The Dow rose Wednesday, notching its best winning streak since 1987 as traders digested a Fed rate hike and major corporate earnings. The Dow gained 82 points. The S&P 500 shed 0.02% The Nasdaq lost 0.12%
Morgan Stanley downgrades defense & aerospace stock on airline engine issuesto equal weight on Wednesday on worry of souring sentiment due to defects with an airline engine.was spurred from issues with the Pratt & Whitney high pressure turbine engine. The company said on Tuesday that over 1,000 engines would need to be removed from planes to address defects.
Everyone can leave Wednesday's Fed announcement and subsequent press conference with Fed Chair Powell with something to like, according to Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance.Market bears "can point to Powell's insistence that all meetings are live and that Core Inflation is 'pretty elevated,'" he said.
The Federal Reserve's rate decision and statement is boosting the likelihood that they will hike again this year, according to LPL Financial's Quincy Krosby. "The statement left the door open for another rate hike if the data dependent Fed deems it necessary, but the tone of the statement was more neutral rather than decidedly dovish or hawkish," she wrote.Shares of this Cathie Wood favorite are soaring more than 20% after earningsshares Wednesday comes on the back of a "good" quarter."We think the size of the move can be attributed to the negative sentiment heading into the quarter," Draper said.
With Wednesday's move bringing the stock back to its earlier levels, the next catalyst for the telehealth provider is likely to be 2024 guidance, which may not happen until the fourth-quarter results are reported, Draper said. Guggenheim has a neutral rating on the stock.
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