.
Earnings season continues Friday with Gap shares down 15% premarket as the company slashed its growth outlook. Schlumberger, Verizon and others also reported earnings Friday morning.
In this morning’s stock market recap video, you’ll discover what's driving the market right now… what momentum levels are reflecting in the major indices… whether bonds are set to trend higher or chop… the biggest catalyst everyone is waiting for… major levels on key indices…. and which sectors to avoid right now.
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