A surprisingly good start for the U.S. stock market in 2023 is likely to fade this week as the Federal Reserve is set to announce its eighth consecutive rate...
A surprisingly good start for the U.S. stock market in 2023 is likely to fade this week as the Federal Reserve is set to announce its eighth consecutive rate hike at the conclusion of its policy meeting, according to Morgan Stanley’s Michael Wilson.
January started on a high note for stock-market investors, with three major equity indexes on pace to book strong monthly gains. As of Friday, the S&P 500 SPX was up 5.5% in the first four weeks of January, while the Dow Jones Industrial Average DJIA advanced 2%. Tech stocks were having their best January in decades, with the Nasdaq Composite COMP up 9.2% on the month as of Monday, on track for its best January performance since it notched a 12.
Another is investor sentiment, with investors tending to be more optimistic about the future as a new year begins. Moreover, Wilson argued that investors seem to have forgotten the cardinal rule of “Don’t Fight the Fed.” He said the upcoming FOMC meeting, which concludes on Wednesday, will serve as a reminder.
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