Stocks Snap Weekly Win Streaks Amid Fed Fatigue

Talk of future interest rate hikes caused jitters on Wall Street

Deputy Editor
Jun 23, 2023 at 2:25 PM
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Fed fatigue reared its ugly head this week, throwing a wrench into the run of weekly wins that Wall Street had been enjoying. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all logged a loss for the holiday-shorted week, making it the tech-heavy latter's first in nine weeks.

Hawkish remarks from Federal Reserve Chair Jerome Powell on Wednesday about future interest rate hikes ramped up investor jitters as Treasury yields edged higher. At last check, the blue-chip index was looking to log a five-day skid, while the SPX and IXIC were eyeing a fourth loss in five sessions. Oil prices were also in focus this week, as they danced around the $70 region. Despite all of this stock market malaise, the Cboe Volatility Index (VIX) remains muted and near pre-Covid levels.

Stock Signals to Watch

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, several stocks are flashing signals. Solar stock Array Technologies (ARRY) has been slipping since its recent 52-week high, but has just come within striking distance of a historically bullish trendline. Five Below (FIVE) and General Electric (GE) also flashed bull signals this week. On the other hand, Dow member Walgreens Boots Alliance (WBA) ran into a bearish trendline after its recent rally.  

Analysts Making Calls

We unpacked several analyst notes this week. Under Armour (UAA) received a downgrade on excess inventory, among other factors, while fellow retailer Wayfair (W) scored an upgrade amid Bed Bath & Beyond's (BBBY) bankruptcy. We rounded up a few of Thursday's calls, including Tesla's (TSLA) downgrade from Morgan Stanley. Palantir Technologies' (PLTR) rating was cut as well, though the brokerage in question is still bullish in the long run amid artificial intelligence (AI) tailwinds. 

Busy End of June Ahead

The end of the month will bring a host of economic data, including a gross domestic product (GDP) update on Thursday. The earnings docket is fairly narrow, but Walgreens is set to report. It's also worth noting that investment newsletters are getting bullish on stocks, while earlier this week a SPX signal indicated Wall Street's caution may be overblown.

 

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