US stocks end higher despite Powell’s hawkish comments
2022-09-09 12:00uSMART

US stocks rose on Thursday as investors digested comments from Federal Reserve Chair Jerome Powell and as the European Central Bank took forceful steps to tame inflation. The S&P 500 rose 26.31 points, or 0.7%, to 4006.18.

 

MACRO

US Markets rebounded, with all three major benchmarks closing higher despite hawkish Fed comments  

EU Markets wrapper up higher, following the European Central Bank’s decision for a 75-basis point interest rate hike    

Asia Markets were broadly higher, while Chinese markets underperformed as lockdowns were extended in Chengdu

 

SECTORS

Gold retreated Thursday, after Fed Chair Jerome Powell reaffirmed his stance on bringing down inflation  

WTI Crude Oil edged higher, trading just below $84/barrel despite a build-up in US crude inventories  

 

COMPANY

GameStop jumped 7.45% yesterday after its quarterly update where it announced a new partnership with FTX

Rivian Automotive rose nearly 11% after its plans to embark on a joint venture with Mercedes to build electric commercial vans

Snap climbed 9% on reports that CEO Evan Spiegel laid out a turnaround plan in an internal memo  

Moderna rose nearly 5% after Deutsche Bank upgraded the company to buy, on Moderna’s recent quarterly performance

 

EVENTS  

Today’s Earnings:

  • ABM Industries(ABM)
  • Kroger (KR)

 

Economic Calendar (12 September 2022)

  • United Kingdom GDP MoM (July)
  • US Consumer Inflation Expectations (August)

 

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