The S&P 500 Drops Below 4,400

The S&P 500 has dipped below its low from the past month. We had a nice rally during the latter half of March, and now we seem to be giving it back.

Not everyone is feeling the pain. Yesterday, the Consumer Staples ETF (XLP) made a new 52-week high.

Yesterday, Jerome Powell basically sealed the deal on the Fed raising rates by 0.5% at its next meeting.

From the WSJ:

“It is appropriate in my view to be moving a little more quickly” than the Fed has in the recent past, Mr. Powell said Thursday. “I also think there’s something in the idea of front-end loading” those moves.

The odds are now very likely that the Fed raises by 0.5% in two weeks, and then by 0.75% in mid-June.

Posted by on April 22nd, 2022 at 11:07 am


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