U.S. stocks were flat after another day of declines for the major averages, until the Nasdaq rallied to snap a four-day losing streak.
Stocks remained under pressure as bond yields continued to rise. On Monday the 10-year U.S. Treasury yield rose to 1.8%, after ending 2021 at 1.5%.
"The pullback in risk assets in reaction to the Fed minutes is arguably overdone," he said."Policy tightening is likely to be gradual and at a pace that risk assets should be able to handle, and is occurring in an environment of strong cyclical recovery." "Historically, the stock market has suffered some nasty 'temper tantrums,' and numerous rate hikes eventually led to recessionary bear markets," Paulsen said in a note Monday evening."However, the current focus among investors may be misplaced. The stock market's response may have less to do with the timing and number of rate hikes than it does with the 'direction' of real earnings.
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