Marketbites: Encouraging Comments from Powell
MARKET PERFORMANCE:
Portfolio Manager Commentary:
Markets gained yesterday after a midday turnaround that occurred after a 25 basis point rate hike from the Fed. The rise was due to investors choosing to focus on Fed Chairman Jerome Powell's encouraging comments that acknowledged falling inflation.
“We can now say for the first time that the disinflationary process has started. We can see that and we see it really in goods prices so far,” Powell said at the post-meeting press conference.
Markets also got a boost from corporate earnings that largely continued to show resilience. Peloton stock surged 26.5% after announcing it narrowed its net loss year-over-year. Also, AMD shares rose 12.6% after the semiconductor giant reported a 4th quarter earnings beat.
Chart of the Day:
Wednesday marked the fifth trading day after a New York-based short seller, Hindenburg Research, published a devastating report containing wide-ranging allegations of fraud and malpractices at Mr. Adani’s companies. The seven Adani companies listed in India have now lost the equivalent of $85 billion in combined market value since the Hindenburg report was published last Tuesday. Mr. Adani was ranked as the world’s second-richest person in September 2022, but has since dropped to 10th place on the Bloomberg Billionaires Index, with a net worth of $84.5 billion.
Source: WSJ
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