Rate Hike Fears Crippling Wall Street

Jobs data boosted sentiment toward the week's end, however

Deputy Editor
Sep 2, 2022 at 2:03 PM
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To start the week, Wall Street reacted to comments from New York Fed President John Williams, who advocated for more restrictive policy in order to combat rising inflation. The major benchmarks logged their third-straight loss after Fed Chairman Jerome Powell reiterated this hawkish stance on interest rates at the Jackson Hole Symposium, and stumbled into September with further losses -- and finished August in the red -- after Cleveland Fed President Loretta Mester fell in line with a similar sentiment. Thursday's upbeat jobs data helped the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) snap their losing streaks, though the Nasdaq Composite (IXIC) logged its fifth-straight dip. The major indexes are heading for their third-straight weekly loss, though more jobs data is boosting sentiment on Wall Street.

Stock to Watch This Month

With September officially upon us, it's a good time to analyze which stocks to watch this month. Monster Beverage (MNST) is officially the worst stock to own in September, according to a list of 25 Worst SPX stocks to own this month. Another equity that made this list is gold producer Newmont (NEM), which took the number three spot. Meanwhile, our research department recommended a new short position on Expedia (EXPE), and Carnival (CCL) is flashing a historically bearish signal on the charts. 

On the other end of the spectrum are the best SPX stocks to own this month, fertilizer manufacturer CF Industries (CF) could have room to run in the next 30 days. Bull signals are also in place that could help boost Sonos (SONO), Kellogg (K), and CVS Health (CVS) within the next month. Lastly, technical data show this hedge fund favorite is worth keeping an eye on.

Major Headlines You Might Have Missed

There was a ton that went down on the Street this week, so we've compiled a short list of the biggest stories for your convenience. Kicking things off, after earlier last month announcing it will eliminate the COO role, Starbucks (SBUX) named a new CEO. The U.S. announced new restrictions on advanced chip exports to China, and the news dented semiconductor concern Nvidia (NVDA). Snapchat's parent company Snap (SNAP) announced restructuring plans as its chief business officer and vice president of ad sales gets ready to leave for Netflix (NFLX).

Elsewhere, Elon Musk disrupted Twitter (TWTR) once again, after filing a second deal termination notice shortly after a whistleblower complaint revealed massive security issues for the social media company. GameStop (GME) saw an increase in options activity after taking an extended breather on the charts, and electric vehicle (EV) concern Lucid Group (LCID) filed for a mixed shelf offering.


Looking Ahead to a Holiday-Shortened Week

Next week will be shortened as Wall Street observes Labor Day, but there's still plenty of economic data and earnings set to be released. In the meantime, read Schaeffer's Senior Quantitative Analyst Rocky White's thoughts on the impact of large speculators going short.


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