Stansberry Research

Wednesday Afternoon Market Recap

Stansberry NewsWire

Afternoon Market Recap:

U.S. equity markets finished Wednesday higher.

Domestic equity markets finished higher after an uneventful Wednesday that lacked major macroeconomic catalysts. Fed speak remained hawkish. And over the next two days, investor focus will be on Consumer Price Index ("CPI") data from the U.S. Bureau of Labor Statistics, the University of Michigan Survey of Consumers' inflation expectations, and earnings from Wall Street banking giants. As for earnings season in general, money managers are eyeing major earnings revisions as a headwind for stocks.

Within the S&P 500 Index, all the 11 sectors finished higher...

European markets finished higher. Eurozone markets finished higher on the news that Russian President Vladimir Putin was open to talks on Ukraine. Like the markets stateside, the focus is also on earnings, with investors looking for any positives coming out of the holiday spending season. The European Central Bank ("ECB") governing council member Mario Centeno said the current process of interest-rate increases is approaching its end. Meanwhile, ECB members Robert Holzmann and Olli Rehn said rates still aren't close to, as ECB member Isabel Schnabel last put it, "sufficiently restrictive" levels. And in the U.K., the Bank of England said banks should expect further scrutiny of credit-card portfolios.

Asian markets finished mixed. Markets finished mixed on a cautious trading session that ended with the markets losing steam late in the day. Australian inflation and retail sales figures came in higher than expected, with housing and transport as the key drivers. Also in Australia, Chinese Ambassador Xiao Qian said Beijing will leave the door open to start talks on resolving the two nations' current trade dispute. And analysts are bucking the trend on earnings expectations for the region, with Reuters reporting upgrades to 2023 estimates for Asian companies.

(Narratives written as of local market close.)

Risk:

VIX +2.48%

Bitcoin +0.51%

Ethereum +0.01%

Growth:        

WTI crude +3.33%

Brent crude +3.48%

Natural gas +1.46%

Copper +2.48%

Safety:

Gold +0.23%

Silver -0.53%

Tomorrow, we're on the lookout for December's CPI reading.

Have a great evening!

C. Scott Garliss and Kevin Sanford