It was a troublesome one for US equities this week and it ended on a comfortable word after a back-and-forth session. In the present day’s sizzling PPI quantity and higher UMich sentiment raised some questions on whether or not Fed hikes are working sufficient to chill inflation and whether or not Powell might take a hawkish stand subsequent week. I feel he is as a substitute going to push the concept that the Fed will maintain charges excessive for longer relatively than the U-turn that is priced into Fed funds.

In any case, count on some even larger strikes subsequent week.

On the day:

• S&P 500 -0.75%
• Nasdaq -0.7%
• Russell 2000 -1.0%

On the week:

• S&P 500 -3.4%
• Nasdaq -4.0%
• Russell 2000 -4.9%