Stocks in the financial and consumer discretionary sectors look particularly vulnerable as the perception is that inflationary pressures will keep mounting and the Fed is not done with raising rates.
More Quotes from David Joy:
The trade deficit will be couched in terms of outsourcing. If you look at trade itself, it doesn't capture a lot of attention until it spills into the question of losing jobs overseas,David Joy
Normally, you buy back a lot of stock when you don't think there's any reason to invest in your own company, ... Parsons hasn't ruled out Icahn's suggestions, but it's clear he wants his flexibility.
David Joy
The labor market is important to the Fed under any circumstances. Once you get rising wage pressure that's when inflation gets intractable.
David Joy
Higher oil prices, concerns about rising interest rates here and in Europe, and weak economic data are all pushing the markets down today. The scenario is not clear enough for investors to support sustained gains in stocks.
David Joy
They will probably have to make some estimations.
David Joy
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