.svg)
Welcome to MarketBites! Here's all you need to know about yesterday's market news.
“When we become who we are meant to be we set the world ablaze”
- St Catherine of Siena
PORTFOLIO MANAGER COMMENTARY
The stock market continued to fall on Tuesday with the S&P 500 hitting its lowest intraday point since November 2020. The driver of Tuesday's market action was likely uncertainty surrounding the stability of the U.K financial system as well as the continued escalation of the war in Ukraine.
The Bank of England (BOE) basically rescued the British financial market in the last week of September by stabilizing bonds that started to collapse over proposed tax cuts. According to recent comments from the Governor of the BOE, Andrew Bailey, the central bank will lift support measures at the end of this week. This means that investors have until Friday to shape up their portfolios exposed to bonds and leverage. It remains to be seen how this might impact markets this Friday and next week.
Over in Ukraine tensions remained high after Russian President Vladimir Putin threatened further missile strikes across Ukraine.
Looking ahead, earnings season gets underway this week. PepsiCo is on the docket for Wednesday and Delta Air Lines, Walgreens Boots Alliance, and BlackRock will give updates Thursday. JPMorgan, Wells Fargo, Morgan Stanley, and Citigroup will report on Friday.
Investment Analyst
CHART OF THE DAY
2022 has been quite a negative year. Outside of the obvious decline in the stock market, this year is slated to have one of the five lowest # of positive days for a year dating back to 1950.
By Raymond Kanyo
Investment Analyst
.svg)
.svg)
