Hungry Bears

Hungry Bears

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  • US stocks experienced a decline as the market value of "Apple" dropped below $3 trillion, and share prices of other major companies like "Tesla" and "Meta" also fell. However, Amazon's shares rose following the announcement of its financial results. Treasury prices saw an increase, recovering some of the losses incurred during the week after a mixed report on the labor market.
  • With 47 days left before the Fed's next interest rate decision, during which several other economic reports will be released, the prevailing sentiment remains that the Fed is nearing the end of the monetary austerity cycle. Dealers in interest rate swaps predict a 40% chance of another quarter-percentage-point hike by the end of this year, with contracts indicating an overall tightening of monetary policy by about 10 basis points. Their expectations point to a total rate cut of more than 125 basis points by the end of 2024.

Why it matters

The S&P 500 Index lost nearly 1% in early Friday trading. Apple's stock fell nearly 5% after its predictions worried investors due to weak demand. As for Amazon, it jumped more than 8%, supported by strong and optimistic revenue expectations. The 10-year Treasury yield fell from its highest level since November, and the dollar halted a four-day rise.


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