Market volatility continued Friday, as U.S. stocks retreated on wobbly economic news showing how lingering shipping challenges, supply and labor constraints, the fastest inflation in decades and the omicron variant are weighing on activity.
“It’s clear the ground is shifting under investors’ feet,” Callie Cox, US investment analyst at eToro, said in a note. “After all, the Fed’s expectation went from no hikes in 2022 to four in a matter of a few months. This could be a big change in how investors view the risk and reward of different markets. And change can be uncomfortable.”
And several major bank stocks declined after their earnings reports. Bank stocks, which had outperformed in recent weeks as interest rates moved higher, were broadly lower as their reports appeared to underwhelm investors despite strong headline numbers.
The latest edition of our finance and property news digest with a distinctively Australian flavour.
Go to the Walk The World Universe at https://walktheworld.com.au/
