Rollercoaster Ride
A U.S. stock selloff of up to 4% was wiped out as dip buyers emerged by the end of a session marked by explosive trading volume and wild market swings. Retail traders bailed out before the rebound, in a bout of panicked selling. Markets have been rattled by geopolitical tensions and the Federal Reserve’s campaign against inflation. Asian stocks looked set for a choppy start, with Australian shares down and futures for Japan and Hong Kong pointing lower. Bitcoin snapped its five-day slide, Treasuries were mixed and the yield curve steepened.
There’s a lot of information and data for investors to sift through right now. There’s the *FOMC meeting*, which ends on Wednesday and will be followed by remarks from Chairman Jerome Powell.
Geopolitics is front and center, with near-daily headlines suggesting escalating danger of an armed conflict in Ukraine. And there are the midterm elections this fall, with all the uncertainty they bring.