{"id":5285,"date":"2023-11-01T03:02:42","date_gmt":"2023-11-01T03:02:42","guid":{"rendered":"https:\/\/connectwithfund.com\/business\/its-a-spooky-halloween-for-markets-heres-why\/"},"modified":"2023-11-01T03:02:42","modified_gmt":"2023-11-01T03:02:42","slug":"its-a-spooky-halloween-for-markets-heres-why","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5285","title":{"rendered":"It\u2019s a spooky Halloween for markets. Here\u2019s why"},"content":{"rendered":"
\n

\n A version of this story first appeared in CNN Business\u2019 Before the Bell newsletter. Not a subscriber? You can sign up\u00a0<\/em>right here<\/em>. You can listen to an audio version of the newsletter by clicking the same link.<\/em>\n <\/p>\n<\/p>\n

\n Markets soared on Monday, just one day after the S&P 500 index landed in correction territory, ending the prior week 10% off its July zenith.\n <\/p>\n

\n But Monday\u2019s optimism could be short lived. Traders <\/strong>face a <\/strong>multitude of potentially scary market surprises lurking in the shadows this Halloween week.\n <\/p>\n

\n Wall Street is clearly spooked: The S&P 500 is still down by about 2.9% for October, and pacing toward <\/strong>its third negative month in a row. It would be the longest losing streak since the start of the pandemic in 2020.\n <\/p>\n

\n The Dow is also on pace to end the month 1.6% lower. The Nasdaq Composite is <\/strong>2.7% lower.\n <\/p>\n

\n CNN\u2019s Fear and Greed Index, which tracks seven indicators of market sentiment in the United States, remained in the \u201cfear\u201d zone despite <\/strong>Monday\u2019s market rally.\n <\/p>\n

\n Here\u2019s <\/strong>what\u2019s causing the market fears:\n <\/p>\n

\n High bond yields<\/strong>\n <\/p>\n

\n Surging yields have contributed to one of the worst periods for bond market performance in history and pressured equity <\/strong>markets.\n <\/p>\n

\n 10-year Treasury yields are flirting with 5% for the first time since 2007, before the global financial crisis.\n <\/p>\n

\n Although <\/strong>rates have retreated a bit from recent highs, it\u2019s clear that we\u2019re in the middle of a paradigm shift, said Rob Almeida at MFS Investment Management. It\u2019s unlikely that yields will return to pre-pandemic lows, he said.\n <\/p>\n

\n For American consumers, an elevated 10-year Treasury yield means financial pain, because it <\/strong>serves as a benchmark rate for a variety of consumer borrowing. That means more costly car loans, credit card rates and even student debt. It also means more expensive mortgage rates.\n <\/p>\n

\n Like an evil witch, yields have mounted \u201ca broom to the moon,\u201d said Jason Pride, chief of investment strategy & research at Glenmede.\n <\/p>\n

\n Higher yields on Treasuries put pressure on equity markets. Additionally, he wrote, \u201celevated yields are economically restrictive for businesses, as returns on new projects and expansions must be sufficient to cover the increased cost of funding.\u201d\n <\/p>\n

\n The Fed<\/strong>\n <\/p>\n

\n The Federal Reserve will announce its next interest rate decision Wednesday, Nov 1.\n <\/p>\n

\n Inflation has begun to stabilize, with annual consumer price growth falling to 3.7% from the 9.1% high it hit last year, but the labor market has remained stubbornly resilient.\n <\/p>\n

\n The majority of investors don\u2019t believe the Fed will raise rates this week, but until the labor market has cooled considerably more and inflation rates drop back to the Fed\u2019s 2% target, the option of future rate hikes remains on the table, haunting investors.\n <\/p>\n

\n Mixed economic data has left the Fed in a holding pattern, said Erik Weisman, chief economist at MFS Investment Management, and so it\u2019s unlikely investors will hear anything this week that leaves them satisfied.\n <\/p>\n

\n \u201cWhile the market would be delighted to learn something new concerning the expected timing and scope of future rate cuts or the \u2018end-game\u2019 for quantitative tightening,\u201d he said, \u201cthis meeting is unlikely to provide much illumination on these fronts.\u201d\n <\/p>\n

\n Geopolitical strife\u00a0<\/strong>\n <\/p>\n

\n The Israel-Hamas war, which began in early October, initially rattled global financial markets, sending stocks tumbling, the Israeli shekel sliding and oil prices climbing.\n <\/p>\n

\n Although immediate worries appear to have subsided, investors remain on edge. A prolonged war could drive prices higher and hurt the global economy.\n <\/p>\n

\n \u201cWhile geopolitics typically has a short-lived direct market impact, the indirect impacts via inflation and economic growth can be more persistent,\u201d said Seema Shah, chief global strategist at Principal Asset Management.\n <\/p>\n

\n Continuing war between Russia and Ukraine and growing tensions between the US and China are also spurring fear among investors.\n <\/p>\n

\n Oil prices fell on Monday but analysts at LPL Research wrote in a note on the same day that \u201cthe current geopolitical landscape is as dangerous as it has been in decades, and the risk of a spike in oil prices has increased.\u201d\n <\/p>\n

\n The note echoes the warnings issued by JPMorgan Chase CEO Jamie Dimon during his company\u2019s earnings call earlier this month. \u201cNow may be the most dangerous time the world has seen in decades,\u201d he said.\n <\/p>\n

\n Mixed tech earnings\u00a0<\/strong>\n <\/p>\n

\n Investors will pore over Apple\u2019s third-quarter earnings report on Thursday for any information about the outlook for Big Tech, especially after tech stocks have had a decidedly mixed bag of earnings so far this quarter.\n <\/p>\n

\n Amazon was a huge winner. The e-commerce giant reported revenue last week of $143.1 billion for the quarter ending in September, marking a 13% increase from the same period last year and beating analysts\u2019 estimates.\n <\/p>\n

\n The company reported quarterly profits of $9.9 billion, also beating estimates.\n <\/p>\n

\n But others weren\u2019t so lucky.\n <\/p>\n

\n Shares of Meta slid last week after\u00a0the Facebook parent company reported that advertising revenue had been soft this quarter. While Meta beat expectations and posted significant year-over-year quarterly revenue gains of 23%, Wall Street worried about its Reality Labs division, which lost $3.7 billion.\n <\/p>\n

\n Google-parent Alphabet reported last week that it fell short in its cloud business, causing shares of the company to drop precipitously. Alphabet notched its largest stock decline since March 2020 on the news.\n <\/p>\n

\n CVS and Walgreens pharmacy staff begin 3-day walkout
\n<\/h2>\n

\n Employees at some of the\u00a0largest drugstore chains\u00a0in the United States staged a new series of\u00a0walkouts across the country\u00a0Monday to demand the companies fix what employees say are\u00a0harsh working conditions\u00a0that make it difficult for them to\u00a0safely fill prescriptions, and which could put the health of their customers at risk.\n <\/p>\n

\n Walgreens and CVS employees are mostly not unionized, which makes a largescale walkout difficult to execute. Staff and organizers in multiple states confirmed to CNN that the walkouts have begun and will take place through November 1, but it remains unclear how widespread the action is.\n <\/p>\n

\n Workers at Walgreens and CVS have\u00a0previously staged walkouts\u00a0in Arizona, Washington, Massachusetts and Oregon in September and early October. Those work actions closed a handful of pharmacies briefly, and slowed business at several others. At the time, Walgreens told CNN the impact has been \u201cminimal.\u201d\n <\/p>\n

\n Shane Jerominski, an independent pharmacist in Southern California who used to work for Walgreens and is one of the walkout\u2019s organizers, told CNN on\u00a0Monday that organizers are already overwhelmed by calls about closed pharmacies.\n <\/p>\n

\n During prior walkouts, pharmacy staff feared retaliation from their bosses and corporate leadership, said Jerominski. But there was no reported reprisal from leadership, which, he says,\u00a0has emboldened more staff to participate.\n <\/p>\n

\n Jerominski told CNN that there have been at least 25 store closures.\n <\/p>\n

\n Fraser Engerman, a Walgreens spokesperson, told CNN that just two stores closed on Monday and no more than 12 pharmacists walked out across the entire country. He did not immediately clarify whether that included pharmacy staff.\n <\/p>\n

\n Jerominski said that many employees who may still be concerned about a company reprisal are calling out sick instead of walking out, and those absences wouldn\u2019t be counted as official walkouts by Walgreens.\n <\/p>\n

\n He expects momentum to build over the next three days and culminate Wednesday with a planned demonstration outside Walgreens\u2019 headquarters in the Chicago suburb of Deerfield.\n <\/p>\n

\n Jerominski also said that a\u00a0GoFundMe page, initially started to help unionization efforts among pharmacy staff, had raised more than $60,000 and was being used as an emergency relief fund for workers who needed financial help in order to participate in the walkout.\n <\/p>\n

\n Apple unveils its fastest iMac and MacBook Pro models yet
\n<\/h2>\n

\n Apple\u2019s MacBook Pro lineup and colorful iMacs just got even faster.\n <\/p>\n

\n At an event livestreamed on Monday night, the company introduced its next-generation family of custom-made processors \u2014 the M3, M3 Pro and M3 Pro Max \u2014 and along with it, a handful of new computers.\n <\/p>\n

\n The event\u2019s tagline \u2014 \u201cscary fast\u201d \u2014 was an apparent nod to the unveiling of the next-generation silicon chip series, as well as the Halloween holiday Tuesday. In the beginning of the pre-recorded presentation, CEO Tim Cook appeared wearing all black within a dimly lit spot inside Apple\u2019s Cupertino, California-based headquarters, standing in front of an apparent smoke machine.\n <\/p>\n

\n Although unveiling a new processor may not sound sexy, it will serve as the backbone to Apple\u2019s latest products, enabling faster speeds and more capabilities than ever. For example, Apple said the M3 speeds are now up to 2.5x faster than on the M1 family of chips, and its core processing performance is up to 50% faster. The chips are built with 3 nanometer technology, which can support advanced graphics and artificial intelligence.\n <\/p>\n

\n \u201cIt will bring a whole new level of graphics to the Mac,\u201d an Apple executive said during the event. \u201cThey are the most advanced chips ever built for a personal computer.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A version of this story first appeared in CNN Business\u2019 Before the Bell newsletter. Not a subscriber? You can sign up\u00a0right here. You can listen to an audio version of the newsletter by clicking the same link. Markets soared on Monday, just one day after the S&P 500 index landed in correction territory, ending the prior week 10% off its July zenith. But Monday\u2019s optimism could be short lived. Traders face a multitude of potentially scary market surprises lurking in the shadows this Halloween week. Wall Street is clearly spooked: The S&P 500 is still down by about 2.9% for<\/p>\n","protected":false},"author":1,"featured_media":5286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-5285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nIt\u2019s a spooky Halloween for markets. 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