What started out as a green day, ended up giving back gains as momentum failed to sustain from the first big rally of the year. Technology led the way today, with the QQQ trading slightly above Friday’s close, while still seeing substantial selling in the later part of the trading session. The S&P 500 on the other hand closed right below Friday’s close, as declines in energy and health care weighed in on the broader market.
Today, Raphael Bostic, president of the Atlanta Fed, stated that the central bank should raise interest rates over 5% by the beginning of the second quarter, and then remain on hold for “a long time.” According to Bostic, the Fed is dedicated to tackling high inflation, which justifies raising rates to a range of 5% to 5.25% in order to squeeze excessive demand from the economy. When asked how long he sees rates being over time, Bostic responded with “a long time.”
Large Cap Stock News:
AMD ($AMD) climbed 5.1 % today, after Wells Fargo named Nvidia and AMD in tip tech picks for 2023.
Nvidia ($NVDA) climbed 5.1 % today, after Wells Fargo named Nvidia and AMD in tip tech picks for 2023.
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