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Afternoon Note

Sell off Mode

By Karina Hernandez, Senior Research Analyst
8/22/2022 1:47 PM

Stocks falling as investors get ready for this Thursday’s Fed Jackson Hole Symposium, Jay Powell speaks on Friday morning. Expectations for the Fed rate hike has swung back to 75 basis points next month, with fed funds futures pricing in a 55% chance.

Energy is the least bad performer today as oil faced early pressure. WTI crude down 1% following news OPEC+ may reduce its output to stabilize the oil market.

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The 10-year note hits 3%, which isn’t helping the market, as the Street reassessed the outlook for monetary policy following last week’s hawkish remarks from several Fed policymakers.

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Stocks have been in selloff mode since last Friday as the rally in equities begin to reverse.


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