An hour ago
Expect Fed Chair Powell to sound “a little more hawkish” on Thursday, Nuveen CIO says
Investors should not expect a softer tone from Federal Reserve Chairman Jerome Powell when he speaks on Thursday, warns Nuveen Chief Investment Officer Saira Malik.
“Markets were generally pleased with other Fed speakers last week who made dovish comments and talked about perhaps taking future rate hikes off the table,” she said Wednesday on CNBC’s “Closing Bell: Overtime.” .
“That’s what I expect from Powell [come in] “It will be a little more restrictive tomorrow,” she added. “Inflation is still a problem.” Labor markets remain strong. The consumer is still spending money. I think all of that together makes him a little more hawkish.” Malik noted that her company expects another rate hike before the end of the year.
The Fed Chair’s speech comes at a critical time for markets. Treasury yields have risen, with the 10-year yield topping 4.9% on Wednesday – a high set in 2007. Investors are hoping Powell will provide insight into the central bank’s position on future policy .
Read more about what to expect from Powell’s speech here.
-Darla Mercado
2 hours ago
Dow Transports is having its worst day since April
The Dow Transports fell 3.4% on Wednesday, marking its worst day since April 26.
Airlines in the 20-stock index suffered significant losses on Wednesday, with United Airlines down 9.7% and Alaska Air down 5.2%. American Airlines and Delta each fell more than 4%.
JB Hunt Transport also fell sharply, falling 8.8% a day after reporting quarterly results. Third-quarter earnings were $1.80 per share on revenue of $3.16 billion. Analysts polled by FactSet expected earnings of $1.83 per share on revenue of $3.17 billion.
—Darla Mercado, Nick Wells
3 hours ago